Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 14, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
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 (in shares) | 67,588,504 | |
Entity Central Index Key | 0000849401 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 661,985 | $ 1,003,730 |
Inventories | 487,431 | 443,465 |
Prepaid expenses and other current assets | 8,082 | 41,251 |
Total current assets | 1,938,380 | 1,986,239 |
Other Assets: | ||
Long-term inventory | 141,696 | 228,451 |
Operating lease right-of-use asset | 420,421 | 481,535 |
Loan receivable | 0 | 209,809 |
Due from affiliate | 0 | 80,090 |
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively | 24,308 | 13,163 |
Other assets | 90,538 | 90,538 |
Deferred tax asset | 0 | 0 |
Total other assets | 676,963 | 1,103,586 |
Total assets | 2,615,343 | 3,089,825 |
Current liabilities: | ||
Accounts payable | 293,497 | 322,639 |
Bank overdraft | 145,115 | 134,837 |
Accrued expenses and other current liabilities | 100,531 | 75,659 |
PPP loan | 7,621 | 11,656 |
Line of credit | 298,378 | 112,809 |
Operating lease liability | 87,727 | 82,917 |
Customer deposits | 235,348 | 359,723 |
Total current liabilities | 1,168,217 | 1,113,866 |
Long-term liabilities | ||
PPP loan less current portion | 0 | 0 |
Operating lease liability less current portion | 343,926 | 410,474 |
Total long-term liabilities | 343,926 | 410,474 |
Total liabilities | 1,512,143 | 1,524,340 |
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, 67,588,492 shares issued and outstanding | 33,794 | 33,794 |
Additional paid-in capital | 33,602,612 | 33,599,516 |
Accumulated deficit | (32,533,206) | (32,067,825) |
Total stockholders' equity | 1,103,200 | 1,565,485 |
Total liabilities and stockholders' equity | 2,615,343 | 3,089,825 |
Related Party [Member] | ||
Current assets: | ||
Accounts receivable, net of allowance for credit losses of $429,872 and $694,871 at September 30, 2023 and March 31, 2023, respectively | 780,882 | 497,793 |
Current liabilities: | ||
Due to stockholder | $ 0 | $ 13,626 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 429,972 | $ 694,871 |
Intangible assets, accumulated amortization | 26,001 | 22,631 |
Intangible assets, accumulated amortization | $ 26,001 | $ 22,631 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
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, Shares, Issued (in shares) | 67,588,492 | 67,588,492 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 67,588,492 | 67,588,492 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net revenues | $ 696,496 | $ 983,162 | $ 2,213,317 | $ 3,044,838 |
Cost of sales | 375,075 | 507,684 | 1,360,602 | 1,628,268 |
Gross Profit | 321,421 | 475,478 | 852,715 | 1,416,570 |
Operating expenses: | ||||
Research and development | 177,502 | 140,192 | 439,832 | 399,894 |
Selling, general and administrative | 249,306 | 242,533 | 883,716 | 855,656 |
Total operating expenses | 426,808 | 382,725 | 1,323,548 | 1,255,550 |
Income (loss) from operations | (105,387) | 92,753 | (470,833) | 161,020 |
Other income (expense): | ||||
Interest income | 5,663 | 3,676 | 20,256 | 4,670 |
Interest and finance expenses | (5,291) | (2,658) | (14,804) | (10,542) |
Total other income (expense) | 372 | 1,018 | 5,452 | (5,872) |
Income (loss) before provision for income taxes | (105,015) | 93,771 | (465,381) | 155,148 |
Total provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ (105,015) | $ 93,771 | $ (465,381) | $ 155,148 |
Basic and diluted per common share: (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted average shares of common stock outstanding - basic and diluted (in shares) | 67,588,492 | 67,588,492 | 67,588,492 | 67,588,492 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2022 | 67,588,492 | |||
Balance at Mar. 31, 2022 | $ 33,794 | $ 33,311,672 | $ (31,971,503) | $ 1,373,963 |
Stock based compensation | 287,844 | 287,844 | ||
Net Income (loss) | (38,666) | (38,666) | ||
Net (loss) | (38,666) | (38,666) | ||
Stock based compensation | 287,844 | 287,844 | ||
Balance (in shares) at Jun. 30, 2022 | 67,588,492 | |||
Balance at Jun. 30, 2022 | $ 33,794 | 33,599,516 | (32,010,169) | 1,623,141 |
Balance (in shares) at Mar. 31, 2022 | 67,588,492 | |||
Balance at Mar. 31, 2022 | $ 33,794 | 33,311,672 | (31,971,503) | 1,373,963 |
Net Income (loss) | 155,148 | |||
Net (loss) | 155,148 | |||
Balance (in shares) at Dec. 31, 2022 | 67,588,492 | |||
Balance at Dec. 31, 2022 | $ 33,794 | 33,599,516 | (31,816,355) | 1,816,955 |
Balance (in shares) at Jun. 30, 2022 | 67,588,492 | |||
Balance at Jun. 30, 2022 | $ 33,794 | 33,599,516 | (32,010,169) | 1,623,141 |
Net Income (loss) | 100,043 | 100,043 | ||
Net (loss) | 100,043 | 100,043 | ||
Balance (in shares) at Sep. 30, 2022 | 67,588,492 | |||
Balance at Sep. 30, 2022 | $ 33,794 | 33,599,516 | (31,910,126) | 1,723,184 |
Net Income (loss) | 93,771 | 93,771 | ||
Net (loss) | 93,771 | 93,771 | ||
Balance (in shares) at Dec. 31, 2022 | 67,588,492 | |||
Balance at Dec. 31, 2022 | $ 33,794 | 33,599,516 | (31,816,355) | 1,816,955 |
Balance (in shares) at Mar. 31, 2023 | 67,588,492 | |||
Balance at Mar. 31, 2023 | $ 33,794 | 33,599,516 | (32,067,825) | 1,565,485 |
Stock based compensation | 1,032 | 1,032 | ||
Net Income (loss) | (132,261) | (132,261) | ||
Net (loss) | (132,261) | (132,261) | ||
Stock based compensation | 1,032 | 1,032 | ||
Balance (in shares) at Jun. 30, 2023 | 67,588,492 | |||
Balance at Jun. 30, 2023 | $ 33,794 | 33,600,548 | (32,200,086) | 1,434,256 |
Balance (in shares) at Mar. 31, 2023 | 67,588,492 | |||
Balance at Mar. 31, 2023 | $ 33,794 | 33,599,516 | (32,067,825) | 1,565,485 |
Net Income (loss) | (465,381) | |||
Net (loss) | (465,381) | |||
Balance (in shares) at Dec. 31, 2023 | 67,588,492 | |||
Balance at Dec. 31, 2023 | $ 33,794 | 33,602,612 | (32,533,206) | 1,103,200 |
Balance (in shares) at Jun. 30, 2023 | 67,588,492 | |||
Balance at Jun. 30, 2023 | $ 33,794 | 33,600,548 | (32,200,086) | 1,434,256 |
Stock based compensation | 1,032 | |||
Net Income (loss) | (228,105) | (228,105) | ||
Net (loss) | (228,105) | (228,105) | ||
Stock based compensation | 1,032 | |||
Balance (in shares) at Sep. 30, 2023 | 67,588,492 | |||
Balance at Sep. 30, 2023 | $ 33,794 | 33,601,580 | (32,428,191) | 1,207,183 |
Stock based compensation | 1,032 | 1,032 | ||
Net Income (loss) | (105,015) | (105,015) | ||
Net (loss) | (105,015) | (105,015) | ||
Stock based compensation | 1,032 | 1,032 | ||
Balance (in shares) at Dec. 31, 2023 | 67,588,492 | |||
Balance at Dec. 31, 2023 | $ 33,794 | $ 33,602,612 | $ (32,533,206) | $ 1,103,200 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net Income (loss) | $ (465,381) | $ 155,148 |
Amortization | 3,370 | 2,160 |
Write-off of inventories | 33,945 | 54,692 |
Change in allowance for credit losses | (305,090) | |
Loan impairment | 209,809 | |
Non-cash interest expense | 17,168 | 20,320 |
Amortization of right-to-use asset | 61,114 | 61,577 |
Stock based compensation | 3,096 | 33,310 |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | 102,091 | 171,436 |
Inventories | 8,844 | (189,971) |
Prepaid expenses and other current assets | 33,169 | 47,622 |
Loan receivable | 0 | (72,881) |
Accounts payable | (29,142) | (66,215) |
Bank overdraft | 10,278 | 0 |
Customer deposits | (124,375) | 98,565 |
Accrued expenses and other current liabilities | 24,873 | (24,335) |
Payments of operating lease liability | (78,906) | (76,406) |
Net cash provided by (used in) operating activities | (495,137) | 215,022 |
Cash flows from investing activities: | ||
Purchase of software | (14,515) | 0 |
Net cash provided by (used in) investing activities | (14,515) | 0 |
Cash flows provided (used) in financing activities: | ||
Due to shareholder | (13,626) | (29,104) |
Proceeds from line of credit | 233,328 | 85,067 |
Repayments of line of credit | (47,760) | (307,764) |
Proceeds (payments) from/to PPP loan | (4,035) | (4,034) |
Net cash provided by (used in) financing activities | 167,907 | (255,835) |
Net decrease in cash and cash equivalents | (341,745) | (40,813) |
Cash and cash equivalents - beginning of period | 1,003,730 | 1,038,498 |
Cash and cash equivalents - end of period | 661,985 | 997,685 |
Cash paid for: | ||
Interest | 20,256 | 7,884 |
Non-cash activities: | ||
Reclass of Warrant Liability to Additional Paid in Capital | 0 | (182,161) |
Initial recognition of prepaid warrant expense | $ 0 | $ (105,683) |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Dec. 31, 2023 | |
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. We are a manufacturing and engineering concern whose principal lines of business are the design, manufacture, and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services. 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 | 9 Months Ended |
Dec. 31, 2023 | |
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-Q and Regulation S-X . 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 months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At December 31, 2023 and March 31, 2023, approximately $412,000 and $754,000, respectively, exceeded the FDIC limit. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. 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 other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products. 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 $128,000 and $212,000 as of March 31, 2023 were recognized as revenues during the three and nine months ended December 31, 2023, respectively. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $120,000 and $209,000 as of March 31, 2022 were recognized as revenues during the three and nine months ended December 31, 2022, respectively. CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services 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-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage. 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 $5,908 and $17,041 for the three and nine months ended December 31, 2023 and $6,184 and $21,216 for the three and nine months ended December 31, 2022 , 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 200,000 and -0- anti-dilutive instruments in force during the periods ended December 31, 2023 and 2022, respectively. Per share basic and diluted (loss) amounted to $( 0.00 (0.01) LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which changed financial reporting as it relates to leasing transactions. Under the new guidance, lessees are required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. The Company adopted this guidance as of April 1, 2019, using the modified retrospective approach which allowed it to initially apply the guidance as of the adoption date. The Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. 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 months or less and does not contain an option to purchase the underlying asset that the lease is reasonably certain to exercise. Related variable lease payments are recognized in the period in which the obligation is incurred. 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 effect on previously reported net loss. NEW ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures. |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventories at December 31, 2023 consisted of the following: Current Long Term Total Raw materials $ 426,480 $ 135,698 $ 562,178 Finished goods 60,951 5,998 66,949 Totals $ 487,431 $ 141,696 $ 629,127 Inventories at March 31, 2023 consisted of the following: Current Long Term Total Raw materials $ 390,792 $ 201,317 $ 592,109 Finished goods 52,673 27,134 79,807 Totals $ 443,465 $ 228,451 $ 671,916 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 9 Months Ended |
Dec. 31, 2023 | |
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. December 31, 2023 March 31, 2023 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 $ (24,791 ) $ 11,003 $ 35,794 10 - 15 $ (22,631 ) $ 13,163 Software $ 14,515 3 $ (1,210 ) $ 13,305 $ - $ - $ - $ 50,309 $ (26,001 ) $ 24,308 $ 35,794 $ (22,631 ) $ 13,163 Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended March 31, 2024 $ 3,862 2025 7,115 2026 6,716 2027 2,931 2028 1,726 Thereafter 1,958 $ 24,308 |
Note 5 - Concentrations
Note 5 - Concentrations | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 5 CONCENTRATIONS During the three months ended December 31, 2023, two customers accounted for 53% of our net revenue. During the three months ended December 31, 2022, two customers accounted for 50% of our net revenue. During the nine months ended December 31, 2023, two customers accounted for 44% of our net revenue. During the nine months ended December 31, 2022, two customers accounted for 45% of our net revenue. As of December 31, 2023, four customers represented 91% of our gross accounts receivable. As of March 31, 2023, two customers accounted for 75% of our gross accounts receivable. As of December 31, 2023, three vendors accounted for 36% of our accounts payable balance. As of March 31, 2023 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 nine months ended December 31, 2023 were $40,029 or 6% and $238,170 or 11%, respectively. Net revenues from foreign customers for the three and nine months ended December 31, 2022 were $86,296 or 8% and $237,852 or 8%, respectively. |
Note 6 - Disaggregated Revenues
Note 6 - Disaggregated Revenues and Segment Information | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 2022 Net Revenue in the US Chemical $ 175,402 $ 245,582 Electronics 423,593 485,454 Engineering 57,472 165,830 656,467 896,866 Net Revenue outside the US Chemical 40,029 86,296 Electronics - - Engineering - - 40,029 86,296 Total Revenues $ 696,496 $ 983,162 Nine Months Ended December 31, 2023 2022 Net Revenue in the US Chemical $ 598,176 $ 811,596 Electronics 1,082,634 1,584,003 Engineering 294,337 411,387 1,975,147 2,806,986 Net Revenue outside the US Chemical 238,170 237,852 Electronics - - Engineering - - 238,170 237,852 Total Revenues $ 2,213,317 $ 3,044,838 |
Note 7 - Due From Affiliate
Note 7 - Due From Affiliate | 9 Months Ended |
Dec. 31, 2023 | |
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 $330,090 and $250,000 allowance for credit losses on the consolidated balance sheets as of December 31, 2023 and March 31, 2023. |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2022: For the fiscal year ended: Amount FY 2024 March 31, 2024 $ 26,718 FY 2025 March 31, 2025 106,872 FY 2026 March 31, 2026 106,872 FY 2027 March 31, 2027 106,872 FY 2028 March 31, 2028 106,872 FY 2029 March 31, 2029 ends June 30, 2028 26,718 480,924 Less: Amount attributable to imputed interest (49,271 ) $ 431,653 Weighted average remaining lease term (in years) 2.7 Rent and real estate tax expense for all facilities for the three and nine months ended December 31, 2023 was approximately was approximately $35,000 and $104,000, respectively. Rent and real estate tax expense for all facilities for the three and nine months ended December 31, 2022 was approximately was approximately $34,000 and $102,000, 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 | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 9 PAYCHECK PROTECTION PROGRAM (PPP) LOAN In May 2020, the Company obtained funding through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of $381,000. In February 2021, a second PPP loan was obtained in the amount of $332,542, for a total of $713,542. The loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with at least 60% being used for payroll. The Company did use the funds for these expenses during the year ended March 31, 2021. The Company applied for loan forgiveness of both PPP loans. On September 7, 2021, the Company received approval from the SBA for $361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $332,542. This amount was recorded as Forgiveness of Paycheck Protection loan in the accompanying condensed Consolidated Statements of Operations during the fiscal year ended March 31, 2022. 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 December 31, 2023, the outstanding balance is $7,621. |
Note 10 - Line of Credit
Note 10 - Line of Credit | 9 Months Ended |
Dec. 31, 2023 | |
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, 2024, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 8.87% as of June 30, 2023. Any unpaid principal will be due upon maturity. At December 31, 2023 and March 31, 2023, the outstanding balance was $298,378 and $112,809, respectively. |
Note 11 - Warrants
Note 11 - Warrants | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Warrant Liability [Text Block] | NOTE 11 WARRANTS On April 11, 2023, warrants to purchase Company stock were issued to two outside consultants. Each consultant was granted 100,000 warrants with a strike price of $0.20. The Warrants vested and were exercisable immediately. The warrants were valued using a Black Scholes model effective April 11, 2023, cumulative volatility was computed at 123.52% and the total valuation was $8,256 which will be amortized over the 24-month life. Outstanding and exercisable Range of Exercise prices Number outstanding Weighted average remaining life in years Weighted Average Exercise Price Exercisable $ 0.20 200,000 1.28 $ 0.20 200,000 2023 2022 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year - - - - Issued 200,000 $ 0.20 - - Exercised - - - - Expired - - - - Cancelled - - - - Outstanding, end of period 200,000 $ 0.20 - - Exercisable, end of period 200,000 $ 0.20 - - |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 12 LEGAL PROCEEDINGS We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject. |
Note 13 - Contractual Obligatio
Note 13 - Contractual Obligations and Other Commitments | 9 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE 13 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 pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject. Product Liability As of December 31, 2023 and March 31, 2023, 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) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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-Q and Regulation S-X . |
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 months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At December 31, 2023 and March 31, 2023, approximately $412,000 and $754,000, respectively, exceeded the FDIC limit. |
Receivable [Policy Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. |
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 expense included in sales of our electronic products have been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products. 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 $128,000 and $212,000 as of March 31, 2023 were recognized as revenues during the three and nine months ended December 31, 2023, respectively. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $120,000 and $209,000 as of March 31, 2022 were recognized as revenues during the three and nine months ended December 31, 2022, respectively. CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied. All revenue is recognized net of discounts. |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage. 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, 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 |
Advertising Cost [Policy Text Block] | ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $5,908 and $17,041 for the three and nine months ended December 31, 2023 and $6,184 and $21,216 for the three and nine months ended December 31, 2022 , respectively. |
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. There were 200,000 and -0- anti-dilutive instruments in force during the periods ended December 31, 2023 and 2022, respectively. Per share basic and diluted (loss) amounted to $( 0.00 (0.01) |
Lessee, Leases [Policy Text Block] | LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which changed financial reporting as it relates to leasing transactions. Under the new guidance, lessees are required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. The Company adopted this guidance as of April 1, 2019, using the modified retrospective approach which allowed it to initially apply the guidance as of the adoption date. The Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. 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 months or less and does not contain an option to purchase the underlying asset that the lease is reasonably certain to exercise. Related variable lease payments are recognized in the period in which the obligation is incurred. 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 effect on previously reported net loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures. |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 426,480 $ 135,698 $ 562,178 Finished goods 60,951 5,998 66,949 Totals $ 487,431 $ 141,696 $ 629,127 Current Long Term Total Raw materials $ 390,792 $ 201,317 $ 592,109 Finished goods 52,673 27,134 79,807 Totals $ 443,465 $ 228,451 $ 671,916 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 March 31, 2023 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 $ (24,791 ) $ 11,003 $ 35,794 10 - 15 $ (22,631 ) $ 13,163 Software $ 14,515 3 $ (1,210 ) $ 13,305 $ - $ - $ - $ 50,309 $ (26,001 ) $ 24,308 $ 35,794 $ (22,631 ) $ 13,163 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended March 31, 2024 $ 3,862 2025 7,115 2026 6,716 2027 2,931 2028 1,726 Thereafter 1,958 $ 24,308 |
Note 6 - Disaggregated Revenu_2
Note 6 - Disaggregated Revenues and Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months Ended December 31, 2023 2022 Net Revenue in the US Chemical $ 175,402 $ 245,582 Electronics 423,593 485,454 Engineering 57,472 165,830 656,467 896,866 Net Revenue outside the US Chemical 40,029 86,296 Electronics - - Engineering - - 40,029 86,296 Total Revenues $ 696,496 $ 983,162 Nine Months Ended December 31, 2023 2022 Net Revenue in the US Chemical $ 598,176 $ 811,596 Electronics 1,082,634 1,584,003 Engineering 294,337 411,387 1,975,147 2,806,986 Net Revenue outside the US Chemical 238,170 237,852 Electronics - - Engineering - - 238,170 237,852 Total Revenues $ 2,213,317 $ 3,044,838 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | For the fiscal year ended: Amount FY 2024 March 31, 2024 $ 26,718 FY 2025 March 31, 2025 106,872 FY 2026 March 31, 2026 106,872 FY 2027 March 31, 2027 106,872 FY 2028 March 31, 2028 106,872 FY 2029 March 31, 2029 ends June 30, 2028 26,718 480,924 Less: Amount attributable to imputed interest (49,271 ) $ 431,653 Weighted average remaining lease term (in years) 2.7 |
Note 11 - Warrants (Tables)
Note 11 - Warrants (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Outstanding and exercisable Range of Exercise prices Number outstanding Weighted average remaining life in years Weighted Average Exercise Price Exercisable $ 0.20 200,000 1.28 $ 0.20 200,000 2023 2022 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year - - - - Issued 200,000 $ 0.20 - - Exercised - - - - Expired - - - - Cancelled - - - - Outstanding, end of period 200,000 $ 0.20 - - Exercisable, end of period 200,000 $ 0.20 - - |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Cash, Uninsured Amount | $ 412,000 | $ 412,000 | $ 754,000 | ||
Contract with Customer, Liability, Revenue Recognized | 128,000 | $ 120,000 | 212,000 | $ 209,000 | |
Advertising Expense | $ 5,908 | $ 6,184 | $ 17,041 | $ 21,216 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200,000 | 0 | |||
Earnings Per Share, Basic | $ 0 | $ 0 | $ (0.01) | $ 0 | |
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | |||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 7 years | 7 years |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Raw materials | $ 562,178 | $ 592,109 |
Raw materials | 562,178 | 592,109 |
Finished goods | 66,949 | 79,807 |
Finished goods | 66,949 | 79,807 |
Totals | 629,127 | 671,916 |
Totals | 629,127 | 671,916 |
Current [Member] | ||
Raw materials | 426,480 | 390,792 |
Raw materials | 426,480 | 390,792 |
Finished goods | 60,951 | 52,673 |
Finished goods | 60,951 | 52,673 |
Totals | 487,431 | 443,465 |
Totals | 487,431 | 443,465 |
Long Term [Member | ||
Raw materials | 135,698 | 201,317 |
Raw materials | 135,698 | 201,317 |
Finished goods | 5,998 | 27,134 |
Finished goods | 5,998 | 27,134 |
Totals | 141,696 | 228,451 |
Totals | $ 141,696 | $ 228,451 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) | Sep. 30, 2023 |
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 4 - Intangible Assets - In
Note 4 - Intangible Assets - Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Cost | $ 50,309 | $ 35,794 | |
Accumulated amortization | (26,001) | (22,631) | |
Net carrying amount | 24,308 | 13,163 | $ 24,308 |
Intangible assets, accumulated amortization | 26,001 | 22,631 | |
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively | 24,308 | 13,163 | $ 24,308 |
Patents And Trademarks [Member] | |||
Cost | 35,794 | 35,794 | |
Accumulated amortization | (24,791) | (22,631) | |
Net carrying amount | 13,163 | ||
Intangible assets, accumulated amortization | $ 24,791 | 22,631 | |
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively | $ 13,163 | ||
Patents And Trademarks [Member] | Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | 10 years | |
Net carrying amount | $ 11,003 | ||
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively | 11,003 | ||
Patents And Trademarks [Member] | Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||
Software [Member] | |||
Cost | $ 14,515 | $ 0 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 3 years | ||
Accumulated amortization | $ 1,210 | 0 | |
Net carrying amount | 13,305 | 0 | |
Intangible assets, accumulated amortization | (1,210) | 0 | |
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively | $ 13,305 | $ 0 |
Note 4 - Intangible Assets - Es
Note 4 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 |
2024 | $ 3,862 | ||
2025 | 7,115 | ||
2026 | 6,716 | ||
2027 | 2,931 | ||
2028 | 1,726 | ||
Thereafter | 1,958 | ||
Finite-Lived Intangible Assets, Net | $ 24,308 | $ 24,308 | $ 13,163 |
Note 5 - Concentrations (Detail
Note 5 - Concentrations (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 696,496 | $ 983,162 | $ 2,213,317 | $ 3,044,838 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 53% | 50% | 44% | 45% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 6% | 8% | 11% | 8% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,029 | $ 86,296 | $ 238,170 | $ 237,852 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 75% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | |||||
Concentration Risk, Percentage | 91% | ||||
Accounts Payable Balance [Member] | Vendor Concentration Risk [Member] | |||||
Number of Vendors | 3 | ||||
Accounts Payable Balance [Member] | Vendor Concentration Risk [Member] | Three Vendors [Member] | |||||
Concentration Risk, Percentage | 36% | 45% |
Note 6 - Disaggregated Revenu_3
Note 6 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 696,496 | $ 983,162 | $ 2,213,317 | $ 3,044,838 |
UNITED STATES | ||||
Revenue from Contract with Customer, Including Assessed Tax | 656,467 | 896,866 | 1,975,147 | 2,806,986 |
UNITED STATES | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 175,402 | 245,582 | 598,176 | 811,596 |
UNITED STATES | Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 423,593 | 485,454 | 1,082,634 | 1,584,003 |
UNITED STATES | Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 57,472 | 165,830 | 294,337 | 411,387 |
Non-US [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 40,029 | 86,296 | 238,170 | 237,852 |
Non-US [Member] | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 40,029 | 86,296 | 238,170 | 237,852 |
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 - Due From Affiliate (De
Note 7 - Due From Affiliate (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2023 | Mar. 31, 2023 | |
Engineering Services [Member] | Qol [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 330,090 | ||
Accounts Receivable, Allowance for Credit Loss | $ 330,090 | $ 250,000 | |
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 | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Expense | $ 35,000 | $ 34,000 | $ 104,000 | $ 102,000 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) | Dec. 31, 2022 USD ($) |
FY 2024 | $ 26,718 |
FY 2025 | 106,872 |
FY 2026 | 106,872 |
FY 2027 | 106,872 |
FY 2028 | 106,872 |
FY 2029 | 26,718 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Seven | 480,924 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 49,271 |
Operating Lease, Liability | $ 431,653 |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days |
Note 9 - Paycheck Protection _2
Note 9 - Paycheck Protection Program (PPP) Loan (Details Textual) - USD ($) | 1 Months Ended | 10 Months Ended | ||||
Dec. 21, 2021 | Sep. 07, 2021 | Feb. 28, 2021 | May 30, 2020 | Feb. 28, 2021 | Dec. 31, 2023 | |
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 | |||||
Gain (Loss) on Extinguishment of Debt | 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 | $ 332,542 | |||||
PPP Term Loan One [Member] | ||||||
Loans Payable, Total | $ 19,725 | $ 7,621 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | |||||
Debt Instrument, Maturity Date | May 15, 2025 |
Note 10 - Line of Credit (Detai
Note 10 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Sep. 07, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Jun. 15, 2018 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | ||||
Line of Credit Facility, Expiration Date | May 15, 2024 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.87% | ||||
Short-Term Debt, Total | $ 298,378 | $ 112,809 |
Note 11 - Warrants (Details Tex
Note 11 - Warrants (Details Textual) | Dec. 31, 2023 $ / shares | Apr. 11, 2023 USD ($) $ / shares shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Mar. 31, 2022 $ / shares |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.2 | $ 0 | $ 0 | $ 0 | |
Consulting Agreement [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 100,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.2 | ||||
Warrants and Rights Outstanding | $ | $ 8,256 | ||||
Warrants and Rights Outstanding, Term | 24 months | ||||
Consulting Agreement [Member] | Measurement Input, Price Volatility [Member] | |||||
Warrants and Rights Outstanding, Measurement Input | 1.2352 |
Note 11 - Warrants - Outstandin
Note 11 - Warrants - Outstanding and Exercisable (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.2 | $ 0 |
Outstanding, beginning of year, shares (in shares) | 0 | 0 |
Class of Warrant or Right, Outstanding | 200,000 | 0 |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Class of Warrant or Right, Exercisable | 200,000 | 0 |
Issued, shares (in shares) | 200,000 | 0 |
Issued, weighted average exercise price (in dollars per share) | $ 0.2 | $ 0 |
Exercised, shares (in shares) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Expired, shares (in shares) | 0 | 0 |
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Cancelled, shares (in shares) | 0 | 0 |
Cancelled, weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Outstanding, end of period, shares (in shares) | 200,000 | 0 |
Outstanding, end of period, weighted average exercise price (in dollars per share) | $ 0.2 | $ 0 |
Exercisable, end of period, weighted average exercise price (in dollars per share) | 0.2 | $ 0 |
Warrant One [Member] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.2 | |
Class of Warrant or Right, Outstanding | 200,000 | |
Class of Warrant or Right, Outstanding, Weighted Average Remaining Contractual Life | 1 year 3 months 10 days | |
Class of Warrant or Right, Exercisable | 200,000 | |
Outstanding, end of period, shares (in shares) | 200,000 | |
Outstanding, end of period, weighted average exercise price (in dollars per share) | $ 0.2 |