Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 22, 2023 | Sep. 30, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | IEH Corp | ||
Trading Symbol | IEHC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 2,370,251 | ||
Entity Public Float | $ 14,777,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000050292 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity File Number | 0-5278 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-5549348 | ||
Entity Address, Address Line One | 140 58th Street | ||
Entity Address, Address Line Two | Suite 8E | ||
Entity Address, City or Town | Brooklyn | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11220 | ||
City Area Code | (718) | ||
Local Phone Number | 492-4440 | ||
Title of 12(g) Security | Shares of common stock, $0.01 par value | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | No | ||
Auditor Firm ID | 688 | ||
Auditor Name | Marcum LLP | ||
Auditor Location | New York, NY | ||
Document Annual Report | true | ||
Document Transition Report | false |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | |||
Cash | $ 12,675,271 | $ 13,907,542 | $ 7,760,057 |
Accounts receivable | 3,039,468 | 5,646,723 | 5,358,164 |
Inventories | 9,728,387 | 9,301,797 | 10,752,565 |
Corporate income taxes receivable | 2,096,480 | 535,096 | |
Prepaid expenses and other current assets | 112,173 | 139,400 | 175,873 |
Total current assets | 27,651,779 | 29,530,558 | 24,046,659 |
Non-current assets: | |||
Property, plant and equipment, net | 4,354,111 | 2,544,548 | 2,574,884 |
Operating lease right-of-use assets | 2,980,820 | 3,272,539 | 111,125 |
Deferred income tax assets, net | 806,380 | 641,953 | 264,215 |
Security Deposit | 75,756 | 75,756 | 54,489 |
Total assets | 35,868,846 | 36,065,354 | 27,051,372 |
Current liabilities: | |||
Accounts payable | 808,631 | 619,054 | 484,477 |
Due to accounts receivable financing company | 36,224 | ||
Customer advance payments | 97,885 | 38,661 | 245,960 |
Accrued corporate income taxes | 222,091 | ||
Operating lease liabilities | 285,275 | 185,818 | |
Other current liabilities | 951,106 | 939,379 | 668,462 |
Total current liabilities | 2,142,897 | 1,782,912 | 1,657,214 |
Operating lease liabilities, non-current | 2,906,455 | 3,180,280 | 119,629 |
PPP Loan | 2,103,885 | ||
Total liabilities | 5,049,352 | 7,067,077 | 1,776,843 |
Commitments and Contingencies (Note 13) | |||
Stockholders’ Equity | |||
Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at March 31, 2022, March 31, 2021 and March 30, 2020, respectively | 23,703 | 23,703 | 23,703 |
Additional paid-in capital | 7,566,324 | 7,183,241 | 5,487,415 |
Retained earnings | 23,229,467 | 21,791,333 | 19,763,411 |
Total Stockholders’ Equity | 30,819,494 | 28,998,277 | 25,274,529 |
Total Liabilities and Stockholders’ Equity | $ 35,868,846 | $ 36,065,354 | $ 27,051,372 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,370,251 | 2,370,251 | 2,370,251 |
Common stock, shares outstanding | 2,370,251 | 2,370,251 | 2,370,251 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 24,265,589 | $ 34,715,195 | $ 32,154,549 |
Costs and expenses: | |||
Cost of products sold | 19,328,249 | 24,436,692 | 23,775,372 |
Selling, general and administrative | 5,039,072 | 6,903,330 | 6,007,241 |
Depreciation and amortization | 837,201 | 790,250 | 955,124 |
Total operating expenses | 25,204,522 | 32,130,272 | 30,737,737 |
Operating (loss) income | (938,933) | 2,584,923 | 1,416,812 |
Other income (expense): | |||
Other income | 2,214,030 | 65,197 | |
Interest income (expense), net | 391 | (15,443) | (44,875) |
Total other income (expense), net | 2,214,421 | 49,754 | (44,875) |
Income before benefit from (provision for) income taxes | 1,275,488 | 2,634,677 | 1,371,937 |
Benefit from (provision for) income taxes | 162,646 | (606,755) | (50,875) |
Net income | $ 1,438,134 | $ 2,027,922 | $ 1,321,062 |
Basic earnings per common share (in Dollars per share) | $ 0.61 | $ 0.86 | $ 0.56 |
Diluted earnings per share (in Dollars per share) | $ 0.59 | $ 0.82 | $ 0.54 |
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | 2,370 | 2,370 | 2,341 |
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | 2,448 | 2,463 | 2,452 |
Statements of Operations (Paren
Statements of Operations (Parentheticals) | 12 Months Ended |
Mar. 31, 2022 USD ($) | |
Income Statement [Abstract] | |
Debt forgiveness income | $ 2,103,885 |
Statement of Changes in Stockho
Statement of Changes in Stockholders’ Equity - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock | |||
Statement [Line Items] | |||
Balances | $ 23,703 | $ 23,703 | $ 23,235 |
Balances (in Shares) | 2,370,251 | 2,370,251 | 2,323,468 |
Stock-based compensation expense | |||
Exercise of stock options | $ 468 | ||
Exercise of stock options (in Shares) | 46,783 | ||
Net income | |||
Balances | $ 23,703 | $ 23,703 | $ 23,703 |
Balances (in Shares) | 2,370,251 | 2,370,251 | 2,370,251 |
Additional Paid-in Capital | |||
Statement [Line Items] | |||
Balances | $ 7,183,241 | $ 5,487,415 | $ 3,802,672 |
Stock-based compensation expense | 383,083 | 1,695,826 | 1,421,211 |
Exercise of stock options | 263,532 | ||
Net income | |||
Balances | 7,566,324 | 7,183,241 | 5,487,415 |
Retained Earnings | |||
Statement [Line Items] | |||
Balances | 21,791,333 | 19,763,411 | 18,442,349 |
Stock-based compensation expense | |||
Exercise of stock options | |||
Net income | 1,438,134 | 2,027,922 | 1,321,062 |
Balances | 23,229,467 | 21,791,333 | 19,763,411 |
Total | |||
Statement [Line Items] | |||
Balances | 28,998,277 | 25,274,529 | 22,268,256 |
Stock-based compensation expense | 383,083 | 1,695,826 | 1,421,211 |
Exercise of stock options | 264,000 | ||
Net income | 1,438,134 | 2,027,922 | 1,321,062 |
Balances | $ 30,819,494 | $ 28,998,277 | $ 25,274,529 |
Statements of cash flows
Statements of cash flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 1,438,134 | $ 2,027,922 | $ 1,321,062 |
Adjustments to reconcile net income to | |||
Depreciation and amortization | 837,201 | 790,250 | 955,123 |
Stock-based compensation expense | 383,083 | 1,695,826 | 1,421,211 |
Inventory obsolescence provision | (14,000) | 9,000 | 216,000 |
Deferred income taxes, net | (164,427) | (377,738) | (264,215) |
Operating lease right-of-use assets | 484,359 | 85,055 | (111,125) |
Gain on forgiveness of PPP loan | (2,103,885) | ||
Changes in assets and liabilities: | |||
Accounts receivable | 2,607,255 | (288,559) | (1,525,074) |
Inventories | (412,590) | 1,441,768 | 1,052,878 |
Prepaid expenses and other current assets | 27,227 | 36,474 | 359,024 |
Security deposit | (21,267) | ||
Operating lease liabilities | (367,008) | 119,629 | |
Accounts payable | 189,577 | 134,577 | 4,465 |
Customer advance payments | 59,224 | (207,299) | (102,270) |
Other current liabilities | 11,727 | 270,916 | (308,958) |
Corporate income taxes receivable | (1,561,384) | (535,096) | |
Accrued corporate income taxes | (222,091) | (1,454,337) | |
Net cash provided by operating activities | 1,414,493 | 4,839,738 | 1,683,413 |
Cash flows from investing activities: | |||
Acquisition of property, plant and equipment | (2,646,764) | (759,914) | (969,400) |
Net cash used in investing activities | (2,646,764) | (759,914) | (969,400) |
Cash flows from financing activities: | |||
Advances under accounts receivable financing | 21,477,673 | 29,765,459 | |
Repayments under the accounts receivable financing | (21,513,897) | (30,063,541) | |
Proceeds from exercise of stock options | 264,000 | ||
Proceeds from PPP loan | 2,103,885 | ||
Net cash provided by/(used in) financing activities | 2,067,661 | (34,082) | |
Net (decrease) increase in cash | (1,232,271) | 6,147,485 | 679,931 |
Cash - beginning of fiscal year | 13,907,542 | 7,760,057 | 7,080,126 |
Cash - end of fiscal year | 12,675,271 | 13,907,542 | 7,760,057 |
Supplemental disclosures of cash flow information: | |||
Interest | 110 | 17,380 | 71,595 |
Income Taxes | $ 1,274,539 | $ 1,629,700 | $ 1,769,429 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2022 | |
Description of Business [Abstract] | |
DESCRIPTION OF BUSINESS | Note 1 - DESCRIPTION OF BUSINESS: Overview: IEH Corporation (hereinafter referred to as “IEH” or the “Company”) began in New York, New York in 1941. IEH was incorporated in March, 1943. The Company designs and manufactures HYPERBOLOID connectors that not only accommodate, but exceed military and aerospace specification standards. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Mar. 31, 2022 | |
Restatement of Previously Issued Financial Statements [Abstract] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | Note 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS: Restatement Background On October 8, 2020 the Company filed its Form 10-K for the fiscal year ended March 31, 2020. On October 8, 2020 the Company filed Form 8-K to report that there were material errors within its Quarterly Reports on Form 10-Q for the periods ended September 27, 2019 and December 31, 2019, that such quarterly reports were not to be relied upon and that the Company intended to file amended quarterly reports for such periods. Specifically the Company determined that certain stock-based obligations were not recorded as expenses on a timely basis and that the Company did not properly value its inventory. On January 26, 2023, the Company’s management and the Audit Committee reached a determination that the Company’s previously issued financial statements and related disclosures as of March 31, 2020 and for the period then ended should no longer be relied upon because of material misstatements contained in those financial statements. Specifically the Company determined that it did not properly value its inventory. Accordingly, the Company has restated herein the financial statements at the aforementioned periods in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections The relevant unaudited interim financial information for the quarterly periods ended June 29, 2019, September 27, 2019, December 31, 2019, June 30, 2020, September 30, 2020, December 31, 2020, June 30, 2021, September 30, 2021 and December 31, 2021 is included in Note 15, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously issued financial statements are described in more detail below. As previously disclosed, the Company determined that inventory as of the aforementioned periods had been misstated. The Company concluded that the impact of applying corrections for these errors and misstatements on the aforementioned financial statements is material. These errors resulted in an understatement of costs of products sold of $1,869,136, an overstatement of income tax expense of $632,818, and an overstatement of net income of $1,236,318, for the fiscal year ended March 31, 2020. Description of Misstatements Misstatements Associated with Inventory (a) Inventory The Company migrated to a new enterprise accounting and inventory system at the end of the second quarter of the fiscal year ended March 31, 2020 upon unexpectedly losing support for its legacy inventory system. In connection with the Company’s migration to the new accounting system, including the reconciliation of the old and new systems and preparation of its year end accounting, management discovered that inventory balances previously reported as of September 27, 2019, December 31, 2019 and March 31, 2020 were misstated. Additional Misstatements (b) Stock-based compensation In preparation of its quarterly reporting for the three and nine months ended December 31, 2019, the Company identified a misstatement of stock-based compensation expense and understatement of additional paid in capital previously reported as of September 27, 2019. (c) Income Taxes The correction of the inventory and stock-based compensation misstatements resulted in an increase to cost of goods sold, a decrease to net income and a decrease to the provision for income taxes. Description of Restatement Tables See below for a reconciliation of the previously reported amounts to the restated amounts. The table below sets forth the balance sheet accounts, including the balances originally reported, corrections and the as restated balances (see Note 15 for quarterly data with respect to the restatements): As of March 31, 2020 As Reported Correction As Restated Inventories $ 12,621,701 $ (1,869,136 ) $ 10,752,565 Total current assets 25,915,795 (1,869,136 ) 24,046,659 Total assets 28,920,508 (1,869,136 ) 27,051,372 Accrued corporate income taxes 854,909 (632,818 ) 222,091 Total current liabilities 2,409,661 (632,818 ) 1,776,843 Total liabilities 2,409,661 (632,818 ) 1,776,843 Retained earnings 20,999,729 (1,236,318 ) 19,763,411 Total Stockholder’s Equity 26,510,847 (1,236,318 ) 25,274,529 Total Liabilities and Stockholders’ Equity 28,920,508 (1,869,136 ) 27,051,372 The tables below set forth the statements of income, including the amounts originally reported, corrections, and the as restated amounts: For the fiscal year ended As Reported Correction As Restated Cost of products sold $ 21,906,236 $ 1,869,136 $ 23,775,372 Operating income 3,285,948 (1,869,136 ) 1,416,812 Income before income taxes 3,241,073 (1,869,136 ) 1,371,937 Provision for income taxes 683,693 (632,818 ) 50,875 Net income 2,557,380 (1,236,318 ) 1,321,062 Basic earnings per share 1.09 (0.53 ) 0.56 Fully diluted earnings per share 1.04 (0.50 ) 0.54 The table below sets forth the statements of stockholders’ equity, including the balances originally reported, corrections and the as restated balances: For the fiscal year ended As Reported Correction As Restated Net income, for the fiscal year ended March 31, 2020 $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Retained earnings, as of March 31, 2020 20,999,729 (1,236,318 ) 19,763,411 Total stockholders’ equity, as of March 31, 2020 26,510,847 (1,236,318 ) 25,274,529 The table below sets forth the statements of cash flows from operating activities, including the balances originally reported, corrections and the as restated balances: For the fiscal year ended As Reported Correction As Restated Net income $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Obsolescence provision 253,605 (37,605 ) 216,000 Deferred income taxes, net (746,428 ) 482,213 (264,215 ) Increase/(decrease) in inventories (853,863 ) 1,906,741 1,052,878 Increase/(decrease) in accrued corporate income taxes (339,306 ) (1,115,031 ) (1,454,337 ) Net cash provided by operating activities 1,683,413 - 1,683,413 The restatement had no impact on cash flows from investing activities or financing activities. In addition to the restated financial statements, the information contained in Notes 3, 4, 10 and 15 has been restated. As of March 31, 2020 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 7,760,057 $ 7,760,057 Accounts receivable 5,358,164 5,358,164 Inventories 12,621,701 (1,869,136 ) a 10,752,565 Prepaid expenses and other current assets 175,873 175,873 Total current assets 25,915,795 (1,869,136 ) 24,046,659 Non-current assets: Property, plant and equipment, net 2,574,884 2,574,884 Operating lease right-of-use assets 111,125 111,125 Deferred income tax asset, net 264,215 264,215 Security deposit 54,489 54,489 Total assets $ 28,920,508 $ (1,869,136 ) $ 27,051,372 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 484,477 $ 484,477 Due to accounts receivable financing company 36,224 36,224 Customer advance payments 245,960 245,960 Accrued corporate income taxes 854,909 (632,818 ) c 222,091 Operating lease liabilities 119,629 119,629 Other current liabilities 668,462 668,462 Total current liabilities 2,409,661 (632,818 ) 1,776,843 Total liabilities 2,409,661 (632,818 ) 1,776,843 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at March 31, 2020 23,703 23,703 Additional paid-in capital 5,487,415 5,487,415 Retained earnings 20,999,729 (1,236,318 ) a, c 19,763,411 Total Stockholders’ Equity 26,510,847 (1,236,318 ) 25,274,529 Total Liabilities and Stockholders’ Equity $ 28,920,508 $ (1,869,136 ) $ 27,051,372 For the Fiscal Year Ended March 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 32,154,549 $ - $ 32,154,549 Costs and expenses: Cost of products sold 21,906,236 1,869,136 a 23,775,372 Selling, general and administrative 6,007,241 6,007,241 Depreciation and amortization 955,124 - 955,124 Total operating expenses 28,868,601 1,869,136 30,737,737 Operating income 3,285,948 (1,869,136 ) 1,416,812 Other expenses: Other income 26,720 - 26,720 Interest income (expense) (71,595 ) - (71,595 ) Total other income (expense), net (44,875 ) - (44,875 ) Income before provision for income taxes 3,241,073 (1,869,136 ) a 1,371,937 Provision for income taxes (683,693 ) 632,818 c (50,875 ) Net Income $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Basic earnings per common share $ 1.09 $ (0.53 ) $ 0.56 Diluted earnings per share $ 1.04 $ (0.50 ) $ 0.54 Weighted average number of common shares outstanding - basic (in thousands) 2,341 2,341 Weighted average number of common shares outstanding - diluted (in thousands) 2,458 2,452 Common Stock Additional Retained Total Shares Amount Capital Earnings Equity As Previously Reported Balance at March 29, 2019 2,323,468 $ 23,235 $ 3,802,672 $ 18,442,349 $ 22,268,256 Stock-based compensation expense - - 1,421,211 - 1,421,211 Exercise of stock options 46,783 468 263,532 - 264,000 Net income - - - 2,557,380 2,557,380 Balance at March 31, 2020 2,370,251 $ 23,703 $ 5,487,415 $ 20,999,729 $ 26,510,847 Restatement Impacts Balance at March 29, 2019 2,323,468 23,235 3,802,672 18,442,349 22,268,256 Stock-based compensation expense - - - - - Exercise of stock options - - - - - Net income (loss) (correction) - - - (1,236,318 ) (1,236,318 ) Balance at March 31, 2020 - $ - $ - $ (1,236,318 ) $ (1,236,318 ) As Restated Balance at March 29, 2019 2,323,468 23,235 3,802,672 18,442,349 22,268,256 Stock-based compensation expense - - 1,421,211 - 1,421,211 Exercise of stock options 46,783 468 263,532 - 264,000 Net income (as restated) - - - 1,321,062 1,321,062 Balance at March 31, 2020 (As Restated) 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 For the Fiscal Year Ended March 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,557,380 $ (1,236,318 ) a, c $ 1,321,062 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 955,123 955,123 Stock-based compensation expense 1,421,211 - 1,421,211 Obsolescence provision 253,605 (37,605 ) a 216,000 Deferred income taxes, net (746,428 ) 482,213 c (264,215 ) Operating lease right-of-use assets (111,125 ) - (111,125 ) Changes in assets and liabilities: Accounts receivable (1,525,074 ) - (1,525,074 ) Inventories (853,863 ) 1,906,741 a 1,052,878 Prepaid expenses and other current assets 359,024 - 359,024 Operating lease liabilities 119,629 - 119,629 Accounts payable 4,465 - 4,465 Customer advance payments (102,270 ) - (102,270 ) Other current liabilities (308,958 ) - (308,958 ) Accrued corporate income taxes (339,306 ) (1,115,031 ) c (1,454,337 ) Net cash provided by operating activities 1,683,413 - 1,683,413 Cash flows from investing activities: Acquisition of property, plant and equipment (969,400 ) - (969,400 ) Net cash used in investing activities (969,400 ) - (969,400 ) Cash flows from financing activities: Advances under accounts receivable financing 29,765,459 - 29,765,459 Repayments under the accounts receivable financing (30,063,541 ) - (30,063,541 ) Exercise of stock options 264,000 - 264,000 Net cash (used in)/provided by financing activities (34,082 ) - (34,082 ) Net increase in cash 679,931 - 679,931 Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 7,760,057 $ - $ 7,760,057 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 71,595 $ - $ 71,595 Income Taxes $ 1,769,429 $ - $ 1,769,429 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Periods On February 11, 2020, the Audit Committee adopted a resolution approving a change in the fiscal year end from a 52-53 week year ending on the last Friday of March to a calendar year ending on March 31. In addition, each applicable fiscal quarter, which previously ended on the last Friday of each of June, September, December and March would, beginning with the third fiscal quarter ending on December 31, 2019, change to a calendar fiscal quarter ending on June 30, September 30, December 31 and March 31, respectively. Accordingly, the Company’s fiscal year ending in March 2020 would end on March 31, 2020 and thereafter each March 31. Revenue Recognition In May 2014, the Financial Accounting Standards Board issued Accounting Standards Codification ASC 606 “Revenue from Contracts with Customers” (“ASC 606”) that, as amended on August 12, 2015, became effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASC 606 on March 30, 2019. The core principle underlying ASC 606, is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue generating transactions: ● Identify the contract with a customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to the performance obligations ● Recognize revenue when (or as) each performance obligation is satisfied The Company recognizes revenue upon shipment of the goods (FOB shipping point). The Company’s disaggregated revenue by geographical location is as follows: Fiscal Year Ended March 31, 2022 2021 2020 Domestic $ 18,480,329 $ 26,633,429 $ 26,244,412 International 5,785,260 8,081,766 5,910,137 Total $ 24,265,589 $ 34,715,195 $ 32,154,549 Approximately 68.2%, 85.8% and 47.0% of the international net sales for fiscal years ended March 31, 2022, 2021 and 2020, respectively, represent sales to customers located in China. Based upon the information available to the Company, the aggregated revenue by industry as a percentage of total revenue is provided below: Fiscal Year Ended March 31, 2022 2021 2020 Industry % % % Military 59.1 60.8 59.5 Commercial Aerospace 14.7 21.4 22.7 Space 17.7 13.9 13.9 Other 8.5 3.9 3.9 The Company does not offer any discounts, credits or other sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable. The Company will accept a return of defective products within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost. Inventories: Inventories are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures products pursuant to specific technical and contractual requirements. The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition of this impairment. The Company’s allowance for obsolete inventory was $211,000, $225,000 and $216,000 as of March 31, 2022, 2021 and 2020, respectively, and was reflected as a reduction of inventory. Concentration of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. At times, the Company’s cash in banks was in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits. Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on a straight-line basis over the estimated useful lives (5-7 years) of the related assets. Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization account. Any gain or loss thereon is either credited or charged to operations. Income Taxes: The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary and permanent differences resulting from different treatment of items for tax and financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. Uncertain Tax Positions: The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision. Earnings Per Share The Company accounts for earnings per share pursuant to ASC Topic 260, “Earnings per Share”, which requires disclosure on the Financial Statements of “basic” and “diluted” earnings per share. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the fiscal year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive). Basic and diluted net income per share is calculated as follows: Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) NET INCOME $ 1,438,134 $ 2,027,922 $ 1,321,062 BASIC EARNINGS PER COMMON SHARE $ 0.61 $ 0.86 $ 0.56 DILUTED EARNINGS PER SHARE $ 0.59 $ 0.82 $ 0.54 WEIGHTED AVERAGE NUMBER OF 2,370,251 2,370,251 2,341,320 DILUTIVE EFFECT OF OPTIONS TO THE EXTENT THAT SUCH OPTIONS ARE DETERMINED TO BE IN THE MONEY FOR THE PERIOD 77,688 92,410 110,434 WEIGHTED AVERAGE NUMBER OF 2,447,939 2,462,661 2,451,754 Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity of these instruments. The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions. The Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3 - Significant unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by other means. Use of Estimates: The preparation of Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the Financial Statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock based instruments, an incremental borrowing rate for determining the leases present value of lease payments as well as in the calculation of inventory obsolescence. Actual amounts could differ from those estimates. Impairment of Long-Lived Assets: The Company has adopted the provisions of ASC Topic 360, “Property, Plant and Equipment-Impairment or Disposal of Long Lived Assets,” and requires that long-lived assets and certain identifiable intangibles to be held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no long-lived asset impairments recognized by the Company for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. Stock-Based Compensation: Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant. The Company determined the fair value of the stock option grant based upon the assumptions as provided below: For the Fiscal Year Ended March 31, 2022 2021 2020 Weighted Average Stock Price $ 15.18 $ 12.18 $ 19.70 Expected life (in years) 5 5 6 Expected volatility 55 % 55 % 56 % Dividend yield 0 % 0 % 0 % Risk-Free interest rate, per annum 1.40 % .07 % 1.88 % Recent Accounting Standards Leases Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options to extend or terminate the lease term, when it is reasonably certain such options will be exercised. The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less (“short-term leases”) on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. Balance sheet information related to our leases is presented below: As of March 31, Balance Sheet Location 2022 2021 2020 Operating leases: Right-of-use assets Operating lease right-of-use assets $ 2,980,820 $ 3,272,539 $ 111,125 Right-of-use liability, current Operating lease liabilities 285,275 185,818 - Right-of-use lease liability, long-term Operating lease liabilities, non-current 2,906,455 3,180,280 119,629 Other information related to leases is presented below: As of March 31, 2022 2021 2020 Other information Weighted-average discount rate – operating leases 6.00 % 6.00 % 6.00 % Weighted-average remaining lease term – operating lease (in years) 8.8 7.8 0.7 The lease cost for the fiscal years ended March 31, 2022, 2021 and 2020 was $573,125, $255,158 and $194,338, respectively. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises. The Company considers its present facilities to be adequate for its present and anticipated future needs. The basic minimum annual rental remaining on the leases is $4,050,696 as of March 31, 2022. The total remaining operating lease payments included in the measurement of lease liabilities on the Company’s balance sheet as of March 31, 2022 was as follows: For the fiscal year ending March 31: Operating Lease Payments 2023 $ 469,112 2024 483,184 2025 497,684 2026 519,036 2027 547,460 Thereafter 1,534,220 Total gross operating lease payments 4,050,696 Less: imputed interest (858,966 ) Total lease liabilities, reflecting present value of future minimum lease payments $ 3,191,730 Financial Instruments - Credit Losses In June 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which was subsequently revised by ASU 2018-19 and ASU 2020-02. The ASU introduces a new model for assessing impairment on most financial assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which will result in earlier recognition of allowance for losses. The ASU will be effective for the Company’s first interim period of fiscal 2023. The Company has evaluated the impact of the adoption of ASU 2016-13, and related updates, and has determined that the impact will not be material to its financial statements and disclosures. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | Note 4 - INVENTORIES: Inventories are comprised of the following: As of March 31, 2022 2021 2020 (As Restated) Raw materials $ 7,875,015 $ 6,885,402 $ 9,093,070 Work in progress 1,505,614 1,804,779 1,589,178 Finished goods 558,758 836,616 286,317 Allowance for obsolete inventory (211,000 ) (225,000 ) (216,000 ) $ 9,728,387 $ 9,301,797 $ 10,752,565 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | Note 5 - PREPAID EXPENSES AND OTHER CURRENT ASSETS: Prepaid expenses and other current assets are comprised of the following: As of March 31, 2022 2021 2020 Prepaid insurance $ 35,691 $ 76,143 $ 117,043 Other current assets 76,482 63,257 58,830 $ 112,173 $ 139,400 $ 175,873 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | Note 6 - PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are as follows: As of March 31, 2022 2021 2020 Computers $ 572,423 $ 539,652 $ 537,042 Leasehold improvements 2,784,674 1,081,226 993,876 Machinery and equipment 7,909,982 7,603,314 7,250,410 Tools and dies 5,030,650 4,593,016 4,283,024 Furniture and fixtures 352,372 186,129 179,072 Website development cost 9,785 9,785 9,784 $ 16,659,886 $ 14,013,122 $ 13,253,208 Less: accumulated depreciation and amortization (12,305,775 ) (11,468,574 ) (10,678,324 ) Property, Plant and Equipment, net $ 4,354,111 $ 2,544,548 $ 2,574,884 Depreciation and amortization expense for the fiscal years ended March 31, 2022, 2021 and 2020 was $837,201, $790,250 and $955,123, respectively. |
Accounts Receivable Financing
Accounts Receivable Financing | 12 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE FINANCING | Note 7 - ACCOUNTS RECEIVABLE FINANCING: The Company had an accounts receivable financing agreement with a non-bank lending institution (“Financing Company”) whereby it was able to borrow up to 80 percent of its eligible receivables (as defined in such financing agreement) at an interest rate of 2.5% above JP Morgan Chase’s publicly announced rate with a minimum rate of 6% per annum. The financing agreement was terminated as of March 14, 2022. As of March 31, 2022, 2021 and 2020, the obligation to the Financing Company was $0, $0 and $36,224, respectively. |
PPP Loan and Note
PPP Loan and Note | 12 Months Ended |
Mar. 31, 2022 | |
PPP Loan and Note [Abstract] | |
PPP LOAN AND NOTE | Note 8 - PPP LOAN AND NOTE: On April 13, 2020, the Company entered into an unsecured note (the “PPP Note”) evidencing an unsecured loan (“PPP Loan”) in a principal amount of $2,103,885 pursuant to the Payment Protection Program (“PPP”) under the Coronavirus Aid Relief and Economic Security Act (“CARES Act”). The PPP Loan was administered by the U.S. Small Business Administration and the Company’s loan was made through JP Morgan Chase Bank. The PPP Loan bore interest at a fixed interest rate of one (1%) percent per year and would have matured in two (2) years after the issuance date. Payment of interest is deferred for the first six (6) months. Beginning on the seventh month following the date of the PPP Note (November 2020), the Company is required to make 18 payments of equal monthly installments of principal and interest with the final payment due in April 2022. The PPP Note provides for customary events of default including, among other things, cross-defaults on any other loan with JP Morgan Chase Bank. The PPP Loan may be accelerated upon the occurrence of an event of default. The PPP Loan may be prepaid by the Company at any time with no prepayment penalties applied. The proceeds of the PPP Loan may be used for payroll costs, costs related to certain group health care benefits, rent payments, utility payments, mortgage interest payments, interest payments on other debt obligation that were incurred before February 15, 2020. The PPP Note contains events of defaults and other conditions customary for a note of this type. The PPP Loan was guaranteed by the United States Small Business Administration (“SBA”). The Company may apply to JP Morgan Chase Bank for forgiveness of the PPP Loan, with the amounts which may be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations and covered utilities, which payments were incurred by the Company during the 24-week period beginning on April 13, 2020 and calculated in accordance with the CARES Act. Under the terms of the CARES Act, the PPP Loan recipients can apply for and be granted forgiveness for all or a portion of a loan granted under the PPP with such forgiveness to be determined subject to limitations based on the use of loan proceeds for payment of payroll costs and any payments of mortgage, interest, rent and utilities. On April 21, 2021, the Company received notice that the PPP Loan was forgiven. The Company recorded the forgiveness of the principal balance of $2,103,885 as debt forgiveness income in the quarter ending June 30, 2021. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Other Current Liabilities [Abstract] | |
OTHER CURRENT LIABILITIES | Note 9 - OTHER CURRENT LIABILITIES: Other current liabilities are comprised of the following: As of March 31, 2022 2021 2020 Payroll and vacation accruals $ 871,117 $ 824,536 $ 589,989 Sales commissions 48,681 80,775 68,328 Other current liabilities 31,308 34,068 10,145 $ 951,106 $ 939,379 $ 668,462 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 10 - INCOME TAXES: The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes.” Under ASC Topic 740, deferred income tax assets or liabilities are computed based upon the temporary differences between the Financial Statement and income tax bases of assets and liabilities using the currently enacted marginal income tax rates. Deferred income tax expense or credits are based on the changes in the deferred income tax assets or liabilities from period to period. The provision for income taxes consists of the following: Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) Current: Federal $ - $ 980,061 $ 430,193 State and local - 81,169 367,110 Total current tax provision - 1,061,230 797,303 Deferred: Federal (150,204 ) (420,508 ) (453,034 ) State and local (12,442 ) (33,967 ) (293,394 ) Total deferred tax expense (162,646 ) (454,475 ) (746,428 ) Total provision $ (162,646 ) $ 606,755 $ 50,875 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows: As of March 31, 2022 2021 2020 (As Restated) Deferred tax assets: Net operating loss $ 424,263 $ - $ - Operating lease liabilities 714,947 752,340 - Stock options 883,522 816,500 677,239 Accrued expenses 67,146 - 119,872 Inventory 150,460 148,742 - Total deferred tax assets 2,240,338 1,717,582 797,111 Deferred tax liabilities: Depreciation 766,255 344,200 532,896 Operating lease right-of-use asset 667,703 731,429 - Total deferred tax liabilities 1,433,958 1,075,629 532,896 Deferred tax assets (liabilities), net $ 806,380 $ 641,953 $ 264,215 A reconciliation of the provision for income taxes with the amounts computed by applying the statutory Federal income tax rate to income before provision for income taxes is as follows: Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.4 % 1.4 % 13.6 % Stock Option Exercises 1.6 % 0.6 % (21.2 )% True-up for tax provision 0.0 % 0.0 % (8.9 )% Debt forgiveness income of the PPP Note- not subject to income tax (36.9 )% 0.0 % 0.0 % Meals and entertainment 0.2 % (0.1 )% (0.7 )% Effective tax rate (12.7 )% 22.9 % 3.8 % During the fiscal year ended March 29, 2019, the Company received a remittance of $460,442 from the Internal Revenue Service. The remittance did not indicate the basis for the payment. The Company has reported this payment as a current liability in the accompanying financial statements until such time that the basis for this remittance can be determined. For the year ended March 31, 2022, the Company’s effective tax rate was (12.7)%, which consisted principally of a federal rate of 21%, and the Company’s estimate of state taxes, net of federal benefit, of 1.4%, offset by the impact of a gain on the forgiveness of debt that was not subject to income tax. As of March 31, 2022 for U.S. federal and state income tax reporting purposes, the Company has approximately $1,900,000 of unused net operating losses (“NOLs”) available for carry forward to future years. As a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”), for U.S. income tax purposes, NOLs generated in tax years beginning after December 31, 2017 may be carried forward indefinitely to offset future taxable income. The total amount of the Federal NOL as of March 31, 2022, may be carried forward indefinitely. The state and city NOLs may generally be carried forward for twenty years and may be applied against future taxable income. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur if the Company issues additional shares of common stock pursuant. The Company remains subject to examination by tax authorities for fiscal tax years ended March 31, 2020 and later. Based upon the Company’s history of generating taxable income, the Company performed an analysis and determined that it was not necessary to establish a valuation reserve with respect to its net deferred income tax assets. As of December 31, 2022, management does not believe that the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Mar. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
EQUITY INCENTIVE PLANS | Note 11 - EQUITY INCENTIVE PLANS: 2011 Equity Incentive Plan On August 31, 2011, the Company’s stockholders approved the adoption of the Company’s 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and restricted stock awards to purchase up to 750,000 shares of the Company’s common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company. The 2011 Equity Incentive Plan expired on August 31, 2021 after which no further awards will be granted under such plan. 2020 Equity Incentive Plan On November 18, 2020, the Board of Directors approved for submission to stockholders at the Annual Meeting the Company’s 2020 Equity Incentive Plan (the “2020 Plan”). On December 16, 2020, the Company’s stockholders approved the adoption of the 2020 Plan to provide for the grant of stock options and restricted stock awards to purchase up to 750,000 shares of the Company’s common stock to all employees, consultants and other eligible participants including senior management and members of the Board of Directors of the Company. Options granted to employees under both the 2011 Plan and the 2020 Plan (together the “Plans”) may be designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options which do not qualify (non-qualified stock options). Under the Plans, the exercise price of an option designated as an incentive stock option shall not be less than the fair market value of the Company’s common stock on the day the option is granted. In the event an option designated as an incentive stock option is granted to a ten percent (10%) or greater stockholders, such exercise price shall be at least 110 percent (110%) of the fair market value of the Company’s common stock and the option must not be exercisable after the expiration of ten years from the day of the grant. The Plans also provides that holders of options that wish to pay for the exercise price of their options with shares of the Company’s common stock must have beneficially owned such stock for at least six months prior to the exercise date. Exercise prices of non-incentive stock options may not be less than the fair market value of the Company’s common stock. The aggregate fair market value of shares subject to options granted to a participant(s), which are designated as incentive stock options, and which become exercisable in any calendar year, shall not exceed $100,000. Option Awards On July 29, 2019, the Board of Directors granted David Offerman, the Company’s President and Chief Executive Officer an option to purchase 225,000 shares of the Company’s common stock at an exercise price of $20.00 per share, under the 2011 Plan, in connection with his employment agreement dated as of July 29, 2019. The option expires ten years from the date of grant, and vests in three equal annual installments of 75,000 options each, with the first vesting installment occurring on the date of grant. The option had a fair value on the date of grant of $2,394,000. Stock-based compensation expense Stock-based compensation expense is recorded in general and administrative expenses included in the statement of operations. For the fiscal years ended March 31, 2022, 2021 and 2020, stock-based compensation expense was $383,083, $1,695,826 and $1,421,211, respectively. The Company received $0, $0 and $264,000 in proceeds from stock option exercises during the fiscal years ended March 31, 2022, 2021 and 2020, respectively. As of March 31, 2022 there was no unrecognized compensation expense related to unamortized stock options. Stock option activity The following table provides the stock option activity: Weighted Avg. Weighted Avg. Remaining Contractual Aggregate Grant Date Exercise Term Intrinsic Value Shares Fair Value Price (Years) (in thousands) Balance at March 31, 2019 185,000 $ 4.19 $ 6.05 7.75 $ 1,832 Granted 235,000 10.46 $ 14.72 Exercised (47,783 ) 3.94 $ 6.59 Forfeited or Expired - - - Balance as of March 31, 2020 372,217 $ 8.18 $ 14.72 7.84 $ 934 Exercisable as of March 31, 2020 220,217 $ 6.47 $ 6.59 Granted 112,500 7.24 $ 13.84 Exercised - - $ - Forfeited or Expired (10,000 ) 7.22 15.10 Balance as of March 31, 2021 474,717 $ 7.98 $ 14.82 7.48 $ 1,858 Exercisable as of March 31, 2021 399,717 $ 7.48 $ 13.85 Granted 20,000 5.85 $ 12.18 Exercised - - $ - Forfeited or Expired (12,500 ) 7.41 15.10 Balance as of March 31, 2022 482,217 $ 7.91 $ 14.69 6.56 $ 865 Exercisable as of March 31, 2022 482,217 $ 7.91 $ 14.69 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their in-the-money options on those dates. |
Cash Bonus Plan
Cash Bonus Plan | 12 Months Ended |
Mar. 31, 2022 | |
Cash Bonus Plan [Abstract] | |
CASH BONUS PLAN | Note 12 - CASH BONUS PLAN: In 1987, the Company adopted a cash bonus plan (the “Cash Bonus Plan”) for non-union, management and administration staff. Contributions to the Cash Bonus Plan are made by the Company only when the Company is profitable for the fiscal year. The Company accrued contributions of $408,000, $394,000 and $324,000 for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 13 - COMMITMENTS AND CONTINGENCIES: The Company maintains its operations in facilities located in both New York and Pennsylvania. On December 1, 2020, the Company entered into a 120 month extension of its lease agreement for an industrial building in Brooklyn, NY. Monthly rent is $20,400 for the period from commencement through November 30, 2021, $21,012 for the next 12-month period, $21,642 for the next 12-month period, $22,292 for the next 12-month period, $22,960 for the next 12-month period, $25,256 for the next 12-month period, $26,014 for the next 12-month period, $26,795 for the next 12-month period, $27,598 for the next 12-month period and $28,426 for the last 12-month period. The Company maintains a security deposit of $40,800, which is included in other assets on the accompanying balance sheet. On January 29, 2021 the Company entered into an 87 month lease agreement for an industrial building in Allentown, Pennsylvania. Monthly rent is $17,520 for the period from commencement through month 15, $18,046 for the next 12-month period, $18,587 for the next 12-month period, $19,145 for the next 12-month period, $19,719 for the next 12-month period, $20,310 for the next 12-month period and $20,920 for the last 12-month period. The Company maintains a security deposit of $35,040, which is included in other assets on the accompanying balance sheet. The rental expense for the fiscal years ended March 31, 2022, 2021 and 2020, was $573,125, $255,158 and $194,338, respectively. The Company has a collective bargaining multi-employer pension plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (ID No. 136115077). The Multi-Employer Plan is covered by a collective bargaining agreement with the Company, which expires on March 31, 2024. Contributions are made in accordance with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer Pension Plan Amendments Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions made under the collective bargaining agreement. Generally, these liabilities are contingent upon the termination, withdrawal, or partial withdrawal from the Multi-Employer Plan. The risks of participating in a multiemployer plan are different from single-employer plans, for example, assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, if a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers, and if a participating employer chooses to stop participating in these multiemployer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan. Based upon the Multi-Employer Plan’s consulting actuary, the actuarial certification of plan status for the year ended December 31, 2021 is neither endangered nor critical under the Pension Protection Act of 2006. The total contributions charged to operations under the provisions of the Multi-Employer Plan were $56,791, $55,941 and $51,383 for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. For the plan years ended December, 31, 2021, 2020 and 2019 respectively, the Company was listed in the United Auto Workers of America, Local 259 as providing less than 5% of the total contributions for the plan. The Company has not taken any action to terminate, withdraw or partially withdraw from the Multi-Employer Plan nor does it intend to do so in the future. |
Concentrations
Concentrations | 12 Months Ended |
Mar. 31, 2022 | |
Concentrations [Abstract] | |
CONCENTRATIONS | Note 14 - CONCENTRATIONS: During the fiscal year ended March 31, 2022, three customers accounted for 37.1% of the Company’s net sales. One of those customers accounted for 12.5% of the Company’s net sales while the second and third customers accounted for 12.3% and 12.3% of the Company’s net sales, respectively. During the fiscal year ended March 31, 2021, three customers accounted for 36.0% of the Company’s net sales. One of those customers accounted for 17.3% of the Company’s net sales while the second and third customers accounted for 10.4% and 8.3% of the Company’s net sales, respectively. During the fiscal year ended March 31, 2020, three customers accounted for 36.6% of the Company’s net sales. One of those customers accounted for 13.6% of the Company’s net sales while the second and third customers accounted for 13.1% and 9.9% of the Company’s net sales, respectively. As of March 31, 2022, 2021 and 2020 one customer accounted for 15.0%, three customers accounted for 41.7%, and two customers accounted for 35% of accounts receivable, respectively. As of March 31, 2022, 2021 and 2020 two vendors accounted for 21.4%, four vendors accounted for 46.3%, and six vendors accounted for 73% of accounts payable, respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | Note 15 - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) As further described in Note 2, the previously reported financial information for the quarters ended September 27, 2019 and December 31, 2019 have been restated. Relevant restated financial information for the second and third quarters of fiscal year 2020 is included in this Annual Report on Form 10-K in the tables that follow. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements in the impacted periods. Descriptions of the restatement references (a), (b), and (c) can be found in Note 2. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Restated amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding. The following tables summarize the Company’s unaudited quarterly financial information for each of the three interim quarters of 2022, 2021 and 2020 (the sum of quarterly periods may not equal full-year amounts due to rounding): Incorporated herein is expanded disclosure of the restatements of the quarterly information for the three and six-months ended September 27, 2019 and three and nine-months ended December 31, 2019. As Restated June 28, September 27, December 31, Assets Current assets: Cash $ 6,444,502 $ 6,563,424 $ 8,191,969 Accounts receivable 5,200,850 5,515,887 5,776,564 Inventories 12,044,241 9,947,043 11,174,119 Excess payments to commercial finance company 705,623 608,666 - Prepaid expenses and other current assets 387,519 551,032 271,541 Total current assets 24,782,735 23,186,052 25,414,193 Non-current assets: Property, plant and equipment, net 2,584,226 2,433,956 2,331,705 Operating lease right-of-use assets 254,249 206,541 158,833 Security deposit 54,489 54,489 54,489 Total assets $ 27,675,699 $ 25,881,038 $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 501,105 $ 119,691 $ 246,706 Due to accounts receivable financing company - - 381,871 Customer advance payments 524,685 222,541 - Accrued corporate income taxes 2,044,973 1,263,075 843,114 Operating lease liabilities 190,920 177,664 165,395 Other current liabilities 1,163,558 1,171,749 2,025,287 Total current liabilities 4,425,241 2,954,720 3,662,373 Operating lease liabilities, non-current 64,207 33,047 - Total liabilities 4,489,448 2,987,767 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,323,468, 2,331,751 and 2,360,251 shares issued and outstanding at June 28, 2019, September 27, 2019 and December 31, 2019, respectively 23,235 23,318 23,603 Additional paid-in capital 3,811,134 4,734,382 5,165,588 Retained earnings 19,351,882 18,135,571 19,107,656 Total Stockholders’ Equity 23,186,251 22,893,271 24,296,847 Total Liabilities and Stockholders’ Equity $ 27,675,699 $ 25,881,038 $ 27,959,220 June 30, September 30, December 31, Assets Current assets: Cash $ 11,583,305 $ 11,563,014 $ 12,767,381 Accounts receivable 5,230,852 5,634,070 4,541,646 Inventories 10,676,366 10,602,201 11,454,873 Corporate income taxes receivable - 404,337 656,017 Prepaid expenses and other current assets 148,609 88,262 99,734 Total current assets 27,639,132 28,291,884 29,519,651 Non-current assets: Property, plant and equipment, net 2,685,795 2,741,209 2,627,287 Operating lease right-of-use assets 63,417 15,710 2,027,596 Deferred income tax asset, net 264,215 264,215 264,215 Security deposit 54,489 54,489 54,489 Total assets $ 30,707,048 $ 31,367,507 $ 34,493,238 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 111,703 $ 600,813 $ 98,067 Due to accounts receivable financing company 136,579 - - Customer advance payments 170,958 215,928 50,358 Accrued corporate income taxes 362,947 - - Operating lease liabilities - - 40,196 Other current liabilities 1,726,285 795,136 511,904 Total current liabilities 2,508,472 1,611,877 700,525 Operating lease liabilities, non-current 73,863 28,097 2,010,789 PPP Loan 2,103,885 2,103,885 2,103,885 Total liabilities 4,686,220 3,743,859 4,815,199 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized;2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2020, September 30, 2020 and December 31, 2020, respectively 23,703 23,703 23,703 Additional paid-in capital 5,759,477 5,965,349 6,983,741 Retained earnings 20,237,648 21,634,596 22,670,595 Total Stockholders’ Equity 26,020,828 27,623,648 29,678,039 Total Liabilities and Stockholders’ Equity $ 30,707,048 $ 31,367,507 $ 34,493,238 June 30, September 30, December 31, Assets Current assets: Cash $ 15,028,313 $ 14,616,581 $ 13,118,664 Accounts receivable 3,686,273 3,068,677 3,391,303 Inventories 10,021,985 9,311,019 9,419,614 Corporate income taxes receivable 627,511 1,418,452 1,613,310 Prepaid expenses and other current assets 219,715 174,219 81,807 Total current assets 29,583,797 28,588,948 27,624,698 Non-current assets: Property, plant and equipment, net 2,402,752 2,599,641 4,176,303 Operating lease right-of-use assets 3,209,494 3,134,176 3,057,992 Deferred income tax asset, net 1,154,225 1,154,225 1,154,225 Security deposit 75,756 75,756 75,756 Total assets $ 36,426,024 $ 35,552,746 $ 36,088,974 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 791,077 $ 271,903 $ 882,688 Customer advance payments 12,272 29,633 159,954 Operating lease liabilities 245,785 270,084 277,604 Other current liabilities 711,855 561,957 568,411 Total current liabilities 1,760,989 1,133,577 1,888,657 Operating lease liabilities, non-current 3,123,670 3,053,531 2,981,173 Total liabilities 4,884,659 4,187,108 4,869,830 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2021 September 30, 2021 and December 31, 2021 respectively 23,703 23,703 23,703 Additional paid-in capital 7,382,741 7,449,241 7,507,729 Retained earnings 24,134,921 23,892,694 23,687,712 Total Stockholders’ Equity 31,541,365 31,365,638 31,219,144 Total Liabilities and Stockholders’ Equity $ 36,426,024 $ 35,552,746 $ 36,088,974 As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 7,567,398 $ 7,551,384 $ 15,118,782 $ 8,424,657 $ 23,542,266 Costs and expenses: Cost of products sold 4,820,944 7,197,810 12,018,754 5,060,882 17,078,463 Selling, general and administrative 1,113,833 2,116,610 3,230,443 1,469,197 4,699,640 Depreciation and amortization 236,620 223,333 459,953 237,764 697,717 Total operating expenses 6,171,397 9,537,753 15,709,150 6,767,843 22,475,820 Operating income (loss) 1,396,001 (1,986,369 ) (590,368 ) 1,656,814 1,066,446 Other (expense) income: Other income 8,898 7,976 16,874 6,025 22,899 Interest (expense) income, net (13,927 ) (19,816 ) (33,743 ) (17,263 ) (51,006 ) Total other (expense) income, net (5,029 ) (11,840 ) (16,869 ) (11,238 ) (28,107 ) Income (loss) before (provision for) benefit from income taxes 1,390,972 (1,998,209 ) (607,237 ) 1,645,576 1,038,339 (Provision for) benefit from income taxes (481,439 ) 781,898 300,459 (673,491 ) (373,032 ) Net Income (Loss) $ 909,533 $ (1,216,311 ) $ (306,778 ) $ 972,085 $ 665,307 Basic earnings per common share $ 0.39 $ (0.52 ) $ (0.13 ) $ 0.41 $ 0.29 Diluted earnings per share $ 0.37 $ (0.52 ) $ (0.13 ) $ 0.35 $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,323 2,328 2,326 2,349 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,440 2,328 2,443 2,769 2,616 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 8,265,086 $ 9,538,479 $ 17,803,565 $ 8,397,523 $ 26,201,088 Costs and expenses: Cost of products sold 5,736,255 5,816,176 11,552,431 4,683,903 16,236,334 Selling, general and administrative 1,786,532 1,659,188 3,445,720 2,193,989 5,639,709 Depreciation and amortization 146,130 245,483 391,613 204,300 595,913 Total operating expenses 7,668,917 7,720,847 15,389,764 7,082,192 22,471,956 Operating income 596,169 1,817,632 2,413,801 1,315,331 3,729,132 Other income (expense): Other income 27,897 23 27,920 28,324 56,244 Interest (expense) income, net (8,973 ) (5,791 ) (14,764 ) 144 (14,620 ) Total other income (expense), net 18,924 (5,768 ) 13,156 28,468 41,624 Income before provision for income taxes 615,093 1,811,864 2,426,957 1,343,799 3,770,756 Provision for income taxes (140,856 ) (414,916 ) (555,772 ) (307,800 ) (863,572 ) Net Income $ 474,237 $ 1,396,948 $ 1,871,185 $ 1,035,999 $ 2,907,184 Basic earnings per common share $ 0.20 $ 0.59 $ 0.79 $ 0.44 $ 1.23 Diluted earnings per share $ 0.19 $ 0.57 $ 0.76 $ 0.42 $ 1.18 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,455 2,458 2,457 2,460 2,458 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 6,510,577 $ 6,561,872 $ 13,072,449 $ 5,814,132 $ 18,886,581 Costs and expenses: Cost of products sold 4,739,742 5,563,554 10,303,296 4,546,524 14,849,820 Selling, general and administrative 1,284,106 1,180,275 2,464,381 1,320,001 3,784,382 Depreciation and amortization 175,916 181,149 357,065 226,338 583,403 Total operating expenses 6,199,764 6,924,978 13,124,742 6,092,863 19,217,605 Operating income (loss) 310,813 (363,106 ) (52,293 ) (278,731 ) (331,024 ) Other income (expense): Other income 2,130,606 50,839 2,181,445 14,516 2,195,961 Interest income (expense), net 73 126 199 69 268 Total other income (expense), net 2,130,679 50,965 2,181,644 14,585 2,196,229 Income (loss) before (provision for) benefit from income taxes 2,441,492 (312,141 ) 2,129,351 (264,146 ) 1,865,205 (Provision for) benefit from income taxes (97,904 ) 69,914 (27,990 ) 59,164 31,174 Net Income (Loss) $ 2,343,588 $ (242,227 ) $ 2,101,361 $ (204,982 ) $ 1,896,379 Basic earnings per common share $ 0.99 $ (0.10 ) $ 0.89 $ (0.09 ) $ 0.80 Diluted earnings per share $ 0.95 $ (0.10 ) $ 0.86 $ (0.09 ) $ 0.77 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,472 2,370 2,456 2,370 2,449 Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 29, 2019 2,323,468 $ 23,235 $ 3,802,672 $ 18,442,349 $ 22,268,256 Stock-based compensation expense - - 8,462 - 8,462 Exercise of stock options - - - - - Net income - - - 909,533 909,533 Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net loss - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 Stock-based compensation expense - - 261,927 - 261,927 Exercise of stock options 10,000 100 59,900 - 60,000 Net income - - - 655,755 655,755 Balance at March 31, 2020 (As Restated) $ 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Common Stock Additional Paid-in Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2020 (As Restated) 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Stock-based compensation expense - - 272,062 - 272,062 Exercise of stock options - - - - - Net income - - - 474,237 474,237 Balance at June 30, 2020 2,370,251 $ 23,703 $ 5,759,477 $ 20,237,648 $ 26,020,828 Stock-based compensation expense - - 205,872 - 205,872 Exercise of stock options - - - - - Net income - - - 1,396,948 1,396,948 Balance at September 30, 2020 2,370,251 $ 23,703 $ 5,965,349 21,634,596 $ 27,623,648 Stock-based compensation expense - - 1,018,392 - 1,018,392 Exercise of stock options - - - - - Net income - - - 1,035,999 1,035,999 Balance at December 31, 2020 2,370,251 $ 23,703 $ 6,983,741 22,670,595 $ 29,678,039 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net loss - - - (879,262 ) (879,262 ) Balance at March 31, 2021 $ 2,370,251 $ 23,703 $ 7,183,241 21,791,333 $ 28,998,277 Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2021 2,370,251 $ 23,703 $ 7,183,241 $ 21,791,333 $ 28,998,277 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net income - - - 2,343,588 2,343,588 Balance at June 30, 2021 2,370,251 $ 23,703 $ 7,382,741 24,134,921 $ 31,541,365 Stock-based compensation expense - - 66,500 - 66,500 Exercise of stock options - - - - - Net loss - - - (242,227 ) (242,227 ) Balance at September 30, 2021 2,370,251 $ 23,703 $ 7,449,241 23,892,694 $ 31,365,638 Stock-based compensation expense - - 58,488 - 58,488 Exercise of stock options - - - - - Net loss - - - (204,982 ) (204,982 ) Balance at December 31, 2021 2,370,251 $ 23,703 $ 7,507,729 $ 23,687,712 $ 31,219,144 Stock-based compensation expense - - 58,595 - 58,595 Exercise of stock options - - - - - Net loss - - - (458,245 ) (458,245 ) Balance at March 31, 2022 $ 2,370,251 $ 23,703 $ 7,566,324 23,229,467 $ 30,819,494 As Restated Three Months Ended Six Months Ended September 27, 2019 Nine Months Ended December 31, 2019 Cash flows from operating activities: Net income (loss) $ 909,533 $ (306,778 ) $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 236,620 459,953 697,717 Stock-based compensation expense 8,462 898,793 1,159,284 Operating lease right-of-use assets (254,249 ) (206,541 ) (158,833 ) Changes in assets and liabilities: Accounts receivable (1,367,760 ) (1,682,797 ) (1,943,474 ) Inventories (22,798 ) 2,074,400 847,324 Prepaid expenses and other current assets 147,378 (16,135 ) 263,356 Operating lease liabilities 255,127 210,711 165,395 Accounts payable 21,093 (360,321 ) (233,306 ) Customer advance payments 176,455 (125,689 ) (348,230 ) Other current liabilities 186,138 194,329 1,047,867 Accrued corporate income taxes 368,545 (413,353 ) (833,314 ) Excess payments to commercial financial company (705,623 ) (608,666 ) - Net cash (used in)/provided by operating activities (41,079 ) 117,906 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (260,239 ) (333,302 ) (468,815 ) Net cash used in investing activities (260,239 ) (333,302 ) (468,815 ) Cash flows from financing activities: Advances under accounts receivable financing 10,611,009 11,316,632 25,856,183 Repayments under the accounts receivable financing (10,945,315 ) (11,650,938 ) (25,808,618 ) Exercise of stock options - 33,000 204,000 Net cash (used in)/provided by financing activities (334,306 ) (301,306 ) 251,565 Net increase in cash (635,624 ) (516,702 ) 1,111,843 Cash - beginning of fiscal year 7,080,126 7,080,126 7,080,126 Cash - end of fiscal year $ 6,444,502 $ 6,563,424 $ 8,191,969 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 10,502 $ 31,329 $ 48,592 Income Taxes $ 112,895 $ 112,895 $ 953,365 Three Months Ended Six Months Ended September 30, 2020 Nine Months Ended December 31, 2020 Cash flows from operating activities: Net income $ 474,237 $ 1,871,185 $ 2,907,184 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 146,129 391,613 595,913 Stock-based compensation expense 272,062 477,934 1,496,326 Obsolescence provision 9,000 9,000 9,000 Operating lease right-of-use assets 1,942 3,883 14,885 Changes in assets and liabilities: Accounts receivable 127,312 (275,906 ) 816,518 Inventories 67,199 141,364 (711,308 ) Prepaid expenses and other current assets 27,264 87,611 76,139 Accounts payable (372,774 ) 116,336 (386,410 ) Customer advance payments (75,002 ) (30,032 ) (195,602 ) Other current liabilities 1,057,823 126,674 (156,558 ) Corporate income taxes receivable - (404,337 ) (656,017 ) Accrued corporate income taxes 140,856 (222,091 ) (222,091 ) Net cash provided by operating activities 1,876,048 2,293,234 3,587,979 Cash flows from investing activities: Acquisition of property, plant and equipment (257,040 ) (557,938 ) (648,316 ) Net cash used in investing activities (257,040 ) (557,938 ) (648,316 ) Cash flows from financing activities: Advances under accounts receivable financing 13,650,607 21,468,020 21,468,020 Repayments under the accounts receivable financing (13,550,252 ) (21,504,244 ) (21,504,244 ) Proceeds from PPP loan 2,103,885 2,103,885 2,103,885 Net cash provided by financing activities 2,204,240 2,067,661 2,067,661 Net increase in cash 3,823,248 3,802,957 5,007,324 Cash - beginning of fiscal year 7,760,057 7,760,057 7,760,057 Cash - end of fiscal year $ 11,583,305 $ 11,563,014 $ 12,767,381 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 9,602 $ 16,029 $ 16,269 Income Taxes $ - $ 1,182,200 $ 1,629,700 Three Months Ended Six Months Ended September 30, Nine Months Ended December 31, Cash flows from operating activities: Net income $ 2,343,588 $ 2,101,361 $ 1,896,379 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 175,917 357,065 583,404 Stock-based compensation expense 199,500 266,000 324,488 Obsolescence provision (14,000 ) (14,000 ) (14,000 ) Deferred income taxes, net (512,272 ) (512,272 ) (512,272 ) Operating lease right-of-use assets 107,202 232,921 358,640 Gain on forgiveness of PPP loan (2,103,885 ) (2,103,885 ) (2,103,885 ) Changes in assets and liabilities: Accounts receivable 1,960,450 2,578,046 2,255,420 Inventories (706,188 ) 4,778 (103,817 ) Prepaid expenses and other current assets (80,315 ) (34,819 ) 57,593 Operating lease liabilities (40,800 ) (137,041 ) (251,414 ) Accounts payable 172,023 (347,151 ) 263,634 Customer advance payments (26,389 ) (9,028 ) 121,293 Other current liabilities (227,524 ) (377,422 ) (370,968 ) Corporate income taxes receivable (92,415 ) (883,356 ) (1,078,214 ) Net cash provided by operating activities 1,154,892 1,121,197 1,426,281 Cash flows from investing activities: Acquisition of property, plant and equipment (34,121 ) (412,158 ) (2,215,159 ) Net cash used in investing activities (34,121 ) (412,158 ) (2,215,159 ) Net increase in cash 1,120,771 709,039 (788,878 ) Cash - beginning of fiscal year 13,907,542 13,907,542 13,907,542 Cash - end of fiscal year $ 15,028,313 $ 14,616,581 $ 13,118,664 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 52 $ 52 $ 110 Income Taxes $ 397,592 $ 1,010,539 $ 1,274,539 As of September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 6,563,424 $ 6,563,424 Accounts receivable 5,515,887 5,515,887 Inventories 13,091,697 (3,144,654 ) a 9,947,043 Excess payments to commercial financial company 608,666 608,666 Prepaid expenses and other current assets 551,032 551,032 Total current assets 26,330,706 (3,144,654 ) 23,186,052 Non-current assets: Property, plant and equipment, net 2,433,956 2,433,956 Operating lease right-of-use assets 206,541 206,541 Security deposit 54,489 54,489 Total assets $ 29,025,692 $ (3,144,654 ) $ 25,881,038 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 119,691 $ 119,691 Customer advance payments 222,541 222,541 Accrued corporate income taxes 2,747,407 (1,484,332 ) c 1,263,075 Operating lease liabilities 177,664 177,664 Other current liabilities 1,171,749 1,171,749 Total current liabilities 4,439,052 (1,484,332 ) 2,954,720 Operating lease liabilities, non-current 33,047 - 33,047 Total liabilities 4,472,099 (1,484,332 ) 2,987,767 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,331,751 shares issued and outstanding 23,318 23,318 Additional paid-in capital 3,849,715 884,667 b 4,734,382 Retained earnings 20,680,560 (2,544,989 ) a, b, c 18,135,571 Total Stockholders’ Equity 24,553,593 (1,660,322 ) 22,893,271 Total Liabilities and Stockholders’ Equity $ 29,025,692 $ (3,144,654 ) $ 25,881,038 As of December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 8,191,969 $ 8,191,969 Accounts receivable 5,776,564 5,776,564 Inventories 14,108,916 (2,934,797 ) a 11,174,119 Prepaid expenses and other current assets 271,540 271,541 Total current assets 28,348,989 (2,934,797 ) 25,414,193 Non-current assets: Property, plant and equipment, net 2,331,705 2,331,705 Operating lease right-of-use assets 158,833 158,833 Security deposit 54,489 54,489 Total assets $ 30,894,016 $ (2,934,797 ) $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 246,706 $ 246,706 Due to accounts receivable financing company 381,871 381,871 Accrued corporate income taxes 1,844,650 (1,001,536 ) c 843,114 Operating lease liabilities 165,395 165,395 Other current liabilities 2,025,287 2,025,287 Total current liabilities 4,663,909 (1,001,536 ) 3,662,373 Total liabilities 4,663,909 (1,001,536 ) 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,360,251 shares issued and outstanding 23,603 23,603 Additional paid-in capital 5,165,588 5,165,588 Retained earnings 21,040,916 (1,933,260 ) a, c 19,107,656 Total Stockholders’ Equity 26,230,107 (1,933,260 ) 24,296,847 Total Liabilities and Stockholders’ Equity $ 30,894,016 $ (2,934,796 ) $ 27,959,220 For the Three-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 7,551,384 $ - $ 7,551,384 Costs and expenses: Cost of products sold 4,052,488 3,145,322 a 7,197,810 Selling, general and administrative 1,232,611 883,999 b 2,116,610 Depreciation and amortization 223,333 - 223,333 Total operating expenses 5,508,432 4,029,321 9,537,753 Operating income (loss) 2,042,952 (4,029,321 ) (1,986,369 ) Other expenses Other income 7,976 - 7,976 Interest income (expense) (19,816 ) - (19,816 ) Total other income (expense), net (11,840 ) - (11,840 ) Income (loss) before benefit from (provision for) income taxes 2,031,112 (4,029,321 ) a, b (1,998,209 ) Benefit from (provision for) income taxes (702,434 ) 1,484,332 c 781,898 Net Income (Loss) $ 1,328,678 $ (2,544,989 ) a, b, c $ (1,216,311 ) Basic earnings per common share $ 0.57 $ (1.09 ) $ (0.52 ) Diluted earnings per share $ 0.54 $ (1.06 ) $ (0.52 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,328 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,328 For the Six-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 15,118,782 $ - $ 15,118,782 Costs and expenses: Cost of products sold 8,874,100 3,144,654 a 12,018,754 Selling, general and administrative 2,345,776 884,667 b 3,230,443 Depreciation and amortization 459,953 - 459,953 Total operating expenses 11,679,829 4,029,321 15,709,150 Operating income 3,438,953 (4,029,321 ) (590,368 ) Other expenses Other income 16,874 - 16,874 Interest income (expense) (33,743 ) - (33,743 ) Total other income (expense), net (16,869 ) - (16,869 ) Income before provision for income taxes 3,422,084 (4,029,321 ) a, b (607,237 ) Provision for income taxes (1,183,873 ) 1,484,332 c 300,459 Net Income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Basic earnings per common share $ 0.96 $ (1.09 ) $ (0.13 ) Diluted earnings per share $ 0.92 $ (1.05 ) $ (0.13 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,326 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,443 For the Three-Months Ended December 31, 2019 As Previously Restatement Restatement As Revenue $ 8,424,657 $ 8,424,657 Costs and expenses: Cost of products sold 5,270,795 (209,913 ) a 5,060,882 Selling, general and administrative 1,469,198 1,469,197 Depreciation and amortization 237,764 - 237,764 Total operating expenses 6,977,757 (209,913 ) 6,767,843 Operating income 1,446,900 209,913 1,656,814 Other expenses Other income 6,025 - 6,025 Interest income (expense) (17,263 ) - (17,263 ) Total other income (expense), net (11,238 ) - (11,238 ) Income before provision for income taxes 1,435,662 209,913 a 1,645,576 Provision for income taxes (587,550 ) (85,941 ) c (673,491 ) Net Income $ 848,112 $ 123,972 a, c $ 972,085 Basic earnings per common share $ 0.36 $ 0.05 $ 0.41 Diluted earnings per share $ 0.31 $ 0.04 $ 0.35 Weighted average number of common shares outstanding - basic (in thousands) 2,349 2,349 Weighted average number of common shares outstanding - diluted (in thousands) 2,769 2,769 For the Nine-Months Ended December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 23,542,266 $ - $ 23,542,266 Costs and expenses: Cost of products sold 14,143,666 2,934,797 a 17,078,463 Selling, general and administrative 4,699,640 4,699,640 Depreciation and amortization 697,717 - 697,717 Total operating expenses 19,541,023 2,934,797 a 22,475,820 Operating income 4,001,243 (2,934,797 ) a 1,066,446 Other expenses Other income 22,899 - 22,899 Interest income (expense) (51,006 ) - (51,006 ) Total other income (expense), net (28,107 ) - (28,107 ) Income before provision for income taxes 3,973,136 (2,934,797 ) a 1,038,339 Provision for income taxes (1,374,511 ) 1,001,479 c (373,032 ) Net Income $ 2,598,625 $ (1,933,318 ) a, c $ 665,307 Basic earnings per common share $ 1.11 $ (0.82 ) $ 0.29 Diluted earnings per share $ 0.99 $ (0.74 ) $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,334 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,616 2,616 Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As Previously Reported Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 5,664 - 5,664 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - 1,328,678 1,328,678 Balance at September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 Restatement Impacts Balance at June 28, 2019 - - - - - Stock-based compensation expense (see Note, below) - - 884,667 - 884,667 Exercise of stock options - - - - - Net income (loss) (see Note, below) - - - (2,544,989 ) (2,544,989 ) Balance at September 27, 2019 - $ - $ 884,667 $ (2,544,989 ) $ (1,660,322 ) As Restated Balance at June 28, 2019 2,323,468 23,235 3,811,134 19,351,882 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Note Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As adjusted and Previously Reported within the Form 10-Q for the Three and Nine Months Ended December 31, 2019: As presented within the as filed Form 10-Q for the three and six months ended September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 - Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) - - 884,667 (487,756 ) 396,911 Balance at September 27, 2019 - as adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. 2,331,751 $ 23,318 $ 4,734,382 $ 20,192,804 $ 24,950,504 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 848,112 848,112 Balance at December 31, 2019 2,360,251 $ 23,603 $ 5,165,588 $ 21,040,916 $ 26,230,107 Restatement Impacts Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). - - - (2,057,233 ) (2,057,233 ) Stock-based compensation expense - - - - - Exercise of stock options - - - - - Net income (loss) - - - 123,973 123,973 Balance at December 31, 2019 - $ - $ - $ (1,933,260 ) $ (1,933,260 ) As Restated Balance at September 27, 2019 2,331,751 23,318 4,734,382 18,135,571 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 Note For the Six-Months Ended September 27, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 459,953 - 459,953 Stock-based compensation expense 14,126 884,667 b 898,793 Operating lease right-of-use assets (206,541 ) - (206,541 ) Changes in assets and liabilities: Accounts receivable (1,682,797 ) - (1,682,797 ) Inventories (1,070,254 ) 3,144,654 a 2,074,400 Excess payments to commercial finance company (608,666 ) (608,666 ) Prepaid expenses and other current assets (16,135 ) - (16,135 ) Operating lease liabilities 210,711 - 210,711 Accounts payable (360,321 ) - (360,321 ) Customer advance payments (125,689 ) - (125,689 ) Other current liabilities 194,329 - 194,329 Accrued corporate income taxes 1,070,979 (1,484,332 ) c (413,353 ) Net cash provided by operating activities 117,906 - 117,906 Cash flows from investing activities: Acquisition of property, plant and equipment (333,302 ) - (333,302 ) Net cash used in investing activities (333,302 ) - (333,302 ) Cash flows from financing activities: Advances under accounts receivable financing 11,316,632 - 11,316,632 Repayments under the accounts receivable financing (11,650,938 ) - (11,650,938 ) Exercise of stock options 33,000 - 33,000 Net cash (used in)/provided by financing activities (301,306 ) - (301,306 ) Net increase in cash (516,702 ) - (516,702 ) Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 6,563,424 $ - $ 6,563,424 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 31,329 $ - $ 31,329 Income Taxes $ 112,895 $ - $ 112,895 For the Nine-Months Ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,598,625 $ (1,933,318 ) a, b, c $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 697,717 - 697,717 Stock-based compensation expense 1,159,284 - b 1,159,284 Operating lease right-of-use assets (158,833 ) - (158,833 ) Changes in assets and liabilities: Accounts receivable (1,943,474 ) - (1,943,474 ) Inventories (2,087,473 ) 2,934,797 a 847,324 Prepaid expenses and other current assets 263,357 - 263,356 Operating lease liabilities 165,395 - 165,395 Accounts payable (233,363 ) - (233,306 ) Customer advance payments (348,230 ) - (348,230 ) Other current liabilities 1,047,867 - 1,047,867 Accrued corporate income taxes 168,221 (1,001,479 ) c (833,314 ) Net cash provided by operating activities 1,329,093 - 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (468,815 ) - (468,815 ) Net cash used in investing activities (468,815 ) - (468,815 ) Cash flows from financing activit |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Periods | Accounting Periods On February 11, 2020, the Audit Committee adopted a resolution approving a change in the fiscal year end from a 52-53 week year ending on the last Friday of March to a calendar year ending on March 31. In addition, each applicable fiscal quarter, which previously ended on the last Friday of each of June, September, December and March would, beginning with the third fiscal quarter ending on December 31, 2019, change to a calendar fiscal quarter ending on June 30, September 30, December 31 and March 31, respectively. Accordingly, the Company’s fiscal year ending in March 2020 would end on March 31, 2020 and thereafter each March 31. |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board issued Accounting Standards Codification ASC 606 “Revenue from Contracts with Customers” (“ASC 606”) that, as amended on August 12, 2015, became effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASC 606 on March 30, 2019. The core principle underlying ASC 606, is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue generating transactions: ● Identify the contract with a customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to the performance obligations ● Recognize revenue when (or as) each performance obligation is satisfied The Company recognizes revenue upon shipment of the goods (FOB shipping point). The Company’s disaggregated revenue by geographical location is as follows: Fiscal Year Ended March 31, 2022 2021 2020 Domestic $ 18,480,329 $ 26,633,429 $ 26,244,412 International 5,785,260 8,081,766 5,910,137 Total $ 24,265,589 $ 34,715,195 $ 32,154,549 Approximately 68.2%, 85.8% and 47.0% of the international net sales for fiscal years ended March 31, 2022, 2021 and 2020, respectively, represent sales to customers located in China. Based upon the information available to the Company, the aggregated revenue by industry as a percentage of total revenue is provided below: Fiscal Year Ended March 31, 2022 2021 2020 Industry % % % Military 59.1 60.8 59.5 Commercial Aerospace 14.7 21.4 22.7 Space 17.7 13.9 13.9 Other 8.5 3.9 3.9 The Company does not offer any discounts, credits or other sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable. The Company will accept a return of defective products within one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost. |
Inventories | Inventories: Inventories are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures products pursuant to specific technical and contractual requirements. The Company annually reviews its purchase and usage activity of its inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition of this impairment. The Company’s allowance for obsolete inventory was $211,000, $225,000 and $216,000 as of March 31, 2022, 2021 and 2020, respectively, and was reflected as a reduction of inventory. |
Concentration of Credit Risk | Concentration of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. At times, the Company’s cash in banks was in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization on a straight-line basis over the estimated useful lives (5-7 years) of the related assets. Maintenance and repair expenditures are charged to operations, and renewals and betterments are capitalized. Items of property, plant and equipment, which are sold, retired or otherwise disposed of, are removed from the asset and accumulated depreciation or amortization account. Any gain or loss thereon is either credited or charged to operations. |
Income Taxes | Income Taxes: The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary and permanent differences resulting from different treatment of items for tax and financial reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. |
Uncertain Tax Positions | Uncertain Tax Positions: The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision. |
Earnings Per Share | Earnings Per Share The Company accounts for earnings per share pursuant to ASC Topic 260, “Earnings per Share”, which requires disclosure on the Financial Statements of “basic” and “diluted” earnings per share. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the fiscal year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive). Basic and diluted net income per share is calculated as follows: Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) NET INCOME $ 1,438,134 $ 2,027,922 $ 1,321,062 BASIC EARNINGS PER COMMON SHARE $ 0.61 $ 0.86 $ 0.56 DILUTED EARNINGS PER SHARE $ 0.59 $ 0.82 $ 0.54 WEIGHTED AVERAGE NUMBER OF 2,370,251 2,370,251 2,341,320 DILUTIVE EFFECT OF OPTIONS TO THE EXTENT THAT SUCH OPTIONS ARE DETERMINED TO BE IN THE MONEY FOR THE PERIOD 77,688 92,410 110,434 WEIGHTED AVERAGE NUMBER OF 2,447,939 2,462,661 2,451,754 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments, consisting of accounts receivable, accounts payable, and borrowings, approximate their fair value due to the relatively short maturity of these instruments. The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions. The Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3 - Significant unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by other means. |
Use of Estimates | Use of Estimates: The preparation of Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the Financial Statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock based instruments, an incremental borrowing rate for determining the leases present value of lease payments as well as in the calculation of inventory obsolescence. Actual amounts could differ from those estimates. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: The Company has adopted the provisions of ASC Topic 360, “Property, Plant and Equipment-Impairment or Disposal of Long Lived Assets,” and requires that long-lived assets and certain identifiable intangibles to be held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no long-lived asset impairments recognized by the Company for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. |
Stock-Based Compensation | Stock-Based Compensation: Compensation expense for stock options granted to directors, officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of any other non-vested stock awards is generally the market price of the Company’s common stock on the date of the grant. The Company determined the fair value of the stock option grant based upon the assumptions as provided below: For the Fiscal Year Ended March 31, 2022 2021 2020 Weighted Average Stock Price $ 15.18 $ 12.18 $ 19.70 Expected life (in years) 5 5 6 Expected volatility 55 % 55 % 56 % Dividend yield 0 % 0 % 0 % Risk-Free interest rate, per annum 1.40 % .07 % 1.88 % |
Recent Accounting Standards | Recent Accounting Standards Leases Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options to extend or terminate the lease term, when it is reasonably certain such options will be exercised. The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less (“short-term leases”) on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. Balance sheet information related to our leases is presented below: As of March 31, Balance Sheet Location 2022 2021 2020 Operating leases: Right-of-use assets Operating lease right-of-use assets $ 2,980,820 $ 3,272,539 $ 111,125 Right-of-use liability, current Operating lease liabilities 285,275 185,818 - Right-of-use lease liability, long-term Operating lease liabilities, non-current 2,906,455 3,180,280 119,629 Other information related to leases is presented below: As of March 31, 2022 2021 2020 Other information Weighted-average discount rate – operating leases 6.00 % 6.00 % 6.00 % Weighted-average remaining lease term – operating lease (in years) 8.8 7.8 0.7 The lease cost for the fiscal years ended March 31, 2022, 2021 and 2020 was $573,125, $255,158 and $194,338, respectively. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises. The Company considers its present facilities to be adequate for its present and anticipated future needs. The basic minimum annual rental remaining on the leases is $4,050,696 as of March 31, 2022. The total remaining operating lease payments included in the measurement of lease liabilities on the Company’s balance sheet as of March 31, 2022 was as follows: For the fiscal year ending March 31: Operating Lease Payments 2023 $ 469,112 2024 483,184 2025 497,684 2026 519,036 2027 547,460 Thereafter 1,534,220 Total gross operating lease payments 4,050,696 Less: imputed interest (858,966 ) Total lease liabilities, reflecting present value of future minimum lease payments $ 3,191,730 Financial Instruments - Credit Losses In June 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which was subsequently revised by ASU 2018-19 and ASU 2020-02. The ASU introduces a new model for assessing impairment on most financial assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which will result in earlier recognition of allowance for losses. The ASU will be effective for the Company’s first interim period of fiscal 2023. The Company has evaluated the impact of the adoption of ASU 2016-13, and related updates, and has determined that the impact will not be material to its financial statements and disclosures. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Restatement of Previously Issued Financial Statements (Tables) [Line Items] | |
Schedule of balance sheet | As Restated June 28, September 27, December 31, Assets Current assets: Cash $ 6,444,502 $ 6,563,424 $ 8,191,969 Accounts receivable 5,200,850 5,515,887 5,776,564 Inventories 12,044,241 9,947,043 11,174,119 Excess payments to commercial finance company 705,623 608,666 - Prepaid expenses and other current assets 387,519 551,032 271,541 Total current assets 24,782,735 23,186,052 25,414,193 Non-current assets: Property, plant and equipment, net 2,584,226 2,433,956 2,331,705 Operating lease right-of-use assets 254,249 206,541 158,833 Security deposit 54,489 54,489 54,489 Total assets $ 27,675,699 $ 25,881,038 $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 501,105 $ 119,691 $ 246,706 Due to accounts receivable financing company - - 381,871 Customer advance payments 524,685 222,541 - Accrued corporate income taxes 2,044,973 1,263,075 843,114 Operating lease liabilities 190,920 177,664 165,395 Other current liabilities 1,163,558 1,171,749 2,025,287 Total current liabilities 4,425,241 2,954,720 3,662,373 Operating lease liabilities, non-current 64,207 33,047 - Total liabilities 4,489,448 2,987,767 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,323,468, 2,331,751 and 2,360,251 shares issued and outstanding at June 28, 2019, September 27, 2019 and December 31, 2019, respectively 23,235 23,318 23,603 Additional paid-in capital 3,811,134 4,734,382 5,165,588 Retained earnings 19,351,882 18,135,571 19,107,656 Total Stockholders’ Equity 23,186,251 22,893,271 24,296,847 Total Liabilities and Stockholders’ Equity $ 27,675,699 $ 25,881,038 $ 27,959,220 June 30, September 30, December 31, Assets Current assets: Cash $ 11,583,305 $ 11,563,014 $ 12,767,381 Accounts receivable 5,230,852 5,634,070 4,541,646 Inventories 10,676,366 10,602,201 11,454,873 Corporate income taxes receivable - 404,337 656,017 Prepaid expenses and other current assets 148,609 88,262 99,734 Total current assets 27,639,132 28,291,884 29,519,651 Non-current assets: Property, plant and equipment, net 2,685,795 2,741,209 2,627,287 Operating lease right-of-use assets 63,417 15,710 2,027,596 Deferred income tax asset, net 264,215 264,215 264,215 Security deposit 54,489 54,489 54,489 Total assets $ 30,707,048 $ 31,367,507 $ 34,493,238 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 111,703 $ 600,813 $ 98,067 Due to accounts receivable financing company 136,579 - - Customer advance payments 170,958 215,928 50,358 Accrued corporate income taxes 362,947 - - Operating lease liabilities - - 40,196 Other current liabilities 1,726,285 795,136 511,904 Total current liabilities 2,508,472 1,611,877 700,525 Operating lease liabilities, non-current 73,863 28,097 2,010,789 PPP Loan 2,103,885 2,103,885 2,103,885 Total liabilities 4,686,220 3,743,859 4,815,199 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized;2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2020, September 30, 2020 and December 31, 2020, respectively 23,703 23,703 23,703 Additional paid-in capital 5,759,477 5,965,349 6,983,741 Retained earnings 20,237,648 21,634,596 22,670,595 Total Stockholders’ Equity 26,020,828 27,623,648 29,678,039 Total Liabilities and Stockholders’ Equity $ 30,707,048 $ 31,367,507 $ 34,493,238 June 30, September 30, December 31, Assets Current assets: Cash $ 15,028,313 $ 14,616,581 $ 13,118,664 Accounts receivable 3,686,273 3,068,677 3,391,303 Inventories 10,021,985 9,311,019 9,419,614 Corporate income taxes receivable 627,511 1,418,452 1,613,310 Prepaid expenses and other current assets 219,715 174,219 81,807 Total current assets 29,583,797 28,588,948 27,624,698 Non-current assets: Property, plant and equipment, net 2,402,752 2,599,641 4,176,303 Operating lease right-of-use assets 3,209,494 3,134,176 3,057,992 Deferred income tax asset, net 1,154,225 1,154,225 1,154,225 Security deposit 75,756 75,756 75,756 Total assets $ 36,426,024 $ 35,552,746 $ 36,088,974 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 791,077 $ 271,903 $ 882,688 Customer advance payments 12,272 29,633 159,954 Operating lease liabilities 245,785 270,084 277,604 Other current liabilities 711,855 561,957 568,411 Total current liabilities 1,760,989 1,133,577 1,888,657 Operating lease liabilities, non-current 3,123,670 3,053,531 2,981,173 Total liabilities 4,884,659 4,187,108 4,869,830 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2021 September 30, 2021 and December 31, 2021 respectively 23,703 23,703 23,703 Additional paid-in capital 7,382,741 7,449,241 7,507,729 Retained earnings 24,134,921 23,892,694 23,687,712 Total Stockholders’ Equity 31,541,365 31,365,638 31,219,144 Total Liabilities and Stockholders’ Equity $ 36,426,024 $ 35,552,746 $ 36,088,974 As of September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 6,563,424 $ 6,563,424 Accounts receivable 5,515,887 5,515,887 Inventories 13,091,697 (3,144,654 ) a 9,947,043 Excess payments to commercial financial company 608,666 608,666 Prepaid expenses and other current assets 551,032 551,032 Total current assets 26,330,706 (3,144,654 ) 23,186,052 Non-current assets: Property, plant and equipment, net 2,433,956 2,433,956 Operating lease right-of-use assets 206,541 206,541 Security deposit 54,489 54,489 Total assets $ 29,025,692 $ (3,144,654 ) $ 25,881,038 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 119,691 $ 119,691 Customer advance payments 222,541 222,541 Accrued corporate income taxes 2,747,407 (1,484,332 ) c 1,263,075 Operating lease liabilities 177,664 177,664 Other current liabilities 1,171,749 1,171,749 Total current liabilities 4,439,052 (1,484,332 ) 2,954,720 Operating lease liabilities, non-current 33,047 - 33,047 Total liabilities 4,472,099 (1,484,332 ) 2,987,767 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,331,751 shares issued and outstanding 23,318 23,318 Additional paid-in capital 3,849,715 884,667 b 4,734,382 Retained earnings 20,680,560 (2,544,989 ) a, b, c 18,135,571 Total Stockholders’ Equity 24,553,593 (1,660,322 ) 22,893,271 Total Liabilities and Stockholders’ Equity $ 29,025,692 $ (3,144,654 ) $ 25,881,038 As of December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 8,191,969 $ 8,191,969 Accounts receivable 5,776,564 5,776,564 Inventories 14,108,916 (2,934,797 ) a 11,174,119 Prepaid expenses and other current assets 271,540 271,541 Total current assets 28,348,989 (2,934,797 ) 25,414,193 Non-current assets: Property, plant and equipment, net 2,331,705 2,331,705 Operating lease right-of-use assets 158,833 158,833 Security deposit 54,489 54,489 Total assets $ 30,894,016 $ (2,934,797 ) $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 246,706 $ 246,706 Due to accounts receivable financing company 381,871 381,871 Accrued corporate income taxes 1,844,650 (1,001,536 ) c 843,114 Operating lease liabilities 165,395 165,395 Other current liabilities 2,025,287 2,025,287 Total current liabilities 4,663,909 (1,001,536 ) 3,662,373 Total liabilities 4,663,909 (1,001,536 ) 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,360,251 shares issued and outstanding 23,603 23,603 Additional paid-in capital 5,165,588 5,165,588 Retained earnings 21,040,916 (1,933,260 ) a, c 19,107,656 Total Stockholders’ Equity 26,230,107 (1,933,260 ) 24,296,847 Total Liabilities and Stockholders’ Equity $ 30,894,016 $ (2,934,796 ) $ 27,959,220 |
Schedule of statement of operations | As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 7,567,398 $ 7,551,384 $ 15,118,782 $ 8,424,657 $ 23,542,266 Costs and expenses: Cost of products sold 4,820,944 7,197,810 12,018,754 5,060,882 17,078,463 Selling, general and administrative 1,113,833 2,116,610 3,230,443 1,469,197 4,699,640 Depreciation and amortization 236,620 223,333 459,953 237,764 697,717 Total operating expenses 6,171,397 9,537,753 15,709,150 6,767,843 22,475,820 Operating income (loss) 1,396,001 (1,986,369 ) (590,368 ) 1,656,814 1,066,446 Other (expense) income: Other income 8,898 7,976 16,874 6,025 22,899 Interest (expense) income, net (13,927 ) (19,816 ) (33,743 ) (17,263 ) (51,006 ) Total other (expense) income, net (5,029 ) (11,840 ) (16,869 ) (11,238 ) (28,107 ) Income (loss) before (provision for) benefit from income taxes 1,390,972 (1,998,209 ) (607,237 ) 1,645,576 1,038,339 (Provision for) benefit from income taxes (481,439 ) 781,898 300,459 (673,491 ) (373,032 ) Net Income (Loss) $ 909,533 $ (1,216,311 ) $ (306,778 ) $ 972,085 $ 665,307 Basic earnings per common share $ 0.39 $ (0.52 ) $ (0.13 ) $ 0.41 $ 0.29 Diluted earnings per share $ 0.37 $ (0.52 ) $ (0.13 ) $ 0.35 $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,323 2,328 2,326 2,349 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,440 2,328 2,443 2,769 2,616 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 8,265,086 $ 9,538,479 $ 17,803,565 $ 8,397,523 $ 26,201,088 Costs and expenses: Cost of products sold 5,736,255 5,816,176 11,552,431 4,683,903 16,236,334 Selling, general and administrative 1,786,532 1,659,188 3,445,720 2,193,989 5,639,709 Depreciation and amortization 146,130 245,483 391,613 204,300 595,913 Total operating expenses 7,668,917 7,720,847 15,389,764 7,082,192 22,471,956 Operating income 596,169 1,817,632 2,413,801 1,315,331 3,729,132 Other income (expense): Other income 27,897 23 27,920 28,324 56,244 Interest (expense) income, net (8,973 ) (5,791 ) (14,764 ) 144 (14,620 ) Total other income (expense), net 18,924 (5,768 ) 13,156 28,468 41,624 Income before provision for income taxes 615,093 1,811,864 2,426,957 1,343,799 3,770,756 Provision for income taxes (140,856 ) (414,916 ) (555,772 ) (307,800 ) (863,572 ) Net Income $ 474,237 $ 1,396,948 $ 1,871,185 $ 1,035,999 $ 2,907,184 Basic earnings per common share $ 0.20 $ 0.59 $ 0.79 $ 0.44 $ 1.23 Diluted earnings per share $ 0.19 $ 0.57 $ 0.76 $ 0.42 $ 1.18 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,455 2,458 2,457 2,460 2,458 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 6,510,577 $ 6,561,872 $ 13,072,449 $ 5,814,132 $ 18,886,581 Costs and expenses: Cost of products sold 4,739,742 5,563,554 10,303,296 4,546,524 14,849,820 Selling, general and administrative 1,284,106 1,180,275 2,464,381 1,320,001 3,784,382 Depreciation and amortization 175,916 181,149 357,065 226,338 583,403 Total operating expenses 6,199,764 6,924,978 13,124,742 6,092,863 19,217,605 Operating income (loss) 310,813 (363,106 ) (52,293 ) (278,731 ) (331,024 ) Other income (expense): Other income 2,130,606 50,839 2,181,445 14,516 2,195,961 Interest income (expense), net 73 126 199 69 268 Total other income (expense), net 2,130,679 50,965 2,181,644 14,585 2,196,229 Income (loss) before (provision for) benefit from income taxes 2,441,492 (312,141 ) 2,129,351 (264,146 ) 1,865,205 (Provision for) benefit from income taxes (97,904 ) 69,914 (27,990 ) 59,164 31,174 Net Income (Loss) $ 2,343,588 $ (242,227 ) $ 2,101,361 $ (204,982 ) $ 1,896,379 Basic earnings per common share $ 0.99 $ (0.10 ) $ 0.89 $ (0.09 ) $ 0.80 Diluted earnings per share $ 0.95 $ (0.10 ) $ 0.86 $ (0.09 ) $ 0.77 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,472 2,370 2,456 2,370 2,449 For the Three-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 7,551,384 $ - $ 7,551,384 Costs and expenses: Cost of products sold 4,052,488 3,145,322 a 7,197,810 Selling, general and administrative 1,232,611 883,999 b 2,116,610 Depreciation and amortization 223,333 - 223,333 Total operating expenses 5,508,432 4,029,321 9,537,753 Operating income (loss) 2,042,952 (4,029,321 ) (1,986,369 ) Other expenses Other income 7,976 - 7,976 Interest income (expense) (19,816 ) - (19,816 ) Total other income (expense), net (11,840 ) - (11,840 ) Income (loss) before benefit from (provision for) income taxes 2,031,112 (4,029,321 ) a, b (1,998,209 ) Benefit from (provision for) income taxes (702,434 ) 1,484,332 c 781,898 Net Income (Loss) $ 1,328,678 $ (2,544,989 ) a, b, c $ (1,216,311 ) Basic earnings per common share $ 0.57 $ (1.09 ) $ (0.52 ) Diluted earnings per share $ 0.54 $ (1.06 ) $ (0.52 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,328 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,328 For the Six-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 15,118,782 $ - $ 15,118,782 Costs and expenses: Cost of products sold 8,874,100 3,144,654 a 12,018,754 Selling, general and administrative 2,345,776 884,667 b 3,230,443 Depreciation and amortization 459,953 - 459,953 Total operating expenses 11,679,829 4,029,321 15,709,150 Operating income 3,438,953 (4,029,321 ) (590,368 ) Other expenses Other income 16,874 - 16,874 Interest income (expense) (33,743 ) - (33,743 ) Total other income (expense), net (16,869 ) - (16,869 ) Income before provision for income taxes 3,422,084 (4,029,321 ) a, b (607,237 ) Provision for income taxes (1,183,873 ) 1,484,332 c 300,459 Net Income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Basic earnings per common share $ 0.96 $ (1.09 ) $ (0.13 ) Diluted earnings per share $ 0.92 $ (1.05 ) $ (0.13 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,326 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,443 For the Three-Months Ended December 31, 2019 As Previously Restatement Restatement As Revenue $ 8,424,657 $ 8,424,657 Costs and expenses: Cost of products sold 5,270,795 (209,913 ) a 5,060,882 Selling, general and administrative 1,469,198 1,469,197 Depreciation and amortization 237,764 - 237,764 Total operating expenses 6,977,757 (209,913 ) 6,767,843 Operating income 1,446,900 209,913 1,656,814 Other expenses Other income 6,025 - 6,025 Interest income (expense) (17,263 ) - (17,263 ) Total other income (expense), net (11,238 ) - (11,238 ) Income before provision for income taxes 1,435,662 209,913 a 1,645,576 Provision for income taxes (587,550 ) (85,941 ) c (673,491 ) Net Income $ 848,112 $ 123,972 a, c $ 972,085 Basic earnings per common share $ 0.36 $ 0.05 $ 0.41 Diluted earnings per share $ 0.31 $ 0.04 $ 0.35 Weighted average number of common shares outstanding - basic (in thousands) 2,349 2,349 Weighted average number of common shares outstanding - diluted (in thousands) 2,769 2,769 For the Nine-Months Ended December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 23,542,266 $ - $ 23,542,266 Costs and expenses: Cost of products sold 14,143,666 2,934,797 a 17,078,463 Selling, general and administrative 4,699,640 4,699,640 Depreciation and amortization 697,717 - 697,717 Total operating expenses 19,541,023 2,934,797 a 22,475,820 Operating income 4,001,243 (2,934,797 ) a 1,066,446 Other expenses Other income 22,899 - 22,899 Interest income (expense) (51,006 ) - (51,006 ) Total other income (expense), net (28,107 ) - (28,107 ) Income before provision for income taxes 3,973,136 (2,934,797 ) a 1,038,339 Provision for income taxes (1,374,511 ) 1,001,479 c (373,032 ) Net Income $ 2,598,625 $ (1,933,318 ) a, c $ 665,307 Basic earnings per common share $ 1.11 $ (0.82 ) $ 0.29 Diluted earnings per share $ 0.99 $ (0.74 ) $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,334 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,616 2,616 |
Schedule of statement of changes in stockholders’ equity | Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 29, 2019 2,323,468 $ 23,235 $ 3,802,672 $ 18,442,349 $ 22,268,256 Stock-based compensation expense - - 8,462 - 8,462 Exercise of stock options - - - - - Net income - - - 909,533 909,533 Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net loss - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 Stock-based compensation expense - - 261,927 - 261,927 Exercise of stock options 10,000 100 59,900 - 60,000 Net income - - - 655,755 655,755 Balance at March 31, 2020 (As Restated) $ 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Common Stock Additional Paid-in Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2020 (As Restated) 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Stock-based compensation expense - - 272,062 - 272,062 Exercise of stock options - - - - - Net income - - - 474,237 474,237 Balance at June 30, 2020 2,370,251 $ 23,703 $ 5,759,477 $ 20,237,648 $ 26,020,828 Stock-based compensation expense - - 205,872 - 205,872 Exercise of stock options - - - - - Net income - - - 1,396,948 1,396,948 Balance at September 30, 2020 2,370,251 $ 23,703 $ 5,965,349 21,634,596 $ 27,623,648 Stock-based compensation expense - - 1,018,392 - 1,018,392 Exercise of stock options - - - - - Net income - - - 1,035,999 1,035,999 Balance at December 31, 2020 2,370,251 $ 23,703 $ 6,983,741 22,670,595 $ 29,678,039 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net loss - - - (879,262 ) (879,262 ) Balance at March 31, 2021 $ 2,370,251 $ 23,703 $ 7,183,241 21,791,333 $ 28,998,277 Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2021 2,370,251 $ 23,703 $ 7,183,241 $ 21,791,333 $ 28,998,277 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net income - - - 2,343,588 2,343,588 Balance at June 30, 2021 2,370,251 $ 23,703 $ 7,382,741 24,134,921 $ 31,541,365 Stock-based compensation expense - - 66,500 - 66,500 Exercise of stock options - - - - - Net loss - - - (242,227 ) (242,227 ) Balance at September 30, 2021 2,370,251 $ 23,703 $ 7,449,241 23,892,694 $ 31,365,638 Stock-based compensation expense - - 58,488 - 58,488 Exercise of stock options - - - - - Net loss - - - (204,982 ) (204,982 ) Balance at December 31, 2021 2,370,251 $ 23,703 $ 7,507,729 $ 23,687,712 $ 31,219,144 Stock-based compensation expense - - 58,595 - 58,595 Exercise of stock options - - - - - Net loss - - - (458,245 ) (458,245 ) Balance at March 31, 2022 $ 2,370,251 $ 23,703 $ 7,566,324 23,229,467 $ 30,819,494 Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As Previously Reported Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 5,664 - 5,664 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - 1,328,678 1,328,678 Balance at September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 Restatement Impacts Balance at June 28, 2019 - - - - - Stock-based compensation expense (see Note, below) - - 884,667 - 884,667 Exercise of stock options - - - - - Net income (loss) (see Note, below) - - - (2,544,989 ) (2,544,989 ) Balance at September 27, 2019 - $ - $ 884,667 $ (2,544,989 ) $ (1,660,322 ) As Restated Balance at June 28, 2019 2,323,468 23,235 3,811,134 19,351,882 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As adjusted and Previously Reported within the Form 10-Q for the Three and Nine Months Ended December 31, 2019: As presented within the as filed Form 10-Q for the three and six months ended September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 - Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) - - 884,667 (487,756 ) 396,911 Balance at September 27, 2019 - as adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. 2,331,751 $ 23,318 $ 4,734,382 $ 20,192,804 $ 24,950,504 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 848,112 848,112 Balance at December 31, 2019 2,360,251 $ 23,603 $ 5,165,588 $ 21,040,916 $ 26,230,107 Restatement Impacts Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). - - - (2,057,233 ) (2,057,233 ) Stock-based compensation expense - - - - - Exercise of stock options - - - - - Net income (loss) - - - 123,973 123,973 Balance at December 31, 2019 - $ - $ - $ (1,933,260 ) $ (1,933,260 ) As Restated Balance at September 27, 2019 2,331,751 23,318 4,734,382 18,135,571 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 |
Schedule of statement of cash flows | As Restated Three Months Ended Six Months Ended September 27, 2019 Nine Months Ended December 31, 2019 Cash flows from operating activities: Net income (loss) $ 909,533 $ (306,778 ) $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 236,620 459,953 697,717 Stock-based compensation expense 8,462 898,793 1,159,284 Operating lease right-of-use assets (254,249 ) (206,541 ) (158,833 ) Changes in assets and liabilities: Accounts receivable (1,367,760 ) (1,682,797 ) (1,943,474 ) Inventories (22,798 ) 2,074,400 847,324 Prepaid expenses and other current assets 147,378 (16,135 ) 263,356 Operating lease liabilities 255,127 210,711 165,395 Accounts payable 21,093 (360,321 ) (233,306 ) Customer advance payments 176,455 (125,689 ) (348,230 ) Other current liabilities 186,138 194,329 1,047,867 Accrued corporate income taxes 368,545 (413,353 ) (833,314 ) Excess payments to commercial financial company (705,623 ) (608,666 ) - Net cash (used in)/provided by operating activities (41,079 ) 117,906 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (260,239 ) (333,302 ) (468,815 ) Net cash used in investing activities (260,239 ) (333,302 ) (468,815 ) Cash flows from financing activities: Advances under accounts receivable financing 10,611,009 11,316,632 25,856,183 Repayments under the accounts receivable financing (10,945,315 ) (11,650,938 ) (25,808,618 ) Exercise of stock options - 33,000 204,000 Net cash (used in)/provided by financing activities (334,306 ) (301,306 ) 251,565 Net increase in cash (635,624 ) (516,702 ) 1,111,843 Cash - beginning of fiscal year 7,080,126 7,080,126 7,080,126 Cash - end of fiscal year $ 6,444,502 $ 6,563,424 $ 8,191,969 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 10,502 $ 31,329 $ 48,592 Income Taxes $ 112,895 $ 112,895 $ 953,365 Three Months Ended Six Months Ended September 30, 2020 Nine Months Ended December 31, 2020 Cash flows from operating activities: Net income $ 474,237 $ 1,871,185 $ 2,907,184 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 146,129 391,613 595,913 Stock-based compensation expense 272,062 477,934 1,496,326 Obsolescence provision 9,000 9,000 9,000 Operating lease right-of-use assets 1,942 3,883 14,885 Changes in assets and liabilities: Accounts receivable 127,312 (275,906 ) 816,518 Inventories 67,199 141,364 (711,308 ) Prepaid expenses and other current assets 27,264 87,611 76,139 Accounts payable (372,774 ) 116,336 (386,410 ) Customer advance payments (75,002 ) (30,032 ) (195,602 ) Other current liabilities 1,057,823 126,674 (156,558 ) Corporate income taxes receivable - (404,337 ) (656,017 ) Accrued corporate income taxes 140,856 (222,091 ) (222,091 ) Net cash provided by operating activities 1,876,048 2,293,234 3,587,979 Cash flows from investing activities: Acquisition of property, plant and equipment (257,040 ) (557,938 ) (648,316 ) Net cash used in investing activities (257,040 ) (557,938 ) (648,316 ) Cash flows from financing activities: Advances under accounts receivable financing 13,650,607 21,468,020 21,468,020 Repayments under the accounts receivable financing (13,550,252 ) (21,504,244 ) (21,504,244 ) Proceeds from PPP loan 2,103,885 2,103,885 2,103,885 Net cash provided by financing activities 2,204,240 2,067,661 2,067,661 Net increase in cash 3,823,248 3,802,957 5,007,324 Cash - beginning of fiscal year 7,760,057 7,760,057 7,760,057 Cash - end of fiscal year $ 11,583,305 $ 11,563,014 $ 12,767,381 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 9,602 $ 16,029 $ 16,269 Income Taxes $ - $ 1,182,200 $ 1,629,700 Three Months Ended Six Months Ended September 30, Nine Months Ended December 31, Cash flows from operating activities: Net income $ 2,343,588 $ 2,101,361 $ 1,896,379 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 175,917 357,065 583,404 Stock-based compensation expense 199,500 266,000 324,488 Obsolescence provision (14,000 ) (14,000 ) (14,000 ) Deferred income taxes, net (512,272 ) (512,272 ) (512,272 ) Operating lease right-of-use assets 107,202 232,921 358,640 Gain on forgiveness of PPP loan (2,103,885 ) (2,103,885 ) (2,103,885 ) Changes in assets and liabilities: Accounts receivable 1,960,450 2,578,046 2,255,420 Inventories (706,188 ) 4,778 (103,817 ) Prepaid expenses and other current assets (80,315 ) (34,819 ) 57,593 Operating lease liabilities (40,800 ) (137,041 ) (251,414 ) Accounts payable 172,023 (347,151 ) 263,634 Customer advance payments (26,389 ) (9,028 ) 121,293 Other current liabilities (227,524 ) (377,422 ) (370,968 ) Corporate income taxes receivable (92,415 ) (883,356 ) (1,078,214 ) Net cash provided by operating activities 1,154,892 1,121,197 1,426,281 Cash flows from investing activities: Acquisition of property, plant and equipment (34,121 ) (412,158 ) (2,215,159 ) Net cash used in investing activities (34,121 ) (412,158 ) (2,215,159 ) Net increase in cash 1,120,771 709,039 (788,878 ) Cash - beginning of fiscal year 13,907,542 13,907,542 13,907,542 Cash - end of fiscal year $ 15,028,313 $ 14,616,581 $ 13,118,664 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 52 $ 52 $ 110 Income Taxes $ 397,592 $ 1,010,539 $ 1,274,539 For the Six-Months Ended September 27, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 459,953 - 459,953 Stock-based compensation expense 14,126 884,667 b 898,793 Operating lease right-of-use assets (206,541 ) - (206,541 ) Changes in assets and liabilities: Accounts receivable (1,682,797 ) - (1,682,797 ) Inventories (1,070,254 ) 3,144,654 a 2,074,400 Excess payments to commercial finance company (608,666 ) (608,666 ) Prepaid expenses and other current assets (16,135 ) - (16,135 ) Operating lease liabilities 210,711 - 210,711 Accounts payable (360,321 ) - (360,321 ) Customer advance payments (125,689 ) - (125,689 ) Other current liabilities 194,329 - 194,329 Accrued corporate income taxes 1,070,979 (1,484,332 ) c (413,353 ) Net cash provided by operating activities 117,906 - 117,906 Cash flows from investing activities: Acquisition of property, plant and equipment (333,302 ) - (333,302 ) Net cash used in investing activities (333,302 ) - (333,302 ) Cash flows from financing activities: Advances under accounts receivable financing 11,316,632 - 11,316,632 Repayments under the accounts receivable financing (11,650,938 ) - (11,650,938 ) Exercise of stock options 33,000 - 33,000 Net cash (used in)/provided by financing activities (301,306 ) - (301,306 ) Net increase in cash (516,702 ) - (516,702 ) Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 6,563,424 $ - $ 6,563,424 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 31,329 $ - $ 31,329 Income Taxes $ 112,895 $ - $ 112,895 For the Nine-Months Ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,598,625 $ (1,933,318 ) a, b, c $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 697,717 - 697,717 Stock-based compensation expense 1,159,284 - b 1,159,284 Operating lease right-of-use assets (158,833 ) - (158,833 ) Changes in assets and liabilities: Accounts receivable (1,943,474 ) - (1,943,474 ) Inventories (2,087,473 ) 2,934,797 a 847,324 Prepaid expenses and other current assets 263,357 - 263,356 Operating lease liabilities 165,395 - 165,395 Accounts payable (233,363 ) - (233,306 ) Customer advance payments (348,230 ) - (348,230 ) Other current liabilities 1,047,867 - 1,047,867 Accrued corporate income taxes 168,221 (1,001,479 ) c (833,314 ) Net cash provided by operating activities 1,329,093 - 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (468,815 ) - (468,815 ) Net cash used in investing activities (468,815 ) - (468,815 ) Cash flows from financing activities: Advances under accounts receivable financing 25,856,183 25,856,183 Repayments under the accounts receivable financing (25,808,618 ) (25,808,618 ) Exercise of stock options 204,000 - 204,000 Net cash (used in)/provided by financing activities 251,565 - 251,565 Net increase in cash 1,111,843 1,111,843 Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 8,191,969 $ - $ 8,191,969 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 48,592 $ - $ 48,592 Income Taxes $ 953,365 $ - $ 953,365 |
As Previously Reported [Member] | |
Restatement of Previously Issued Financial Statements (Tables) [Line Items] | |
Schedule of balance sheet | As of March 31, 2020 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 7,760,057 $ 7,760,057 Accounts receivable 5,358,164 5,358,164 Inventories 12,621,701 (1,869,136 ) a 10,752,565 Prepaid expenses and other current assets 175,873 175,873 Total current assets 25,915,795 (1,869,136 ) 24,046,659 Non-current assets: Property, plant and equipment, net 2,574,884 2,574,884 Operating lease right-of-use assets 111,125 111,125 Deferred income tax asset, net 264,215 264,215 Security deposit 54,489 54,489 Total assets $ 28,920,508 $ (1,869,136 ) $ 27,051,372 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 484,477 $ 484,477 Due to accounts receivable financing company 36,224 36,224 Customer advance payments 245,960 245,960 Accrued corporate income taxes 854,909 (632,818 ) c 222,091 Operating lease liabilities 119,629 119,629 Other current liabilities 668,462 668,462 Total current liabilities 2,409,661 (632,818 ) 1,776,843 Total liabilities 2,409,661 (632,818 ) 1,776,843 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at March 31, 2020 23,703 23,703 Additional paid-in capital 5,487,415 5,487,415 Retained earnings 20,999,729 (1,236,318 ) a, c 19,763,411 Total Stockholders’ Equity 26,510,847 (1,236,318 ) 25,274,529 Total Liabilities and Stockholders’ Equity $ 28,920,508 $ (1,869,136 ) $ 27,051,372 |
Schedule of statement of operations | For the Fiscal Year Ended March 31, 2020 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 32,154,549 $ - $ 32,154,549 Costs and expenses: Cost of products sold 21,906,236 1,869,136 a 23,775,372 Selling, general and administrative 6,007,241 6,007,241 Depreciation and amortization 955,124 - 955,124 Total operating expenses 28,868,601 1,869,136 30,737,737 Operating income 3,285,948 (1,869,136 ) 1,416,812 Other expenses: Other income 26,720 - 26,720 Interest income (expense) (71,595 ) - (71,595 ) Total other income (expense), net (44,875 ) - (44,875 ) Income before provision for income taxes 3,241,073 (1,869,136 ) a 1,371,937 Provision for income taxes (683,693 ) 632,818 c (50,875 ) Net Income $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Basic earnings per common share $ 1.09 $ (0.53 ) $ 0.56 Diluted earnings per share $ 1.04 $ (0.50 ) $ 0.54 Weighted average number of common shares outstanding - basic (in thousands) 2,341 2,341 Weighted average number of common shares outstanding - diluted (in thousands) 2,458 2,452 |
Schedule of statement of changes in stockholders’ equity | Common Stock Additional Retained Total Shares Amount Capital Earnings Equity As Previously Reported Balance at March 29, 2019 2,323,468 $ 23,235 $ 3,802,672 $ 18,442,349 $ 22,268,256 Stock-based compensation expense - - 1,421,211 - 1,421,211 Exercise of stock options 46,783 468 263,532 - 264,000 Net income - - - 2,557,380 2,557,380 Balance at March 31, 2020 2,370,251 $ 23,703 $ 5,487,415 $ 20,999,729 $ 26,510,847 Restatement Impacts Balance at March 29, 2019 2,323,468 23,235 3,802,672 18,442,349 22,268,256 Stock-based compensation expense - - - - - Exercise of stock options - - - - - Net income (loss) (correction) - - - (1,236,318 ) (1,236,318 ) Balance at March 31, 2020 - $ - $ - $ (1,236,318 ) $ (1,236,318 ) As Restated Balance at March 29, 2019 2,323,468 23,235 3,802,672 18,442,349 22,268,256 Stock-based compensation expense - - 1,421,211 - 1,421,211 Exercise of stock options 46,783 468 263,532 - 264,000 Net income (as restated) - - - 1,321,062 1,321,062 Balance at March 31, 2020 (As Restated) 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 |
Schedule of statement of cash flows | For the Fiscal Year Ended March 31, 2020 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,557,380 $ (1,236,318 ) a, c $ 1,321,062 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 955,123 955,123 Stock-based compensation expense 1,421,211 - 1,421,211 Obsolescence provision 253,605 (37,605 ) a 216,000 Deferred income taxes, net (746,428 ) 482,213 c (264,215 ) Operating lease right-of-use assets (111,125 ) - (111,125 ) Changes in assets and liabilities: Accounts receivable (1,525,074 ) - (1,525,074 ) Inventories (853,863 ) 1,906,741 a 1,052,878 Prepaid expenses and other current assets 359,024 - 359,024 Operating lease liabilities 119,629 - 119,629 Accounts payable 4,465 - 4,465 Customer advance payments (102,270 ) - (102,270 ) Other current liabilities (308,958 ) - (308,958 ) Accrued corporate income taxes (339,306 ) (1,115,031 ) c (1,454,337 ) Net cash provided by operating activities 1,683,413 - 1,683,413 Cash flows from investing activities: Acquisition of property, plant and equipment (969,400 ) - (969,400 ) Net cash used in investing activities (969,400 ) - (969,400 ) Cash flows from financing activities: Advances under accounts receivable financing 29,765,459 - 29,765,459 Repayments under the accounts receivable financing (30,063,541 ) - (30,063,541 ) Exercise of stock options 264,000 - 264,000 Net cash (used in)/provided by financing activities (34,082 ) - (34,082 ) Net increase in cash 679,931 - 679,931 Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 7,760,057 $ - $ 7,760,057 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 71,595 $ - $ 71,595 Income Taxes $ 1,769,429 $ - $ 1,769,429 |
Error Correction, Other [Member] | |
Restatement of Previously Issued Financial Statements (Tables) [Line Items] | |
Schedule of balance sheets, including the balances originally reported | As of March 31, 2020 As Reported Correction As Restated Inventories $ 12,621,701 $ (1,869,136 ) $ 10,752,565 Total current assets 25,915,795 (1,869,136 ) 24,046,659 Total assets 28,920,508 (1,869,136 ) 27,051,372 Accrued corporate income taxes 854,909 (632,818 ) 222,091 Total current liabilities 2,409,661 (632,818 ) 1,776,843 Total liabilities 2,409,661 (632,818 ) 1,776,843 Retained earnings 20,999,729 (1,236,318 ) 19,763,411 Total Stockholder’s Equity 26,510,847 (1,236,318 ) 25,274,529 Total Liabilities and Stockholders’ Equity 28,920,508 (1,869,136 ) 27,051,372 |
Schedule of statements of income, including the amounts originally reported | For the fiscal year ended As Reported Correction As Restated Cost of products sold $ 21,906,236 $ 1,869,136 $ 23,775,372 Operating income 3,285,948 (1,869,136 ) 1,416,812 Income before income taxes 3,241,073 (1,869,136 ) 1,371,937 Provision for income taxes 683,693 (632,818 ) 50,875 Net income 2,557,380 (1,236,318 ) 1,321,062 Basic earnings per share 1.09 (0.53 ) 0.56 Fully diluted earnings per share 1.04 (0.50 ) 0.54 |
Schedule of statements of stockholders’ equity, including the balances originally reported | For the fiscal year ended As Reported Correction As Restated Net income, for the fiscal year ended March 31, 2020 $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Retained earnings, as of March 31, 2020 20,999,729 (1,236,318 ) 19,763,411 Total stockholders’ equity, as of March 31, 2020 26,510,847 (1,236,318 ) 25,274,529 |
Schedule of statements of cash flows from operating activities, including the balances originally reported | For the fiscal year ended As Reported Correction As Restated Net income $ 2,557,380 $ (1,236,318 ) $ 1,321,062 Obsolescence provision 253,605 (37,605 ) 216,000 Deferred income taxes, net (746,428 ) 482,213 (264,215 ) Increase/(decrease) in inventories (853,863 ) 1,906,741 1,052,878 Increase/(decrease) in accrued corporate income taxes (339,306 ) (1,115,031 ) (1,454,337 ) Net cash provided by operating activities 1,683,413 - 1,683,413 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of disaggregated revenue by geographical location | Fiscal Year Ended March 31, 2022 2021 2020 Domestic $ 18,480,329 $ 26,633,429 $ 26,244,412 International 5,785,260 8,081,766 5,910,137 Total $ 24,265,589 $ 34,715,195 $ 32,154,549 |
Schedule of aggregated revenue by industry as a percentage of total revenue | Fiscal Year Ended March 31, 2022 2021 2020 Industry % % % Military 59.1 60.8 59.5 Commercial Aerospace 14.7 21.4 22.7 Space 17.7 13.9 13.9 Other 8.5 3.9 3.9 |
Schedule of basic and diluted net income per share | Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) NET INCOME $ 1,438,134 $ 2,027,922 $ 1,321,062 BASIC EARNINGS PER COMMON SHARE $ 0.61 $ 0.86 $ 0.56 DILUTED EARNINGS PER SHARE $ 0.59 $ 0.82 $ 0.54 WEIGHTED AVERAGE NUMBER OF 2,370,251 2,370,251 2,341,320 DILUTIVE EFFECT OF OPTIONS TO THE EXTENT THAT SUCH OPTIONS ARE DETERMINED TO BE IN THE MONEY FOR THE PERIOD 77,688 92,410 110,434 WEIGHTED AVERAGE NUMBER OF 2,447,939 2,462,661 2,451,754 |
Schedule of fair value of the stock option grant | For the Fiscal Year Ended March 31, 2022 2021 2020 Weighted Average Stock Price $ 15.18 $ 12.18 $ 19.70 Expected life (in years) 5 5 6 Expected volatility 55 % 55 % 56 % Dividend yield 0 % 0 % 0 % Risk-Free interest rate, per annum 1.40 % .07 % 1.88 % |
Schedule of balance sheet information related to our leases | As of March 31, Balance Sheet Location 2022 2021 2020 Operating leases: Right-of-use assets Operating lease right-of-use assets $ 2,980,820 $ 3,272,539 $ 111,125 Right-of-use liability, current Operating lease liabilities 285,275 185,818 - Right-of-use lease liability, long-term Operating lease liabilities, non-current 2,906,455 3,180,280 119,629 |
Schedule of other information related to leases | As of March 31, 2022 2021 2020 Other information Weighted-average discount rate – operating leases 6.00 % 6.00 % 6.00 % Weighted-average remaining lease term – operating lease (in years) 8.8 7.8 0.7 |
Schedule of total remaining operating lease payments | For the fiscal year ending March 31: Operating Lease Payments 2023 $ 469,112 2024 483,184 2025 497,684 2026 519,036 2027 547,460 Thereafter 1,534,220 Total gross operating lease payments 4,050,696 Less: imputed interest (858,966 ) Total lease liabilities, reflecting present value of future minimum lease payments $ 3,191,730 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | As of March 31, 2022 2021 2020 (As Restated) Raw materials $ 7,875,015 $ 6,885,402 $ 9,093,070 Work in progress 1,505,614 1,804,779 1,589,178 Finished goods 558,758 836,616 286,317 Allowance for obsolete inventory (211,000 ) (225,000 ) (216,000 ) $ 9,728,387 $ 9,301,797 $ 10,752,565 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of prepaid expenses and other current assets | As of March 31, 2022 2021 2020 Prepaid insurance $ 35,691 $ 76,143 $ 117,043 Other current assets 76,482 63,257 58,830 $ 112,173 $ 139,400 $ 175,873 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | As of March 31, 2022 2021 2020 Computers $ 572,423 $ 539,652 $ 537,042 Leasehold improvements 2,784,674 1,081,226 993,876 Machinery and equipment 7,909,982 7,603,314 7,250,410 Tools and dies 5,030,650 4,593,016 4,283,024 Furniture and fixtures 352,372 186,129 179,072 Website development cost 9,785 9,785 9,784 $ 16,659,886 $ 14,013,122 $ 13,253,208 Less: accumulated depreciation and amortization (12,305,775 ) (11,468,574 ) (10,678,324 ) Property, Plant and Equipment, net $ 4,354,111 $ 2,544,548 $ 2,574,884 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Other Current Liabilities [Abstract] | |
Schedule of other current liabilities | As of March 31, 2022 2021 2020 Payroll and vacation accruals $ 871,117 $ 824,536 $ 589,989 Sales commissions 48,681 80,775 68,328 Other current liabilities 31,308 34,068 10,145 $ 951,106 $ 939,379 $ 668,462 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) Current: Federal $ - $ 980,061 $ 430,193 State and local - 81,169 367,110 Total current tax provision - 1,061,230 797,303 Deferred: Federal (150,204 ) (420,508 ) (453,034 ) State and local (12,442 ) (33,967 ) (293,394 ) Total deferred tax expense (162,646 ) (454,475 ) (746,428 ) Total provision $ (162,646 ) $ 606,755 $ 50,875 |
Schedule of provision for income taxes | As of March 31, 2022 2021 2020 (As Restated) Deferred tax assets: Net operating loss $ 424,263 $ - $ - Operating lease liabilities 714,947 752,340 - Stock options 883,522 816,500 677,239 Accrued expenses 67,146 - 119,872 Inventory 150,460 148,742 - Total deferred tax assets 2,240,338 1,717,582 797,111 Deferred tax liabilities: Depreciation 766,255 344,200 532,896 Operating lease right-of-use asset 667,703 731,429 - Total deferred tax liabilities 1,433,958 1,075,629 532,896 Deferred tax assets (liabilities), net $ 806,380 $ 641,953 $ 264,215 |
Schedule of reconciliation of the provision for income taxes | Fiscal Year Ended March 31, 2022 2021 2020 (As Restated) U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.4 % 1.4 % 13.6 % Stock Option Exercises 1.6 % 0.6 % (21.2 )% True-up for tax provision 0.0 % 0.0 % (8.9 )% Debt forgiveness income of the PPP Note- not subject to income tax (36.9 )% 0.0 % 0.0 % Meals and entertainment 0.2 % (0.1 )% (0.7 )% Effective tax rate (12.7 )% 22.9 % 3.8 % |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
Schedule of stock option activity | Weighted Avg. Weighted Avg. Remaining Contractual Aggregate Grant Date Exercise Term Intrinsic Value Shares Fair Value Price (Years) (in thousands) Balance at March 31, 2019 185,000 $ 4.19 $ 6.05 7.75 $ 1,832 Granted 235,000 10.46 $ 14.72 Exercised (47,783 ) 3.94 $ 6.59 Forfeited or Expired - - - Balance as of March 31, 2020 372,217 $ 8.18 $ 14.72 7.84 $ 934 Exercisable as of March 31, 2020 220,217 $ 6.47 $ 6.59 Granted 112,500 7.24 $ 13.84 Exercised - - $ - Forfeited or Expired (10,000 ) 7.22 15.10 Balance as of March 31, 2021 474,717 $ 7.98 $ 14.82 7.48 $ 1,858 Exercisable as of March 31, 2021 399,717 $ 7.48 $ 13.85 Granted 20,000 5.85 $ 12.18 Exercised - - $ - Forfeited or Expired (12,500 ) 7.41 15.10 Balance as of March 31, 2022 482,217 $ 7.91 $ 14.69 6.56 $ 865 Exercisable as of March 31, 2022 482,217 $ 7.91 $ 14.69 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheets | As Restated June 28, September 27, December 31, Assets Current assets: Cash $ 6,444,502 $ 6,563,424 $ 8,191,969 Accounts receivable 5,200,850 5,515,887 5,776,564 Inventories 12,044,241 9,947,043 11,174,119 Excess payments to commercial finance company 705,623 608,666 - Prepaid expenses and other current assets 387,519 551,032 271,541 Total current assets 24,782,735 23,186,052 25,414,193 Non-current assets: Property, plant and equipment, net 2,584,226 2,433,956 2,331,705 Operating lease right-of-use assets 254,249 206,541 158,833 Security deposit 54,489 54,489 54,489 Total assets $ 27,675,699 $ 25,881,038 $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 501,105 $ 119,691 $ 246,706 Due to accounts receivable financing company - - 381,871 Customer advance payments 524,685 222,541 - Accrued corporate income taxes 2,044,973 1,263,075 843,114 Operating lease liabilities 190,920 177,664 165,395 Other current liabilities 1,163,558 1,171,749 2,025,287 Total current liabilities 4,425,241 2,954,720 3,662,373 Operating lease liabilities, non-current 64,207 33,047 - Total liabilities 4,489,448 2,987,767 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,323,468, 2,331,751 and 2,360,251 shares issued and outstanding at June 28, 2019, September 27, 2019 and December 31, 2019, respectively 23,235 23,318 23,603 Additional paid-in capital 3,811,134 4,734,382 5,165,588 Retained earnings 19,351,882 18,135,571 19,107,656 Total Stockholders’ Equity 23,186,251 22,893,271 24,296,847 Total Liabilities and Stockholders’ Equity $ 27,675,699 $ 25,881,038 $ 27,959,220 June 30, September 30, December 31, Assets Current assets: Cash $ 11,583,305 $ 11,563,014 $ 12,767,381 Accounts receivable 5,230,852 5,634,070 4,541,646 Inventories 10,676,366 10,602,201 11,454,873 Corporate income taxes receivable - 404,337 656,017 Prepaid expenses and other current assets 148,609 88,262 99,734 Total current assets 27,639,132 28,291,884 29,519,651 Non-current assets: Property, plant and equipment, net 2,685,795 2,741,209 2,627,287 Operating lease right-of-use assets 63,417 15,710 2,027,596 Deferred income tax asset, net 264,215 264,215 264,215 Security deposit 54,489 54,489 54,489 Total assets $ 30,707,048 $ 31,367,507 $ 34,493,238 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 111,703 $ 600,813 $ 98,067 Due to accounts receivable financing company 136,579 - - Customer advance payments 170,958 215,928 50,358 Accrued corporate income taxes 362,947 - - Operating lease liabilities - - 40,196 Other current liabilities 1,726,285 795,136 511,904 Total current liabilities 2,508,472 1,611,877 700,525 Operating lease liabilities, non-current 73,863 28,097 2,010,789 PPP Loan 2,103,885 2,103,885 2,103,885 Total liabilities 4,686,220 3,743,859 4,815,199 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized;2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2020, September 30, 2020 and December 31, 2020, respectively 23,703 23,703 23,703 Additional paid-in capital 5,759,477 5,965,349 6,983,741 Retained earnings 20,237,648 21,634,596 22,670,595 Total Stockholders’ Equity 26,020,828 27,623,648 29,678,039 Total Liabilities and Stockholders’ Equity $ 30,707,048 $ 31,367,507 $ 34,493,238 June 30, September 30, December 31, Assets Current assets: Cash $ 15,028,313 $ 14,616,581 $ 13,118,664 Accounts receivable 3,686,273 3,068,677 3,391,303 Inventories 10,021,985 9,311,019 9,419,614 Corporate income taxes receivable 627,511 1,418,452 1,613,310 Prepaid expenses and other current assets 219,715 174,219 81,807 Total current assets 29,583,797 28,588,948 27,624,698 Non-current assets: Property, plant and equipment, net 2,402,752 2,599,641 4,176,303 Operating lease right-of-use assets 3,209,494 3,134,176 3,057,992 Deferred income tax asset, net 1,154,225 1,154,225 1,154,225 Security deposit 75,756 75,756 75,756 Total assets $ 36,426,024 $ 35,552,746 $ 36,088,974 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 791,077 $ 271,903 $ 882,688 Customer advance payments 12,272 29,633 159,954 Operating lease liabilities 245,785 270,084 277,604 Other current liabilities 711,855 561,957 568,411 Total current liabilities 1,760,989 1,133,577 1,888,657 Operating lease liabilities, non-current 3,123,670 3,053,531 2,981,173 Total liabilities 4,884,659 4,187,108 4,869,830 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251, 2,370,251 and 2,370,251 shares issued and outstanding at June 30, 2021 September 30, 2021 and December 31, 2021 respectively 23,703 23,703 23,703 Additional paid-in capital 7,382,741 7,449,241 7,507,729 Retained earnings 24,134,921 23,892,694 23,687,712 Total Stockholders’ Equity 31,541,365 31,365,638 31,219,144 Total Liabilities and Stockholders’ Equity $ 36,426,024 $ 35,552,746 $ 36,088,974 As of September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 6,563,424 $ 6,563,424 Accounts receivable 5,515,887 5,515,887 Inventories 13,091,697 (3,144,654 ) a 9,947,043 Excess payments to commercial financial company 608,666 608,666 Prepaid expenses and other current assets 551,032 551,032 Total current assets 26,330,706 (3,144,654 ) 23,186,052 Non-current assets: Property, plant and equipment, net 2,433,956 2,433,956 Operating lease right-of-use assets 206,541 206,541 Security deposit 54,489 54,489 Total assets $ 29,025,692 $ (3,144,654 ) $ 25,881,038 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 119,691 $ 119,691 Customer advance payments 222,541 222,541 Accrued corporate income taxes 2,747,407 (1,484,332 ) c 1,263,075 Operating lease liabilities 177,664 177,664 Other current liabilities 1,171,749 1,171,749 Total current liabilities 4,439,052 (1,484,332 ) 2,954,720 Operating lease liabilities, non-current 33,047 - 33,047 Total liabilities 4,472,099 (1,484,332 ) 2,987,767 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,331,751 shares issued and outstanding 23,318 23,318 Additional paid-in capital 3,849,715 884,667 b 4,734,382 Retained earnings 20,680,560 (2,544,989 ) a, b, c 18,135,571 Total Stockholders’ Equity 24,553,593 (1,660,322 ) 22,893,271 Total Liabilities and Stockholders’ Equity $ 29,025,692 $ (3,144,654 ) $ 25,881,038 As of December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference (As Restated) Assets Current assets: Cash $ 8,191,969 $ 8,191,969 Accounts receivable 5,776,564 5,776,564 Inventories 14,108,916 (2,934,797 ) a 11,174,119 Prepaid expenses and other current assets 271,540 271,541 Total current assets 28,348,989 (2,934,797 ) 25,414,193 Non-current assets: Property, plant and equipment, net 2,331,705 2,331,705 Operating lease right-of-use assets 158,833 158,833 Security deposit 54,489 54,489 Total assets $ 30,894,016 $ (2,934,797 ) $ 27,959,220 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 246,706 $ 246,706 Due to accounts receivable financing company 381,871 381,871 Accrued corporate income taxes 1,844,650 (1,001,536 ) c 843,114 Operating lease liabilities 165,395 165,395 Other current liabilities 2,025,287 2,025,287 Total current liabilities 4,663,909 (1,001,536 ) 3,662,373 Total liabilities 4,663,909 (1,001,536 ) 3,662,373 Commitments and Contingencies Stockholders’ Equity Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,360,251 shares issued and outstanding 23,603 23,603 Additional paid-in capital 5,165,588 5,165,588 Retained earnings 21,040,916 (1,933,260 ) a, c 19,107,656 Total Stockholders’ Equity 26,230,107 (1,933,260 ) 24,296,847 Total Liabilities and Stockholders’ Equity $ 30,894,016 $ (2,934,796 ) $ 27,959,220 |
Schedule of condensed statements of operations (uaudited) | As Restated Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 7,567,398 $ 7,551,384 $ 15,118,782 $ 8,424,657 $ 23,542,266 Costs and expenses: Cost of products sold 4,820,944 7,197,810 12,018,754 5,060,882 17,078,463 Selling, general and administrative 1,113,833 2,116,610 3,230,443 1,469,197 4,699,640 Depreciation and amortization 236,620 223,333 459,953 237,764 697,717 Total operating expenses 6,171,397 9,537,753 15,709,150 6,767,843 22,475,820 Operating income (loss) 1,396,001 (1,986,369 ) (590,368 ) 1,656,814 1,066,446 Other (expense) income: Other income 8,898 7,976 16,874 6,025 22,899 Interest (expense) income, net (13,927 ) (19,816 ) (33,743 ) (17,263 ) (51,006 ) Total other (expense) income, net (5,029 ) (11,840 ) (16,869 ) (11,238 ) (28,107 ) Income (loss) before (provision for) benefit from income taxes 1,390,972 (1,998,209 ) (607,237 ) 1,645,576 1,038,339 (Provision for) benefit from income taxes (481,439 ) 781,898 300,459 (673,491 ) (373,032 ) Net Income (Loss) $ 909,533 $ (1,216,311 ) $ (306,778 ) $ 972,085 $ 665,307 Basic earnings per common share $ 0.39 $ (0.52 ) $ (0.13 ) $ 0.41 $ 0.29 Diluted earnings per share $ 0.37 $ (0.52 ) $ (0.13 ) $ 0.35 $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,323 2,328 2,326 2,349 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,440 2,328 2,443 2,769 2,616 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 8,265,086 $ 9,538,479 $ 17,803,565 $ 8,397,523 $ 26,201,088 Costs and expenses: Cost of products sold 5,736,255 5,816,176 11,552,431 4,683,903 16,236,334 Selling, general and administrative 1,786,532 1,659,188 3,445,720 2,193,989 5,639,709 Depreciation and amortization 146,130 245,483 391,613 204,300 595,913 Total operating expenses 7,668,917 7,720,847 15,389,764 7,082,192 22,471,956 Operating income 596,169 1,817,632 2,413,801 1,315,331 3,729,132 Other income (expense): Other income 27,897 23 27,920 28,324 56,244 Interest (expense) income, net (8,973 ) (5,791 ) (14,764 ) 144 (14,620 ) Total other income (expense), net 18,924 (5,768 ) 13,156 28,468 41,624 Income before provision for income taxes 615,093 1,811,864 2,426,957 1,343,799 3,770,756 Provision for income taxes (140,856 ) (414,916 ) (555,772 ) (307,800 ) (863,572 ) Net Income $ 474,237 $ 1,396,948 $ 1,871,185 $ 1,035,999 $ 2,907,184 Basic earnings per common share $ 0.20 $ 0.59 $ 0.79 $ 0.44 $ 1.23 Diluted earnings per share $ 0.19 $ 0.57 $ 0.76 $ 0.42 $ 1.18 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,455 2,458 2,457 2,460 2,458 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Revenue $ 6,510,577 $ 6,561,872 $ 13,072,449 $ 5,814,132 $ 18,886,581 Costs and expenses: Cost of products sold 4,739,742 5,563,554 10,303,296 4,546,524 14,849,820 Selling, general and administrative 1,284,106 1,180,275 2,464,381 1,320,001 3,784,382 Depreciation and amortization 175,916 181,149 357,065 226,338 583,403 Total operating expenses 6,199,764 6,924,978 13,124,742 6,092,863 19,217,605 Operating income (loss) 310,813 (363,106 ) (52,293 ) (278,731 ) (331,024 ) Other income (expense): Other income 2,130,606 50,839 2,181,445 14,516 2,195,961 Interest income (expense), net 73 126 199 69 268 Total other income (expense), net 2,130,679 50,965 2,181,644 14,585 2,196,229 Income (loss) before (provision for) benefit from income taxes 2,441,492 (312,141 ) 2,129,351 (264,146 ) 1,865,205 (Provision for) benefit from income taxes (97,904 ) 69,914 (27,990 ) 59,164 31,174 Net Income (Loss) $ 2,343,588 $ (242,227 ) $ 2,101,361 $ (204,982 ) $ 1,896,379 Basic earnings per common share $ 0.99 $ (0.10 ) $ 0.89 $ (0.09 ) $ 0.80 Diluted earnings per share $ 0.95 $ (0.10 ) $ 0.86 $ (0.09 ) $ 0.77 Weighted average number of common shares outstanding - basic (in thousands) 2,370 2,370 2,370 2,370 2,370 Weighted average number of common shares outstanding - diluted (in thousands) 2,472 2,370 2,456 2,370 2,449 For the Three-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 7,551,384 $ - $ 7,551,384 Costs and expenses: Cost of products sold 4,052,488 3,145,322 a 7,197,810 Selling, general and administrative 1,232,611 883,999 b 2,116,610 Depreciation and amortization 223,333 - 223,333 Total operating expenses 5,508,432 4,029,321 9,537,753 Operating income (loss) 2,042,952 (4,029,321 ) (1,986,369 ) Other expenses Other income 7,976 - 7,976 Interest income (expense) (19,816 ) - (19,816 ) Total other income (expense), net (11,840 ) - (11,840 ) Income (loss) before benefit from (provision for) income taxes 2,031,112 (4,029,321 ) a, b (1,998,209 ) Benefit from (provision for) income taxes (702,434 ) 1,484,332 c 781,898 Net Income (Loss) $ 1,328,678 $ (2,544,989 ) a, b, c $ (1,216,311 ) Basic earnings per common share $ 0.57 $ (1.09 ) $ (0.52 ) Diluted earnings per share $ 0.54 $ (1.06 ) $ (0.52 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,328 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,328 For the Six-Months Ended September 27, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 15,118,782 $ - $ 15,118,782 Costs and expenses: Cost of products sold 8,874,100 3,144,654 a 12,018,754 Selling, general and administrative 2,345,776 884,667 b 3,230,443 Depreciation and amortization 459,953 - 459,953 Total operating expenses 11,679,829 4,029,321 15,709,150 Operating income 3,438,953 (4,029,321 ) (590,368 ) Other expenses Other income 16,874 - 16,874 Interest income (expense) (33,743 ) - (33,743 ) Total other income (expense), net (16,869 ) - (16,869 ) Income before provision for income taxes 3,422,084 (4,029,321 ) a, b (607,237 ) Provision for income taxes (1,183,873 ) 1,484,332 c 300,459 Net Income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Basic earnings per common share $ 0.96 $ (1.09 ) $ (0.13 ) Diluted earnings per share $ 0.92 $ (1.05 ) $ (0.13 ) Weighted average number of common shares outstanding - basic (in thousands) 2,328 2,326 Weighted average number of common shares outstanding - diluted (in thousands) 2,446 2,443 For the Three-Months Ended December 31, 2019 As Previously Restatement Restatement As Revenue $ 8,424,657 $ 8,424,657 Costs and expenses: Cost of products sold 5,270,795 (209,913 ) a 5,060,882 Selling, general and administrative 1,469,198 1,469,197 Depreciation and amortization 237,764 - 237,764 Total operating expenses 6,977,757 (209,913 ) 6,767,843 Operating income 1,446,900 209,913 1,656,814 Other expenses Other income 6,025 - 6,025 Interest income (expense) (17,263 ) - (17,263 ) Total other income (expense), net (11,238 ) - (11,238 ) Income before provision for income taxes 1,435,662 209,913 a 1,645,576 Provision for income taxes (587,550 ) (85,941 ) c (673,491 ) Net Income $ 848,112 $ 123,972 a, c $ 972,085 Basic earnings per common share $ 0.36 $ 0.05 $ 0.41 Diluted earnings per share $ 0.31 $ 0.04 $ 0.35 Weighted average number of common shares outstanding - basic (in thousands) 2,349 2,349 Weighted average number of common shares outstanding - diluted (in thousands) 2,769 2,769 For the Nine-Months Ended December 31, 2019 As Previously Reported Restatement Impacts Restatement Reference As Restated Revenue $ 23,542,266 $ - $ 23,542,266 Costs and expenses: Cost of products sold 14,143,666 2,934,797 a 17,078,463 Selling, general and administrative 4,699,640 4,699,640 Depreciation and amortization 697,717 - 697,717 Total operating expenses 19,541,023 2,934,797 a 22,475,820 Operating income 4,001,243 (2,934,797 ) a 1,066,446 Other expenses Other income 22,899 - 22,899 Interest income (expense) (51,006 ) - (51,006 ) Total other income (expense), net (28,107 ) - (28,107 ) Income before provision for income taxes 3,973,136 (2,934,797 ) a 1,038,339 Provision for income taxes (1,374,511 ) 1,001,479 c (373,032 ) Net Income $ 2,598,625 $ (1,933,318 ) a, c $ 665,307 Basic earnings per common share $ 1.11 $ (0.82 ) $ 0.29 Diluted earnings per share $ 0.99 $ (0.74 ) $ 0.25 Weighted average number of common shares outstanding - basic (in thousands) 2,334 2,334 Weighted average number of common shares outstanding - diluted (in thousands) 2,616 2,616 |
Schedule of condensed statement of changes in stockholders’ equity (unaudited) | Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 29, 2019 2,323,468 $ 23,235 $ 3,802,672 $ 18,442,349 $ 22,268,256 Stock-based compensation expense - - 8,462 - 8,462 Exercise of stock options - - - - - Net income - - - 909,533 909,533 Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net loss - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 Stock-based compensation expense - - 261,927 - 261,927 Exercise of stock options 10,000 100 59,900 - 60,000 Net income - - - 655,755 655,755 Balance at March 31, 2020 (As Restated) $ 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Common Stock Additional Paid-in Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2020 (As Restated) 2,370,251 $ 23,703 $ 5,487,415 $ 19,763,411 $ 25,274,529 Stock-based compensation expense - - 272,062 - 272,062 Exercise of stock options - - - - - Net income - - - 474,237 474,237 Balance at June 30, 2020 2,370,251 $ 23,703 $ 5,759,477 $ 20,237,648 $ 26,020,828 Stock-based compensation expense - - 205,872 - 205,872 Exercise of stock options - - - - - Net income - - - 1,396,948 1,396,948 Balance at September 30, 2020 2,370,251 $ 23,703 $ 5,965,349 21,634,596 $ 27,623,648 Stock-based compensation expense - - 1,018,392 - 1,018,392 Exercise of stock options - - - - - Net income - - - 1,035,999 1,035,999 Balance at December 31, 2020 2,370,251 $ 23,703 $ 6,983,741 22,670,595 $ 29,678,039 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net loss - - - (879,262 ) (879,262 ) Balance at March 31, 2021 $ 2,370,251 $ 23,703 $ 7,183,241 21,791,333 $ 28,998,277 Common Stock Additional Retained Total Shares Amount Capital Earnings Equity Balance at March 31, 2021 2,370,251 $ 23,703 $ 7,183,241 $ 21,791,333 $ 28,998,277 Stock-based compensation expense - - 199,500 - 199,500 Exercise of stock options - - - - - Net income - - - 2,343,588 2,343,588 Balance at June 30, 2021 2,370,251 $ 23,703 $ 7,382,741 24,134,921 $ 31,541,365 Stock-based compensation expense - - 66,500 - 66,500 Exercise of stock options - - - - - Net loss - - - (242,227 ) (242,227 ) Balance at September 30, 2021 2,370,251 $ 23,703 $ 7,449,241 23,892,694 $ 31,365,638 Stock-based compensation expense - - 58,488 - 58,488 Exercise of stock options - - - - - Net loss - - - (204,982 ) (204,982 ) Balance at December 31, 2021 2,370,251 $ 23,703 $ 7,507,729 $ 23,687,712 $ 31,219,144 Stock-based compensation expense - - 58,595 - 58,595 Exercise of stock options - - - - - Net loss - - - (458,245 ) (458,245 ) Balance at March 31, 2022 $ 2,370,251 $ 23,703 $ 7,566,324 23,229,467 $ 30,819,494 Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As Previously Reported Balance at June 28, 2019 2,323,468 $ 23,235 $ 3,811,134 $ 19,351,882 $ 23,186,251 Stock-based compensation expense - - 5,664 - 5,664 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - 1,328,678 1,328,678 Balance at September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 Restatement Impacts Balance at June 28, 2019 - - - - - Stock-based compensation expense (see Note, below) - - 884,667 - 884,667 Exercise of stock options - - - - - Net income (loss) (see Note, below) - - - (2,544,989 ) (2,544,989 ) Balance at September 27, 2019 - $ - $ 884,667 $ (2,544,989 ) $ (1,660,322 ) As Restated Balance at June 28, 2019 2,323,468 23,235 3,811,134 19,351,882 23,186,251 Stock-based compensation expense - - 890,331 - 890,331 Exercise of stock options 8,283 83 32,917 - 33,000 Net income (loss) - - - (1,216,311 ) (1,216,311 ) Balance at September 27, 2019 (As Restated) 2,331,751 $ 23,318 $ 4,734,382 $ 18,135,571 $ 22,893,271 Common Stock Additional paid-in Retained Total Shares Amount capital Earnings Equity As adjusted and Previously Reported within the Form 10-Q for the Three and Nine Months Ended December 31, 2019: As presented within the as filed Form 10-Q for the three and six months ended September 27, 2019 2,331,751 $ 23,318 $ 3,849,715 $ 20,680,560 $ 24,553,593 - Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) - - 884,667 (487,756 ) 396,911 Balance at September 27, 2019 - as adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. 2,331,751 $ 23,318 $ 4,734,382 $ 20,192,804 $ 24,950,504 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 848,112 848,112 Balance at December 31, 2019 2,360,251 $ 23,603 $ 5,165,588 $ 21,040,916 $ 26,230,107 Restatement Impacts Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). - - - (2,057,233 ) (2,057,233 ) Stock-based compensation expense - - - - - Exercise of stock options - - - - - Net income (loss) - - - 123,973 123,973 Balance at December 31, 2019 - $ - $ - $ (1,933,260 ) $ (1,933,260 ) As Restated Balance at September 27, 2019 2,331,751 23,318 4,734,382 18,135,571 22,893,271 Stock-based compensation expense - - 260,491 - 260,491 Exercise of stock options 28,500 285 170,715 - 171,000 Net income (loss) - - - 972,085 972,085 Balance at December 31, 2019 (As Restated) 2,360,251 $ 23,603 $ 5,165,588 $ 19,107,656 $ 24,296,847 |
Schedule of condensed statements of cash flows (unaudited) | As Restated Three Months Ended Six Months Ended September 27, 2019 Nine Months Ended December 31, 2019 Cash flows from operating activities: Net income (loss) $ 909,533 $ (306,778 ) $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 236,620 459,953 697,717 Stock-based compensation expense 8,462 898,793 1,159,284 Operating lease right-of-use assets (254,249 ) (206,541 ) (158,833 ) Changes in assets and liabilities: Accounts receivable (1,367,760 ) (1,682,797 ) (1,943,474 ) Inventories (22,798 ) 2,074,400 847,324 Prepaid expenses and other current assets 147,378 (16,135 ) 263,356 Operating lease liabilities 255,127 210,711 165,395 Accounts payable 21,093 (360,321 ) (233,306 ) Customer advance payments 176,455 (125,689 ) (348,230 ) Other current liabilities 186,138 194,329 1,047,867 Accrued corporate income taxes 368,545 (413,353 ) (833,314 ) Excess payments to commercial financial company (705,623 ) (608,666 ) - Net cash (used in)/provided by operating activities (41,079 ) 117,906 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (260,239 ) (333,302 ) (468,815 ) Net cash used in investing activities (260,239 ) (333,302 ) (468,815 ) Cash flows from financing activities: Advances under accounts receivable financing 10,611,009 11,316,632 25,856,183 Repayments under the accounts receivable financing (10,945,315 ) (11,650,938 ) (25,808,618 ) Exercise of stock options - 33,000 204,000 Net cash (used in)/provided by financing activities (334,306 ) (301,306 ) 251,565 Net increase in cash (635,624 ) (516,702 ) 1,111,843 Cash - beginning of fiscal year 7,080,126 7,080,126 7,080,126 Cash - end of fiscal year $ 6,444,502 $ 6,563,424 $ 8,191,969 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 10,502 $ 31,329 $ 48,592 Income Taxes $ 112,895 $ 112,895 $ 953,365 Three Months Ended Six Months Ended September 30, 2020 Nine Months Ended December 31, 2020 Cash flows from operating activities: Net income $ 474,237 $ 1,871,185 $ 2,907,184 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 146,129 391,613 595,913 Stock-based compensation expense 272,062 477,934 1,496,326 Obsolescence provision 9,000 9,000 9,000 Operating lease right-of-use assets 1,942 3,883 14,885 Changes in assets and liabilities: Accounts receivable 127,312 (275,906 ) 816,518 Inventories 67,199 141,364 (711,308 ) Prepaid expenses and other current assets 27,264 87,611 76,139 Accounts payable (372,774 ) 116,336 (386,410 ) Customer advance payments (75,002 ) (30,032 ) (195,602 ) Other current liabilities 1,057,823 126,674 (156,558 ) Corporate income taxes receivable - (404,337 ) (656,017 ) Accrued corporate income taxes 140,856 (222,091 ) (222,091 ) Net cash provided by operating activities 1,876,048 2,293,234 3,587,979 Cash flows from investing activities: Acquisition of property, plant and equipment (257,040 ) (557,938 ) (648,316 ) Net cash used in investing activities (257,040 ) (557,938 ) (648,316 ) Cash flows from financing activities: Advances under accounts receivable financing 13,650,607 21,468,020 21,468,020 Repayments under the accounts receivable financing (13,550,252 ) (21,504,244 ) (21,504,244 ) Proceeds from PPP loan 2,103,885 2,103,885 2,103,885 Net cash provided by financing activities 2,204,240 2,067,661 2,067,661 Net increase in cash 3,823,248 3,802,957 5,007,324 Cash - beginning of fiscal year 7,760,057 7,760,057 7,760,057 Cash - end of fiscal year $ 11,583,305 $ 11,563,014 $ 12,767,381 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 9,602 $ 16,029 $ 16,269 Income Taxes $ - $ 1,182,200 $ 1,629,700 Three Months Ended Six Months Ended September 30, Nine Months Ended December 31, Cash flows from operating activities: Net income $ 2,343,588 $ 2,101,361 $ 1,896,379 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 175,917 357,065 583,404 Stock-based compensation expense 199,500 266,000 324,488 Obsolescence provision (14,000 ) (14,000 ) (14,000 ) Deferred income taxes, net (512,272 ) (512,272 ) (512,272 ) Operating lease right-of-use assets 107,202 232,921 358,640 Gain on forgiveness of PPP loan (2,103,885 ) (2,103,885 ) (2,103,885 ) Changes in assets and liabilities: Accounts receivable 1,960,450 2,578,046 2,255,420 Inventories (706,188 ) 4,778 (103,817 ) Prepaid expenses and other current assets (80,315 ) (34,819 ) 57,593 Operating lease liabilities (40,800 ) (137,041 ) (251,414 ) Accounts payable 172,023 (347,151 ) 263,634 Customer advance payments (26,389 ) (9,028 ) 121,293 Other current liabilities (227,524 ) (377,422 ) (370,968 ) Corporate income taxes receivable (92,415 ) (883,356 ) (1,078,214 ) Net cash provided by operating activities 1,154,892 1,121,197 1,426,281 Cash flows from investing activities: Acquisition of property, plant and equipment (34,121 ) (412,158 ) (2,215,159 ) Net cash used in investing activities (34,121 ) (412,158 ) (2,215,159 ) Net increase in cash 1,120,771 709,039 (788,878 ) Cash - beginning of fiscal year 13,907,542 13,907,542 13,907,542 Cash - end of fiscal year $ 15,028,313 $ 14,616,581 $ 13,118,664 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 52 $ 52 $ 110 Income Taxes $ 397,592 $ 1,010,539 $ 1,274,539 For the Six-Months Ended September 27, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,238,211 $ (2,544,989 ) a, b, c $ (306,778 ) Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 459,953 - 459,953 Stock-based compensation expense 14,126 884,667 b 898,793 Operating lease right-of-use assets (206,541 ) - (206,541 ) Changes in assets and liabilities: Accounts receivable (1,682,797 ) - (1,682,797 ) Inventories (1,070,254 ) 3,144,654 a 2,074,400 Excess payments to commercial finance company (608,666 ) (608,666 ) Prepaid expenses and other current assets (16,135 ) - (16,135 ) Operating lease liabilities 210,711 - 210,711 Accounts payable (360,321 ) - (360,321 ) Customer advance payments (125,689 ) - (125,689 ) Other current liabilities 194,329 - 194,329 Accrued corporate income taxes 1,070,979 (1,484,332 ) c (413,353 ) Net cash provided by operating activities 117,906 - 117,906 Cash flows from investing activities: Acquisition of property, plant and equipment (333,302 ) - (333,302 ) Net cash used in investing activities (333,302 ) - (333,302 ) Cash flows from financing activities: Advances under accounts receivable financing 11,316,632 - 11,316,632 Repayments under the accounts receivable financing (11,650,938 ) - (11,650,938 ) Exercise of stock options 33,000 - 33,000 Net cash (used in)/provided by financing activities (301,306 ) - (301,306 ) Net increase in cash (516,702 ) - (516,702 ) Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 6,563,424 $ - $ 6,563,424 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 31,329 $ - $ 31,329 Income Taxes $ 112,895 $ - $ 112,895 For the Nine-Months Ended December 31, 2019 As Previously Stated Restatement Impacts Restatement Reference As Restated Cash flows from operating activities: Net income $ 2,598,625 $ (1,933,318 ) a, b, c $ 665,307 Adjustments to reconcile net income to Net cash provided by operating activities: Depreciation and amortization 697,717 - 697,717 Stock-based compensation expense 1,159,284 - b 1,159,284 Operating lease right-of-use assets (158,833 ) - (158,833 ) Changes in assets and liabilities: Accounts receivable (1,943,474 ) - (1,943,474 ) Inventories (2,087,473 ) 2,934,797 a 847,324 Prepaid expenses and other current assets 263,357 - 263,356 Operating lease liabilities 165,395 - 165,395 Accounts payable (233,363 ) - (233,306 ) Customer advance payments (348,230 ) - (348,230 ) Other current liabilities 1,047,867 - 1,047,867 Accrued corporate income taxes 168,221 (1,001,479 ) c (833,314 ) Net cash provided by operating activities 1,329,093 - 1,329,093 Cash flows from investing activities: Acquisition of property, plant and equipment (468,815 ) - (468,815 ) Net cash used in investing activities (468,815 ) - (468,815 ) Cash flows from financing activities: Advances under accounts receivable financing 25,856,183 25,856,183 Repayments under the accounts receivable financing (25,808,618 ) (25,808,618 ) Exercise of stock options 204,000 - 204,000 Net cash (used in)/provided by financing activities 251,565 - 251,565 Net increase in cash 1,111,843 1,111,843 Cash - beginning of fiscal year 7,080,126 - 7,080,126 Cash - end of fiscal year $ 8,191,969 $ - $ 8,191,969 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 48,592 $ - $ 48,592 Income Taxes $ 953,365 $ - $ 953,365 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) - Revision of Prior Period, Error Correction, Adjustment [Member] | 12 Months Ended |
Mar. 31, 2020 USD ($) | |
Restatement of Previously Issued Financial Statements (Details) [Line Items] | |
Costs of products sold | $ 1,869,136 |
Income tax expense (Benefit) | 632,818 |
Net income | $ 1,236,318 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheets, including the balances originally reported | Mar. 31, 2020 USD ($) |
As Reported [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheets, including the balances originally reported [Line Items] | |
Inventories | $ 12,621,701 |
Total current assets | 25,915,795 |
Total assets | 28,920,508 |
Accrued corporate income taxes | 854,909 |
Total current liabilities | 2,409,661 |
Total liabilities | 2,409,661 |
Retained earnings | 20,999,729 |
Total Stockholder’s Equity | 26,510,847 |
Total Liabilities and Stockholders’ Equity | 28,920,508 |
Correction [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheets, including the balances originally reported [Line Items] | |
Inventories | (1,869,136) |
Total current assets | (1,869,136) |
Total assets | (1,869,136) |
Accrued corporate income taxes | (632,818) |
Total current liabilities | (632,818) |
Total liabilities | (632,818) |
Retained earnings | (1,236,318) |
Total Stockholder’s Equity | (1,236,318) |
Total Liabilities and Stockholders’ Equity | (1,869,136) |
As Restated [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheets, including the balances originally reported [Line Items] | |
Inventories | 10,752,565 |
Total current assets | 24,046,659 |
Total assets | 27,051,372 |
Accrued corporate income taxes | 222,091 |
Total current liabilities | 1,776,843 |
Total liabilities | 1,776,843 |
Retained earnings | 19,763,411 |
Total Stockholder’s Equity | 25,274,529 |
Total Liabilities and Stockholders’ Equity | $ 27,051,372 |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of income, including the amounts originally reported | 12 Months Ended |
Mar. 31, 2020 USD ($) $ / shares | |
As Reported [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of income, including the amounts originally reported [Line Items] | |
Cost of products sold | $ 21,906,236 |
Operating income | 3,285,948 |
Income before income taxes | 3,241,073 |
Provision for income taxes | 683,693 |
Net income | $ 2,557,380 |
Basic earnings per share (in Dollars per share) | $ / shares | $ 1.09 |
Fully diluted earnings per share (in Dollars per share) | $ / shares | $ 1.04 |
Correction [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of income, including the amounts originally reported [Line Items] | |
Cost of products sold | $ 1,869,136 |
Operating income | (1,869,136) |
Income before income taxes | (1,869,136) |
Provision for income taxes | (632,818) |
Net income | $ (1,236,318) |
Basic earnings per share (in Dollars per share) | $ / shares | $ (0.53) |
Fully diluted earnings per share (in Dollars per share) | $ / shares | $ (0.5) |
As Restated [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of income, including the amounts originally reported [Line Items] | |
Cost of products sold | $ 23,775,372 |
Operating income | 1,416,812 |
Income before income taxes | 1,371,937 |
Provision for income taxes | 50,875 |
Net income | $ 1,321,062 |
Basic earnings per share (in Dollars per share) | $ / shares | $ 0.56 |
Fully diluted earnings per share (in Dollars per share) | $ / shares | $ 0.54 |
Restatement of Previously Iss_6
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of stockholders’ equity, including the balances originally reported | 12 Months Ended |
Mar. 31, 2020 USD ($) | |
As Reported [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of stockholders’ equity, including the balances originally reported [Line Items] | |
Net income, for the fiscal year ended March 31, 2020 | $ 2,557,380 |
Retained earnings, as of March 31, 2020 | 20,999,729 |
Total stockholders’ equity, as of March 31, 2020 | 26,510,847 |
Correction [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of stockholders’ equity, including the balances originally reported [Line Items] | |
Net income, for the fiscal year ended March 31, 2020 | (1,236,318) |
Retained earnings, as of March 31, 2020 | (1,236,318) |
Total stockholders’ equity, as of March 31, 2020 | (1,236,318) |
As Restated [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of stockholders’ equity, including the balances originally reported [Line Items] | |
Net income, for the fiscal year ended March 31, 2020 | 1,321,062 |
Retained earnings, as of March 31, 2020 | 19,763,411 |
Total stockholders’ equity, as of March 31, 2020 | $ 25,274,529 |
Restatement of Previously Iss_7
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of cash flows from operating activities, including the balances originally reported | 12 Months Ended |
Mar. 31, 2020 USD ($) | |
As Reported [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of cash flows from operating activities, including the balances originally reported [Line Items] | |
Net income | $ 2,557,380 |
Obsolescence provision | 253,605 |
Deferred income taxes, net | (746,428) |
Increase/(decrease) in inventories | (853,863) |
Increase/(decrease) in accrued corporate income taxes | (339,306) |
Net cash provided by operating activities | 1,683,413 |
Correction [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of cash flows from operating activities, including the balances originally reported [Line Items] | |
Net income | (1,236,318) |
Obsolescence provision | (37,605) |
Deferred income taxes, net | 482,213 |
Increase/(decrease) in inventories | 1,906,741 |
Increase/(decrease) in accrued corporate income taxes | (1,115,031) |
Net cash provided by operating activities | |
As Restated [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statements of cash flows from operating activities, including the balances originally reported [Line Items] | |
Net income | 1,321,062 |
Obsolescence provision | 216,000 |
Deferred income taxes, net | (264,215) |
Increase/(decrease) in inventories | 1,052,878 |
Increase/(decrease) in accrued corporate income taxes | (1,454,337) |
Net cash provided by operating activities | $ 1,683,413 |
Restatement of Previously Iss_8
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheet | Mar. 31, 2020 USD ($) |
As Previously Reported [Member] | |
Current assets: | |
Cash | $ 7,760,057 |
Accounts receivable | 5,358,164 |
Inventories | 12,621,701 |
Prepaid expenses and other current assets | 175,873 |
Total current assets | 25,915,795 |
Non-current assets: | |
Property, plant and equipment, net | 2,574,884 |
Operating lease right-of-use assets | 111,125 |
Deferred income tax asset, net | 264,215 |
Security deposit | 54,489 |
Total assets | 28,920,508 |
Current liabilities: | |
Accounts payable | 484,477 |
Due to accounts receivable financing company | 36,224 |
Customer advance payments | 245,960 |
Accrued corporate income taxes | 854,909 |
Operating lease liabilities | 119,629 |
Other current liabilities | 668,462 |
Total current liabilities | 2,409,661 |
Total liabilities | 2,409,661 |
Commitments and Contingencies | |
Stockholders’ Equity | |
Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at March 31, 2020 | 23,703 |
Additional paid-in capital | 5,487,415 |
Retained earnings | 20,999,729 |
Total Stockholders’ Equity | 26,510,847 |
Total Liabilities and Stockholders’ Equity | 28,920,508 |
(As Restated) [Member] | |
Current assets: | |
Cash | 7,760,057 |
Accounts receivable | 5,358,164 |
Inventories | 10,752,565 |
Prepaid expenses and other current assets | 175,873 |
Total current assets | 24,046,659 |
Non-current assets: | |
Property, plant and equipment, net | 2,574,884 |
Operating lease right-of-use assets | 111,125 |
Deferred income tax asset, net | 264,215 |
Security deposit | 54,489 |
Total assets | 27,051,372 |
Current liabilities: | |
Accounts payable | 484,477 |
Due to accounts receivable financing company | 36,224 |
Customer advance payments | 245,960 |
Accrued corporate income taxes | 222,091 |
Operating lease liabilities | 119,629 |
Other current liabilities | 668,462 |
Total current liabilities | 1,776,843 |
Total liabilities | 1,776,843 |
Commitments and Contingencies | |
Stockholders’ Equity | |
Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at March 31, 2020 | 23,703 |
Additional paid-in capital | 5,487,415 |
Retained earnings | 19,763,411 |
Total Stockholders’ Equity | 25,274,529 |
Total Liabilities and Stockholders’ Equity | 27,051,372 |
Restatement Impacts [Member] | |
Current assets: | |
Inventories | (1,869,136) |
Total current assets | (1,869,136) |
Non-current assets: | |
Total assets | (1,869,136) |
Current liabilities: | |
Accrued corporate income taxes | (632,818) |
Total current liabilities | (632,818) |
Total liabilities | (632,818) |
Commitments and Contingencies | |
Stockholders’ Equity | |
Retained earnings | (1,236,318) |
Total Stockholders’ Equity | (1,236,318) |
Total Liabilities and Stockholders’ Equity | $ (1,869,136) |
Restatement of Previously Iss_9
Restatement of Previously Issued Financial Statements (Details) - Schedule of balance sheet (Parentheticals) | Mar. 31, 2020 $ / shares shares |
As Previously Reported [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Common stock, par value (in Dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 10,000,000 |
Common stock, shares issued | 2,370,251 |
Common stock, shares outstanding | 2,370,251 |
Restatement Impacts [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Common stock, par value (in Dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 10,000,000 |
Common stock, shares issued | 2,370,251 |
Common stock, shares outstanding | 2,370,251 |
(As Restated) [Member] | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Common stock, par value (in Dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 10,000,000 |
Common stock, shares issued | 2,370,251 |
Common stock, shares outstanding | 2,370,251 |
Restatement of Previously Is_10
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of operations $ / shares in Units, shares in Thousands | 12 Months Ended |
Mar. 31, 2020 USD ($) $ / shares shares | |
As Previously Reported [Member] | |
Condensed Income Statements, Captions [Line Items] | |
Revenue | $ 32,154,549 |
Costs and expenses: | |
Cost of products sold | 21,906,236 |
Selling, general and administrative | 6,007,241 |
Depreciation and amortization | 955,124 |
Total operating expenses | 28,868,601 |
Operating income | 3,285,948 |
Other expenses: | |
Other income | 26,720 |
Interest income (expense) | (71,595) |
Total other income (expense), net | (44,875) |
Income before provision for income taxes | 3,241,073 |
Provision for income taxes | (683,693) |
Net income | $ 2,557,380 |
Basic earnings per common share (in Dollars per share) | $ / shares | $ 1.09 |
Diluted earnings per share (in Dollars per share) | $ / shares | $ 1.04 |
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | shares | 2,341 |
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | shares | 2,458 |
Restatement Impacts [Member] | |
Condensed Income Statements, Captions [Line Items] | |
Revenue | |
Costs and expenses: | |
Cost of products sold | 1,869,136 |
Depreciation and amortization | |
Total operating expenses | 1,869,136 |
Operating income | (1,869,136) |
Other expenses: | |
Other income | |
Interest income (expense) | |
Total other income (expense), net | |
Income before provision for income taxes | (1,869,136) |
Provision for income taxes | 632,818 |
Net income | $ (1,236,318) |
Basic earnings per common share (in Dollars per share) | $ / shares | $ (0.53) |
Diluted earnings per share (in Dollars per share) | $ / shares | $ (0.5) |
As Restated [Member] | |
Condensed Income Statements, Captions [Line Items] | |
Revenue | $ 32,154,549 |
Costs and expenses: | |
Cost of products sold | 23,775,372 |
Selling, general and administrative | 6,007,241 |
Depreciation and amortization | 955,124 |
Total operating expenses | 30,737,737 |
Operating income | 1,416,812 |
Other expenses: | |
Other income | 26,720 |
Interest income (expense) | (71,595) |
Total other income (expense), net | (44,875) |
Income before provision for income taxes | 1,371,937 |
Provision for income taxes | (50,875) |
Net income | $ 1,321,062 |
Basic earnings per common share (in Dollars per share) | $ / shares | $ 0.56 |
Diluted earnings per share (in Dollars per share) | $ / shares | $ 0.54 |
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | shares | 2,341 |
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | shares | 2,452 |
Restatement of Previously Is_11
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity | 12 Months Ended |
Mar. 31, 2020 USD ($) shares | |
As Previously Reported [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | $ 22,268,256 |
Stock-based compensation expense | 1,421,211 |
Exercise of stock options | 264,000 |
Net income (loss) | 2,557,380 |
Balance | $ 26,510,847 |
As Previously Reported [Member] | Common Stock [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance (in Shares) | shares | 2,323,468 |
Balance | $ 23,235 |
Stock-based compensation expense | |
Exercise of stock options (in Shares) | shares | 46,783 |
Exercise of stock options | $ 468 |
Net income (loss) | |
Balance (in Shares) | shares | 2,370,251 |
Balance | $ 23,703 |
As Previously Reported [Member] | Additional Paid-in Capital [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 3,802,672 |
Stock-based compensation expense | 1,421,211 |
Exercise of stock options | 263,532 |
Net income (loss) | |
Balance | 5,487,415 |
As Previously Reported [Member] | Retained Earnings [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 18,442,349 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | 2,557,380 |
Balance | 20,999,729 |
Restatement Impacts [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 22,268,256 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | (1,236,318) |
Balance | $ (1,236,318) |
Restatement Impacts [Member] | Common Stock [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance (in Shares) | shares | 2,323,468 |
Balance | $ 23,235 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | |
Balance | |
Restatement Impacts [Member] | Additional Paid-in Capital [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 3,802,672 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | |
Balance | |
Restatement Impacts [Member] | Retained Earnings [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 18,442,349 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | (1,236,318) |
Balance | (1,236,318) |
As Restated [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 22,268,256 |
Stock-based compensation expense | 1,421,211 |
Exercise of stock options | 264,000 |
Net income (loss) | 1,321,062 |
Balance | $ 25,274,529 |
As Restated [Member] | Common Stock [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance (in Shares) | shares | 2,323,468 |
Balance | $ 23,235 |
Stock-based compensation expense | |
Exercise of stock options (in Shares) | shares | 46,783 |
Exercise of stock options | $ 468 |
Net income (loss) | |
Balance (in Shares) | shares | 2,370,251 |
Balance | $ 23,703 |
As Restated [Member] | Additional Paid-in Capital [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 3,802,672 |
Stock-based compensation expense | 1,421,211 |
Exercise of stock options | 263,532 |
Net income (loss) | |
Balance | 5,487,415 |
As Restated [Member] | Retained Earnings [Member] | |
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of changes in stockholders’ equity [Line Items] | |
Balance | 18,442,349 |
Stock-based compensation expense | |
Exercise of stock options | |
Net income (loss) | 1,321,062 |
Balance | $ 19,763,411 |
Restatement of Previously Is_12
Restatement of Previously Issued Financial Statements (Details) - Schedule of statement of cash flows | 12 Months Ended |
Mar. 31, 2020 USD ($) | |
As Previously Stated [Member] | |
Cash flows from operating activities: | |
Net income | $ 2,557,380 |
Net cash provided by operating activities: | |
Depreciation and amortization | 955,123 |
Stock-based compensation expense | 1,421,211 |
Obsolescence provision | 253,605 |
Deferred income taxes, net | (746,428) |
Operating lease right-of-use assets | (111,125) |
Changes in assets and liabilities: | |
Accounts receivable | (1,525,074) |
Inventories | (853,863) |
Prepaid expenses and other current assets | 359,024 |
Operating lease liabilities | 119,629 |
Accounts payable | 4,465 |
Customer advance payments | (102,270) |
Other current liabilities | (308,958) |
Accrued corporate income taxes | (339,306) |
Net cash provided by operating activities | 1,683,413 |
Cash flows from investing activities: | |
Acquisition of property, plant and equipment | (969,400) |
Net cash used in investing activities | (969,400) |
Cash flows from financing activities: | |
Advances under accounts receivable financing | 29,765,459 |
Repayments under the accounts receivable financing | (30,063,541) |
Exercise of stock options | 264,000 |
Net cash (used in)/provided by financing activities | (34,082) |
Net increase in cash | 679,931 |
Cash - beginning of fiscal year | 7,080,126 |
Cash - end of fiscal year | 7,760,057 |
Cash paid during the year for: | |
Interest | 71,595 |
Income Taxes | 1,769,429 |
Restatement Impacts [Member] | |
Cash flows from operating activities: | |
Net income | (1,236,318) |
Net cash provided by operating activities: | |
Stock-based compensation expense | |
Obsolescence provision | (37,605) |
Deferred income taxes, net | 482,213 |
Operating lease right-of-use assets | |
Changes in assets and liabilities: | |
Accounts receivable | |
Inventories | 1,906,741 |
Prepaid expenses and other current assets | |
Operating lease liabilities | |
Accounts payable | |
Customer advance payments | |
Other current liabilities | |
Accrued corporate income taxes | (1,115,031) |
Net cash provided by operating activities | |
Cash flows from investing activities: | |
Acquisition of property, plant and equipment | |
Net cash used in investing activities | |
Cash flows from financing activities: | |
Advances under accounts receivable financing | |
Repayments under the accounts receivable financing | |
Exercise of stock options | |
Net cash (used in)/provided by financing activities | |
Net increase in cash | |
Cash - beginning of fiscal year | |
Cash - end of fiscal year | |
Cash paid during the year for: | |
Interest | |
Income Taxes | |
As Restated [Member] | |
Cash flows from operating activities: | |
Net income | 1,321,062 |
Net cash provided by operating activities: | |
Depreciation and amortization | 955,123 |
Stock-based compensation expense | 1,421,211 |
Obsolescence provision | 216,000 |
Deferred income taxes, net | (264,215) |
Operating lease right-of-use assets | (111,125) |
Changes in assets and liabilities: | |
Accounts receivable | (1,525,074) |
Inventories | 1,052,878 |
Prepaid expenses and other current assets | 359,024 |
Operating lease liabilities | 119,629 |
Accounts payable | 4,465 |
Customer advance payments | (102,270) |
Other current liabilities | (308,958) |
Accrued corporate income taxes | (1,454,337) |
Net cash provided by operating activities | 1,683,413 |
Cash flows from investing activities: | |
Acquisition of property, plant and equipment | (969,400) |
Net cash used in investing activities | (969,400) |
Cash flows from financing activities: | |
Advances under accounts receivable financing | 29,765,459 |
Repayments under the accounts receivable financing | (30,063,541) |
Exercise of stock options | 264,000 |
Net cash (used in)/provided by financing activities | (34,082) |
Net increase in cash | 679,931 |
Cash - beginning of fiscal year | 7,080,126 |
Cash - end of fiscal year | 7,760,057 |
Cash paid during the year for: | |
Interest | 71,595 |
Income Taxes | $ 1,769,429 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Allowance for obsolete inventory | $ (14,000) | $ 9,000 | $ 216,000 |
Lease cost | 573,125 | 255,158 | 194,338 |
Annual rental | 4,050,696 | ||
Periodic Adjustment [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Allowance for obsolete inventory | $ 211,000 | $ 225,000 | $ 216,000 |
Minimum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 5 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 7 years | ||
China [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
International net sales percentage | 68.20% | 85.80% | 47% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of disaggregated revenue by geographical location - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue, Major Customer [Line Items] | |||
Revenue | $ 24,265,589 | $ 34,715,195 | $ 32,154,549 |
Domestic [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | 18,480,329 | 26,633,429 | 26,244,412 |
International [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue | $ 5,785,260 | $ 8,081,766 | $ 5,910,137 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of aggregated revenue by industry as a percentage of total revenue | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Military [Member] | |||
Schedule of Aggregated Revenue by Industry as a Percentage of Total Revenue [Abstract] | |||
Percentage of revenue | 59.10% | 60.80% | 59.50% |
Commercial Aerospace [Member] | |||
Schedule of Aggregated Revenue by Industry as a Percentage of Total Revenue [Abstract] | |||
Percentage of revenue | 14.70% | 21.40% | 22.70% |
Space [Member] | |||
Schedule of Aggregated Revenue by Industry as a Percentage of Total Revenue [Abstract] | |||
Percentage of revenue | 17.70% | 13.90% | 13.90% |
Other [Member] | |||
Schedule of Aggregated Revenue by Industry as a Percentage of Total Revenue [Abstract] | |||
Percentage of revenue | 8.50% | 3.90% | 3.90% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per share - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Basic and Diluted Net Income Per Share [Abstract] | |||
Net income (in Dollars) | $ 1,438,134 | $ 2,027,922 | $ 1,321,062 |
BASIC EARNINGS PER COMMON SHARE (in Dollars per share) | $ 0.61 | $ 0.86 | $ 0.56 |
DILUTED EARNINGS PER SHARE (in Dollars per share) | $ 0.59 | $ 0.82 | $ 0.54 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC | 2,370,251 | 2,370,251 | 2,341,320 |
DILUTIVE EFFECT OF OPTIONS TO THE EXTENT THAT SUCH OPTIONS ARE DETERMINED TO BE IN THE MONEY FOR THE PERIOD | 77,688 | 92,410 | 110,434 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-FULLY DILUTED | 2,447,939 | 2,462,661 | 2,451,754 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of fair value of the stock option grant - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Fair Value of the Stock Option Grant [Abstract] | |||
Weighted Average Stock Price (in Dollars per share) | $ 15.18 | $ 12.18 | $ 19.7 |
Expected life (in years) | 5 years | 5 years | 6 years |
Expected volatility | 55% | 55% | 56% |
Dividend yield | 0% | 0% | 0% |
Risk-Free interest rate, per annum | 1.40% | 0.07% | 1.88% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of balance sheet information related to our leases - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Balance Sheet Information [Abstract] | |||
Right-of-use assets | $ 2,980,820 | $ 3,272,539 | $ 111,125 |
Right-of-use liability, current | 285,275 | 185,818 | |
Right-of-use lease liability, long-term | $ 2,906,455 | $ 3,180,280 | $ 119,629 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - Schedule of other information related to leases | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Other information | |||
Weighted-average discount rate – operating leases | 6% | 6% | 6% |
Weighted-average remaining lease term – operating lease (in years) | 8 years 9 months 18 days | 7 years 9 months 18 days | 8 months 12 days |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Details) - Schedule of total remaining operating lease payments | Mar. 31, 2022 USD ($) |
Schedule of Total Remaining Operating Lease Payments [Abstract] | |
2023 | $ 469,112 |
2024 | 483,184 |
2025 | 497,684 |
2026 | 519,036 |
2027 | 547,460 |
Thereafter | 1,534,220 |
Total gross operating lease payments | 4,050,696 |
Less: imputed interest | (858,966) |
Total lease liabilities, reflecting present value of future minimum lease payments | $ 3,191,730 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Inventories [Abstract] | |||
Raw materials | $ 7,875,015 | $ 6,885,402 | $ 9,093,070 |
Work in progress | 1,505,614 | 1,804,779 | 1,589,178 |
Finished goods | 558,758 | 836,616 | 286,317 |
Allowance for obsolete inventory | (211,000) | (225,000) | (216,000) |
Total Inventories | $ 9,728,387 | $ 9,301,797 | $ 10,752,565 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Prepaid Expenses and Other Current Assets [Abstract] | |||
Prepaid insurance | $ 35,691 | $ 76,143 | $ 117,043 |
Other current assets | 76,482 | 63,257 | 58,830 |
Total | $ 112,173 | $ 139,400 | $ 175,873 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 837,201 | $ 790,250 | $ 955,123 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 16,659,886 | $ 14,013,122 | $ 13,253,208 |
Less: accumulated depreciation and amortization | (12,305,775) | (11,468,574) | (10,678,324) |
Property, Plant and Equipment, net | 4,354,111 | 2,544,548 | 2,574,884 |
Computers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 572,423 | 539,652 | 537,042 |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,784,674 | 1,081,226 | 993,876 |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,909,982 | 7,603,314 | 7,250,410 |
Tools and dies [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,030,650 | 4,593,016 | 4,283,024 |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 352,372 | 186,129 | 179,072 |
Website development cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,785 | $ 9,785 | $ 9,784 |
Accounts Receivable Financing (
Accounts Receivable Financing (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | |||
Eligible receivables percentage | 80% | ||
Interest rate | 2.50% | ||
Announced minimum rate | 6% | ||
Obligation to financing company | $ 0 | $ 0 | $ 36,224 |
PPP Loan and Note (Details)
PPP Loan and Note (Details) - PPP loan [Member] - USD ($) | 3 Months Ended | |
Apr. 13, 2020 | Jun. 30, 2021 | |
PPP Loan and Note (Details) [Line Items] | ||
Principal amount | $ 2,103,885 | |
Interest rate | 1% | |
Matured years | 2 years | |
Debt forgiveness income | $ 2,103,885 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - Schedule of other current liabilities - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Other Current Liabilities [Abstract] | |||
Payroll and vacation accruals | $ 871,117 | $ 824,536 | $ 589,989 |
Sales commissions | 48,681 | 80,775 | 68,328 |
Other current liabilities | 31,308 | 34,068 | 10,145 |
Total | $ 951,106 | $ 939,379 | $ 668,462 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Internal revenue service (in Dollars) | $ 460,442 | |
Effective tax rate | (12.70%) | |
Federal rate | 21% | |
Net of federal benefit | 1.40% | |
Net operating losses (in Dollars) | $ 1,900,000 | |
State and city NOLs carried forward | 20 years |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision for income taxes - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Current: | |||
Federal | $ 980,061 | $ 430,193 | |
State and local | 81,169 | 367,110 | |
Total current tax provision | 1,061,230 | 797,303 | |
Deferred: | |||
Federal | (150,204) | (420,508) | (453,034) |
State and local | (12,442) | (33,967) | (293,394) |
Total deferred tax expense | (162,646) | (454,475) | (746,428) |
Total provision | $ (162,646) | $ 606,755 | $ 50,875 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of provision for income taxes - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | |||
Net operating loss | $ 424,263 | ||
Operating lease liabilities | 714,947 | 752,340 | |
Stock options | 883,522 | 816,500 | 677,239 |
Accrued expenses | 67,146 | 119,872 | |
Inventory | 150,460 | 148,742 | |
Total deferred tax assets | 2,240,338 | 1,717,582 | 797,111 |
Deferred tax liabilities: | |||
Depreciation | 766,255 | 344,200 | 532,896 |
Operating lease right-of-use asset | 667,703 | 731,429 | |
Total deferred tax liabilities | 1,433,958 | 1,075,629 | 532,896 |
Deferred tax assets (liabilities), net | $ 806,380 | $ 641,953 | $ 264,215 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of reconciliation of the provision for income taxes | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Reconciliation Of The Provision For Income Taxes Abstract | |||
U.S. federal statutory rate | 21% | 21% | 21% |
State taxes, net of federal benefit | 1.40% | 1.40% | 13.60% |
Stock Option Exercises | 1.60% | 0.60% | (21.20%) |
True-up for tax provision | 0% | 0% | (8.90%) |
Debt forgiveness income of the PPP Note- not subject to income tax | (36.90%) | 0% | 0% |
Meals and entertainment | 0.20% | (0.10%) | (0.70%) |
Effective tax rate | (12.70%) | 22.90% | 3.80% |
Equity Incentive Plans (Details
Equity Incentive Plans (Details) - USD ($) | 12 Months Ended | |||||
Jul. 29, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 16, 2020 | Aug. 31, 2011 | |
Equity Incentive Plans (Details) [Line Items] | ||||||
Common stock, shares issued (in Shares) | 225,000 | |||||
Exercise price percentage | 110% | |||||
Aggregate fair market value | $ 100,000 | |||||
Exercise price (in Dollars per share) | $ 20 | |||||
Option expires period | 10 years | |||||
Stock option vested (in Shares) | 75,000 | |||||
Fair value grant date (in Shares) | 2,394,000 | |||||
Stock-based compensation expense | 383,083 | $ 1,695,826 | $ 1,421,211 | |||
Stock options exercised | $ 0 | $ 0 | $ 264,000 | |||
2011 Equity Incentive Plan [Member] | ||||||
Equity Incentive Plans (Details) [Line Items] | ||||||
Common stock, shares issued (in Shares) | 750,000 | |||||
2020 Equity Incentive Plan [Member] | ||||||
Equity Incentive Plans (Details) [Line Items] | ||||||
Common stock, shares issued (in Shares) | 750,000 | |||||
2020 Equity Incentive Plan [Member] | ||||||
Equity Incentive Plans (Details) [Line Items] | ||||||
Stockholder percentage | 10% |
Equity Incentive Plans (Detai_2
Equity Incentive Plans (Details) - Schedule of stock option activity - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Stock Option Activity [Abstract] | |||
Shares, Beginning balance (in Shares) | 474,717 | 372,217 | 185,000 |
Weighted Avg.Grant Date Fair Value, Beginning balance | $ 7.98 | $ 8.18 | $ 4.19 |
Weighted Avg. Exercise Price, Beginning balance | $ 14.82 | $ 14.72 | $ 6.05 |
Remaining Contractual Term (Years), Beginning balance | 7 years 9 months | ||
Aggregate Intrinsic Value, Beginning balance (in Dollars) | $ 1,832 | ||
Shares, Ending balance (in Shares) | 482,217 | 474,717 | 372,217 |
Weighted Avg.Grant Date Fair Value, Ending balance | $ 7.91 | $ 7.98 | $ 8.18 |
Weighted Avg. Exercise Price, Ending balance | $ 14.69 | $ 14.82 | $ 14.72 |
Remaining Contractual Term (Years), Ending balance | 6 years 6 months 21 days | 7 years 5 months 23 days | 7 years 10 months 2 days |
Aggregate Intrinsic Value, Ending balance (in Dollars) | $ 865 | $ 1,858 | $ 934 |
Shares, Exercisable (in Shares) | 482,217 | 399,717 | 220,217 |
Weighted Avg.Grant Date Fair Value, Exercisable | $ 7.91 | $ 7.48 | $ 6.47 |
Weighted Avg. Exercise Price, Exercisable | $ 14.69 | $ 13.85 | $ 6.59 |
Shares, Granted (in Shares) | 20,000 | 112,500 | 235,000 |
Weighted Avg.Grant Date Fair Value, Granted | $ 5.85 | $ 7.24 | $ 10.46 |
Weighted Avg. Exercise Price, Granted | $ 12.18 | $ 13.84 | $ 14.72 |
Shares, Exercised (in Shares) | (47,783) | ||
Weighted Avg.Grant Date Fair Value, Exercised | $ 3.94 | ||
Weighted Avg. Exercise Price, Exercised | $ 6.59 | ||
Shares, Forfeited or Expired (in Shares) | (12,500) | (10,000) | |
Weighted Avg.Grant Date Fair Value, Forfeited or Expired | $ 7.41 | $ 7.22 | |
Weighted Avg. Exercise Price, Forfeited or Expired | $ 15.1 | $ 15.1 |
Cash Bonus Plan (Details)
Cash Bonus Plan (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Bonus Plan [Abstract] | |||
Accrued contributions | $ 408,000 | $ 394,000 | $ 324,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 01, 2020 | Jan. 29, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Lease agreement description | the Company entered into a 120 month extension of its lease agreement for an industrial building in Brooklyn, NY. Monthly rent is $20,400 for the period from commencement through November 30, 2021, $21,012 for the next 12-month period, $21,642 for the next 12-month period, $22,292 for the next 12-month period, $22,960 for the next 12-month period, $25,256 for the next 12-month period, $26,014 for the next 12-month period, $26,795 for the next 12-month period, $27,598 for the next 12-month period and $28,426 for the last 12-month period. The Company maintains a security deposit of $40,800, which is included in other assets on the accompanying balance sheet. | the Company entered into an 87 month lease agreement for an industrial building in Allentown, Pennsylvania. Monthly rent is $17,520 for the period from commencement through month 15, $18,046 for the next 12-month period, $18,587 for the next 12-month period, $19,145 for the next 12-month period, $19,719 for the next 12-month period, $20,310 for the next 12-month period and $20,920 for the last 12-month period. The Company maintains a security deposit of $35,040, which is included in other assets on the accompanying balance sheet. | |||
Rental expense | $ 573,125 | $ 255,158 | $ 194,338 | ||
Multi employer plan of contributions cost | $ 56,791 | $ 55,941 | $ 51,383 | ||
Percentage of providing less | 5% |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 37.10% | 36% | 36.60% |
One Customers [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 12.50% | 17.30% | 13.60% |
Second Customers [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 12.30% | 10.40% | 13.10% |
Third Customers [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 12.30% | 8.30% | 9.90% |
Accounts Receivable [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 15% | 41.70% | 35% |
Accounts Payable [Member] | |||
Concentrations [Abstract] | |||
Concentration risk percentage | 21.40% | 46.30% | 73% |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed balance sheets - Quarterly Financial Information [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 |
Current assets: | |||||||||||||
Cash | $ 13,118,664 | $ 14,616,581 | $ 15,028,313 | $ 12,767,381 | $ 11,563,014 | $ 11,583,305 | $ 6,444,502 | ||||||
Accounts receivable | 3,391,303 | 3,068,677 | 3,686,273 | 4,541,646 | 5,634,070 | 5,230,852 | 5,200,850 | ||||||
Inventories | 9,419,614 | 9,311,019 | 10,021,985 | 11,454,873 | 10,602,201 | 10,676,366 | 12,044,241 | ||||||
Corporate income taxes receivable | 1,613,310 | 1,418,452 | 627,511 | 656,017 | 404,337 | ||||||||
Excess payments to commercial financial company | 705,623 | ||||||||||||
Prepaid expenses and other current assets | 81,807 | 174,219 | 219,715 | 99,734 | 88,262 | 148,609 | 387,519 | ||||||
Total current assets | 27,624,698 | 28,588,948 | 29,583,797 | 29,519,651 | 28,291,884 | 27,639,132 | 24,782,735 | ||||||
Non-current assets: | |||||||||||||
Property, plant and equipment, net | 4,176,303 | 2,599,641 | 2,402,752 | 2,627,287 | 2,741,209 | 2,685,795 | 2,584,226 | ||||||
Operating lease right-of-use assets | 3,057,992 | 3,134,176 | 3,209,494 | 2,027,596 | 15,710 | 63,417 | 254,249 | ||||||
Deferred income tax asset, net | 1,154,225 | 1,154,225 | 1,154,225 | 264,215 | 264,215 | 264,215 | |||||||
Security deposit | 75,756 | 75,756 | 75,756 | 54,489 | 54,489 | 54,489 | 54,489 | ||||||
Total assets | 36,088,974 | 35,552,746 | 36,426,024 | 34,493,238 | 31,367,507 | 30,707,048 | 27,675,699 | ||||||
Current liabilities: | |||||||||||||
Accounts payable | 882,688 | 271,903 | 791,077 | 98,067 | 600,813 | 111,703 | 501,105 | ||||||
Due to accounts receivable financing company | 136,579 | ||||||||||||
Customer advance payments | 159,954 | 29,633 | 12,272 | 50,358 | 215,928 | 170,958 | 524,685 | ||||||
Accrued corporate income taxes | 362,947 | 2,044,973 | |||||||||||
Operating lease liabilities | 277,604 | 270,084 | 245,785 | 40,196 | 190,920 | ||||||||
Other current liabilities | 568,411 | 561,957 | 711,855 | 511,904 | 795,136 | 1,726,285 | 1,163,558 | ||||||
Total current liabilities | 1,888,657 | 1,133,577 | 1,760,989 | 700,525 | 1,611,877 | 2,508,472 | 4,425,241 | ||||||
Operating lease liabilities, non-current | 2,981,173 | 3,053,531 | 3,123,670 | 2,010,789 | 28,097 | 73,863 | 64,207 | ||||||
Total liabilities | 4,869,830 | 4,187,108 | 4,884,659 | 4,815,199 | 3,743,859 | 4,686,220 | 4,489,448 | ||||||
PPP Loan | 2,103,885 | 2,103,885 | 2,103,885 | ||||||||||
Stockholders’ Equity | |||||||||||||
Common Stock Value Issued | 23,703 | 23,703 | 23,703 | 23,703 | 23,703 | 23,703 | 23,235 | ||||||
Additional paid-in capital | 7,507,729 | 7,449,241 | 7,382,741 | 6,983,741 | 5,965,349 | 5,759,477 | 3,811,134 | ||||||
Retained earnings | 23,687,712 | 23,892,694 | 24,134,921 | 22,670,595 | 21,634,596 | 20,237,648 | 19,351,882 | ||||||
Total Stockholders’ Equity | $ 30,819,494 | 31,219,144 | 31,365,638 | 31,541,365 | $ 28,998,277 | 29,678,039 | 27,623,648 | 26,020,828 | 23,186,251 | $ 22,268,256 | |||
Total Liabilities and Stockholders’ Equity | $ 36,088,974 | $ 35,552,746 | $ 36,426,024 | $ 34,493,238 | $ 31,367,507 | $ 30,707,048 | 27,675,699 | ||||||
As Restated [Member] | |||||||||||||
Current assets: | |||||||||||||
Cash | $ 8,191,969 | $ 6,563,424 | |||||||||||
Accounts receivable | 5,776,564 | 5,515,887 | |||||||||||
Inventories | 11,174,119 | 9,947,043 | |||||||||||
Excess payments to commercial financial company | 608,666 | ||||||||||||
Prepaid expenses and other current assets | 271,541 | 551,032 | |||||||||||
Total current assets | 25,414,193 | 23,186,052 | |||||||||||
Non-current assets: | |||||||||||||
Property, plant and equipment, net | 2,331,705 | 2,433,956 | |||||||||||
Operating lease right-of-use assets | 158,833 | 206,541 | |||||||||||
Security deposit | 54,489 | 54,489 | |||||||||||
Total assets | 27,959,220 | 25,881,038 | |||||||||||
Current liabilities: | |||||||||||||
Accounts payable | 246,706 | 119,691 | |||||||||||
Due to accounts receivable financing company | 381,871 | ||||||||||||
Customer advance payments | 222,541 | ||||||||||||
Accrued corporate income taxes | 843,114 | 1,263,075 | |||||||||||
Operating lease liabilities | 165,395 | 177,664 | |||||||||||
Other current liabilities | 2,025,287 | 1,171,749 | |||||||||||
Total current liabilities | 3,662,373 | 2,954,720 | |||||||||||
Operating lease liabilities, non-current | 33,047 | ||||||||||||
Total liabilities | 3,662,373 | 2,987,767 | |||||||||||
Stockholders’ Equity | |||||||||||||
Common Stock Value Issued | 23,603 | 23,318 | |||||||||||
Additional paid-in capital | 5,165,588 | 4,734,382 | |||||||||||
Retained earnings | 19,107,656 | 18,135,571 | |||||||||||
Total Stockholders’ Equity | $ 25,274,529 | 24,296,847 | 22,893,271 | 23,186,251 | |||||||||
Total Liabilities and Stockholders’ Equity | 27,959,220 | 25,881,038 | |||||||||||
As Previously Reported [Member] | |||||||||||||
Current assets: | |||||||||||||
Cash | 8,191,969 | 6,563,424 | |||||||||||
Accounts receivable | 5,776,564 | 5,515,887 | |||||||||||
Inventories | 14,108,916 | 13,091,697 | |||||||||||
Excess payments to commercial financial company | 608,666 | ||||||||||||
Prepaid expenses and other current assets | 271,540 | 551,032 | |||||||||||
Total current assets | 28,348,989 | 26,330,706 | |||||||||||
Non-current assets: | |||||||||||||
Property, plant and equipment, net | 2,331,705 | 2,433,956 | |||||||||||
Operating lease right-of-use assets | 158,833 | 206,541 | |||||||||||
Security deposit | 54,489 | 54,489 | |||||||||||
Total assets | 30,894,016 | 29,025,692 | |||||||||||
Current liabilities: | |||||||||||||
Accounts payable | 246,706 | 119,691 | |||||||||||
Due to accounts receivable financing company | 381,871 | ||||||||||||
Customer advance payments | 222,541 | ||||||||||||
Accrued corporate income taxes | 1,844,650 | 2,747,407 | |||||||||||
Operating lease liabilities | 165,395 | 177,664 | |||||||||||
Other current liabilities | 2,025,287 | 1,171,749 | |||||||||||
Total current liabilities | 4,663,909 | 4,439,052 | |||||||||||
Operating lease liabilities, non-current | 33,047 | ||||||||||||
Total liabilities | 4,663,909 | 4,472,099 | |||||||||||
Stockholders’ Equity | |||||||||||||
Common Stock Value Issued | 23,603 | 23,318 | |||||||||||
Additional paid-in capital | 5,165,588 | 3,849,715 | |||||||||||
Retained earnings | 21,040,916 | 20,680,560 | |||||||||||
Total Stockholders’ Equity | 26,230,107 | 24,553,593 | $ 23,186,251 | ||||||||||
Total Liabilities and Stockholders’ Equity | 30,894,016 | 29,025,692 | |||||||||||
Restatement Impacts [Member] | |||||||||||||
Current assets: | |||||||||||||
Inventories | (2,934,797) | (3,144,654) | |||||||||||
Total current assets | (2,934,797) | (3,144,654) | |||||||||||
Non-current assets: | |||||||||||||
Total assets | (2,934,797) | (3,144,654) | |||||||||||
Current liabilities: | |||||||||||||
Accrued corporate income taxes | (1,001,536) | (1,484,332) | |||||||||||
Total current liabilities | (1,001,536) | (1,484,332) | |||||||||||
Operating lease liabilities, non-current | |||||||||||||
Total liabilities | (1,001,536) | (1,484,332) | |||||||||||
Stockholders’ Equity | |||||||||||||
Additional paid-in capital | 884,667 | ||||||||||||
Retained earnings | (1,933,260) | (2,544,989) | |||||||||||
Total Stockholders’ Equity | (1,933,260) | (1,660,322) | |||||||||||
Total Liabilities and Stockholders’ Equity | $ (2,934,796) | $ (3,144,654) |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed balance sheets (Parentheticals) - Quarterly Financial Information [Member] - $ / shares | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 27, 2019 | Jun. 28, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Common stock shares issued | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,323,468 | ||
Common stock, shares outstanding | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,323,468 | ||
As Restated [Member] | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | |||||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Common stock shares issued | 2,360,251 | 2,331,751 | |||||||
Common stock, shares outstanding | 2,360,251 | 2,331,751 | |||||||
As Previously Reported [Member] | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | |||||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Common stock shares issued | 2,360,251 | 2,331,751 | |||||||
Common stock, shares outstanding | 2,360,251 | 2,331,751 | |||||||
Restatement Impacts [Member] | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | |||||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Common stock shares issued | 2,360,251 | 2,331,751 | |||||||
Common stock, shares outstanding | 2,360,251 | 2,331,751 |
Quarterly Financial Informati_5
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statements of operations (unaudited) - Quarterly Financial Information [Member] - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 27, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Revenue | $ 5,814,132 | $ 6,561,872 | $ 6,510,577 | $ 8,397,523 | $ 9,538,479 | $ 8,265,086 | $ 7,567,398 | $ 13,072,449 | $ 17,803,565 | $ 18,886,581 | $ 26,201,088 | ||||
Costs and expenses: | |||||||||||||||
Cost of products sold | 4,546,524 | 5,563,554 | 4,739,742 | 4,683,903 | 5,816,176 | 5,736,255 | 4,820,944 | 10,303,296 | 11,552,431 | 14,849,820 | 16,236,334 | ||||
Selling, general and administrative | 1,320,001 | 1,180,275 | 1,284,106 | 2,193,989 | 1,659,188 | 1,786,532 | 1,113,833 | 2,464,381 | 3,445,720 | 3,784,382 | 5,639,709 | ||||
Depreciation and amortization | 226,338 | 181,149 | 175,916 | 204,300 | 245,483 | 146,130 | 236,620 | 357,065 | 391,613 | 583,403 | 595,913 | ||||
Total operating expenses | 6,092,863 | 6,924,978 | 6,199,764 | 7,082,192 | 7,720,847 | 7,668,917 | 6,171,397 | 13,124,742 | 15,389,764 | 19,217,605 | 22,471,956 | ||||
Operating income (loss) | (278,731) | (363,106) | 310,813 | 1,315,331 | 1,817,632 | 596,169 | 1,396,001 | (52,293) | 2,413,801 | (331,024) | 3,729,132 | ||||
Other (expense) income: | |||||||||||||||
Other income | 14,516 | 50,839 | 2,130,606 | 28,324 | 23 | 27,897 | 8,898 | 2,181,445 | 27,920 | 2,195,961 | 56,244 | ||||
Interest (expense) income, net | 69 | 126 | 73 | 144 | (5,791) | (8,973) | (13,927) | 199 | (14,764) | 268 | (14,620) | ||||
Total other (expense) income, net | 14,585 | 50,965 | 2,130,679 | 28,468 | (5,768) | 18,924 | (5,029) | 2,181,644 | 13,156 | 2,196,229 | 41,624 | ||||
Income (loss) before (provision for) benefit from income taxes | (264,146) | (312,141) | 2,441,492 | 1,343,799 | 1,811,864 | 615,093 | 1,390,972 | 2,129,351 | 2,426,957 | 1,865,205 | 3,770,756 | ||||
Benefit from (provision for) income taxes | 59,164 | 69,914 | (97,904) | (307,800) | (414,916) | (140,856) | (481,439) | (27,990) | (555,772) | 31,174 | (863,572) | ||||
Net Income (loss) | $ (204,982) | $ (242,227) | $ 2,343,588 | $ 1,035,999 | $ 1,396,948 | $ 474,237 | $ 909,533 | $ 2,101,361 | $ 1,871,185 | $ 1,896,379 | $ 2,907,184 | ||||
Basic earnings per common share (in Dollars per share) | $ (0.09) | $ (0.1) | $ 0.99 | $ 0.44 | $ 0.59 | $ 0.2 | $ 0.39 | $ 0.89 | $ 0.79 | $ 0.8 | $ 1.23 | ||||
Diluted earnings per share (in Dollars per share) | $ (0.09) | $ (0.1) | $ 0.95 | $ 0.42 | $ 0.57 | $ 0.19 | $ 0.37 | $ 0.86 | $ 0.76 | $ 0.77 | $ 1.18 | ||||
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | 2,370 | 2,370 | 2,370 | 2,370 | 2,370 | 2,370 | 2,323 | 2,370 | 2,370 | 2,370 | 2,370 | ||||
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | 2,370 | 2,370 | 2,472 | 2,460 | 2,458 | 2,455 | 2,440 | 2,456 | 2,457 | 2,449 | 2,458 | ||||
As Restated [Member] | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Revenue | $ 8,424,657 | $ 7,551,384 | $ 15,118,782 | $ 23,542,266 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold | 5,060,882 | 7,197,810 | 12,018,754 | 17,078,463 | |||||||||||
Selling, general and administrative | 1,469,197 | 2,116,610 | 3,230,443 | 4,699,640 | |||||||||||
Depreciation and amortization | 237,764 | 223,333 | 459,953 | 697,717 | |||||||||||
Total operating expenses | 6,767,843 | 9,537,753 | 15,709,150 | 22,475,820 | |||||||||||
Operating income (loss) | 1,656,814 | (1,986,369) | (590,368) | 1,066,446 | |||||||||||
Other (expense) income: | |||||||||||||||
Other income | 6,025 | 7,976 | 16,874 | 22,899 | |||||||||||
Interest (expense) income, net | (17,263) | (19,816) | (33,743) | (51,006) | |||||||||||
Total other (expense) income, net | (11,238) | (11,840) | (16,869) | (28,107) | |||||||||||
Income (loss) before (provision for) benefit from income taxes | 1,645,576 | (1,998,209) | (607,237) | 1,038,339 | |||||||||||
Benefit from (provision for) income taxes | (673,491) | 781,898 | 300,459 | (373,032) | |||||||||||
Net Income (loss) | $ 972,085 | $ (1,216,311) | $ (306,778) | $ 665,307 | |||||||||||
Basic earnings per common share (in Dollars per share) | $ 0.41 | $ (0.52) | $ (0.13) | $ 0.29 | |||||||||||
Diluted earnings per share (in Dollars per share) | $ 0.35 | $ (0.52) | $ (0.13) | $ 0.25 | |||||||||||
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | 2,349 | 2,328 | 2,326 | 2,334 | |||||||||||
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | 2,769 | 2,328 | 2,443 | 2,616 | |||||||||||
As Previously Reported {Member] | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Revenue | $ 8,424,657 | $ 7,551,384 | $ 15,118,782 | $ 23,542,266 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold | 5,270,795 | 4,052,488 | 8,874,100 | 14,143,666 | |||||||||||
Selling, general and administrative | 1,469,198 | 1,232,611 | 2,345,776 | 4,699,640 | |||||||||||
Depreciation and amortization | 237,764 | 223,333 | 459,953 | 697,717 | |||||||||||
Total operating expenses | 6,977,757 | 5,508,432 | 11,679,829 | 19,541,023 | |||||||||||
Operating income (loss) | 1,446,900 | 2,042,952 | 3,438,953 | 4,001,243 | |||||||||||
Other (expense) income: | |||||||||||||||
Other income | 6,025 | 7,976 | 16,874 | 22,899 | |||||||||||
Interest (expense) income, net | (17,263) | (19,816) | (33,743) | (51,006) | |||||||||||
Total other (expense) income, net | (11,238) | (11,840) | (16,869) | (28,107) | |||||||||||
Income (loss) before (provision for) benefit from income taxes | 1,435,662 | 2,031,112 | 3,422,084 | 3,973,136 | |||||||||||
Benefit from (provision for) income taxes | (587,550) | (702,434) | (1,183,873) | (1,374,511) | |||||||||||
Net Income (loss) | $ 848,112 | $ 1,328,678 | $ 2,238,211 | $ 2,598,625 | |||||||||||
Basic earnings per common share (in Dollars per share) | $ 0.36 | $ 0.57 | $ 0.96 | $ 1.11 | |||||||||||
Diluted earnings per share (in Dollars per share) | $ 0.31 | $ 0.54 | $ 0.92 | $ 0.99 | |||||||||||
Weighted average number of common shares outstanding - basic (in thousands) (in Shares) | 2,349 | 2,328 | 2,328 | 2,334 | |||||||||||
Weighted average number of common shares outstanding - diluted (in thousands) (in Shares) | 2,769 | 2,446 | 2,446 | 2,616 | |||||||||||
Restatement Impacts [Member] | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Revenue | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold | $ (209,913) | 3,145,322 | 3,144,654 | 2,934,797 | |||||||||||
Selling, general and administrative | 883,999 | 884,667 | |||||||||||||
Depreciation and amortization | |||||||||||||||
Total operating expenses | (209,913) | 4,029,321 | 4,029,321 | 2,934,797 | |||||||||||
Operating income (loss) | 209,913 | (4,029,321) | (4,029,321) | (2,934,797) | |||||||||||
Other (expense) income: | |||||||||||||||
Other income | |||||||||||||||
Interest (expense) income, net | |||||||||||||||
Total other (expense) income, net | |||||||||||||||
Income (loss) before (provision for) benefit from income taxes | 209,913 | (4,029,321) | (4,029,321) | (2,934,797) | |||||||||||
Benefit from (provision for) income taxes | (85,941) | 1,484,332 | 1,484,332 | 1,001,479 | |||||||||||
Net Income (loss) | $ 123,972 | $ (2,544,989) | $ (2,544,989) | $ (1,933,318) | |||||||||||
Basic earnings per common share (in Dollars per share) | $ 0.05 | $ (1.09) | $ (1.09) | $ (0.82) | |||||||||||
Diluted earnings per share (in Dollars per share) | $ 0.04 | $ (1.06) | $ (1.05) | $ (0.74) |
Quarterly Financial Informati_6
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) - Quarterly Financial Information [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | $ 31,219,144 | $ 31,365,638 | $ 31,541,365 | $ 28,998,277 | $ 29,678,039 | $ 27,623,648 | $ 26,020,828 | $ 23,186,251 | $ 22,268,256 | $ 28,998,277 | $ 22,268,256 | ||||
Stock-based compensation expense | 58,595 | 58,488 | 66,500 | 199,500 | 199,500 | 1,018,392 | 205,872 | $ 272,062 | 8,462 | ||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | (458,245) | (204,982) | (242,227) | 2,343,588 | (879,262) | 1,035,999 | 1,396,948 | 474,237 | 909,533 | ||||||
Balance | $ 30,819,494 | $ 31,219,144 | $ 31,365,638 | $ 31,541,365 | $ 28,998,277 | $ 29,678,039 | $ 27,623,648 | 26,020,828 | 23,186,251 | $ 30,819,494 | $ 28,998,277 | ||||
As Restated [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 25,274,529 | $ 24,296,847 | $ 22,893,271 | 23,186,251 | $ 25,274,529 | ||||||||||
Stock-based compensation expense | 261,927 | 260,491 | 890,331 | ||||||||||||
Exercise of stock options | 60,000 | 171,000 | 33,000 | ||||||||||||
Net income (loss) | 655,755 | 972,085 | (1,216,311) | ||||||||||||
Balance | 25,274,529 | 24,296,847 | 22,893,271 | 23,186,251 | $ 25,274,529 | ||||||||||
As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 26,230,107 | 24,553,593 | 23,186,251 | ||||||||||||
Stock-based compensation expense | 5,664 | ||||||||||||||
Exercise of stock options | 33,000 | ||||||||||||||
Net income (loss) | 1,328,678 | ||||||||||||||
Balance | 26,230,107 | 24,553,593 | 23,186,251 | ||||||||||||
Restatement Impacts [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | (1,933,260) | (1,660,322) | |||||||||||||
Stock-based compensation expense | 884,667 | ||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | 123,973 | (2,544,989) | |||||||||||||
Balance | (1,933,260) | (1,660,322) | |||||||||||||
Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). | (2,057,233) | ||||||||||||||
As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | $ 26,230,107 | 24,553,593 | |||||||||||||
Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) | 396,911 | ||||||||||||||
As adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. | 24,950,504 | ||||||||||||||
Stock-based compensation expense | 260,491 | ||||||||||||||
Exercise of stock options | 171,000 | ||||||||||||||
Net income (loss) | 848,112 | ||||||||||||||
Balance | $ 26,230,107 | $ 24,553,593 | |||||||||||||
Common Stock [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance (in Shares) | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,323,468 | 2,323,468 | 2,370,251 | 2,323,468 | ||||
Balance | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,235 | $ 23,235 | $ 23,703 | $ 23,235 | ||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | |||||||||||||||
Balance (in Shares) | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,370,251 | 2,323,468 | 2,370,251 | 2,370,251 | ||||
Balance | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,703 | $ 23,235 | $ 23,703 | $ 23,703 | ||||
Common Stock [Member] | As Restated [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance (in Shares) | 2,370,251 | 2,360,251 | 2,331,751 | 2,323,468 | 2,370,251 | ||||||||||
Balance | $ 23,703 | $ 23,603 | $ 23,318 | $ 23,235 | $ 23,703 | ||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options (in Shares) | 10,000 | 28,500 | 8,283 | ||||||||||||
Exercise of stock options | $ 100 | $ 285 | $ 83 | ||||||||||||
Net income (loss) | |||||||||||||||
Balance (in Shares) | 2,370,251 | 2,360,251 | 2,331,751 | 2,323,468 | 2,370,251 | ||||||||||
Balance | $ 23,703 | $ 23,603 | $ 23,318 | $ 23,235 | $ 23,703 | ||||||||||
Common Stock [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance (in Shares) | 2,331,751 | 2,323,468 | |||||||||||||
Balance | $ 23,318 | $ 23,235 | |||||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options (in Shares) | 8,283 | ||||||||||||||
Exercise of stock options | $ 83 | ||||||||||||||
Net income (loss) | |||||||||||||||
Balance (in Shares) | 2,331,751 | 2,323,468 | |||||||||||||
Balance | $ 23,318 | $ 23,235 | |||||||||||||
Common Stock [Member] | Restatement Impacts [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance (in Shares) | |||||||||||||||
Balance | |||||||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | |||||||||||||||
Balance (in Shares) | |||||||||||||||
Balance | |||||||||||||||
Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). | |||||||||||||||
Common Stock [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance (in Shares) | 2,360,251 | 2,331,751 | |||||||||||||
Balance | $ 23,603 | $ 23,318 | |||||||||||||
Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) | |||||||||||||||
As adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. (in Shares) | 2,331,751 | ||||||||||||||
As adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. | $ 23,318 | ||||||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options (in Shares) | 28,500 | ||||||||||||||
Exercise of stock options | $ 285 | ||||||||||||||
Net income (loss) | |||||||||||||||
Balance (in Shares) | 2,360,251 | 2,331,751 | |||||||||||||
Balance | $ 23,603 | $ 23,318 | |||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 7,507,729 | 7,449,241 | 7,382,741 | 7,183,241 | 6,983,741 | 5,965,349 | 5,759,477 | 3,811,134 | 3,802,672 | 7,183,241 | 3,802,672 | ||||
Stock-based compensation expense | 58,595 | 58,488 | 66,500 | 199,500 | 199,500 | 1,018,392 | 205,872 | 272,062 | 8,462 | ||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | |||||||||||||||
Balance | 7,566,324 | 7,507,729 | 7,449,241 | 7,382,741 | 7,183,241 | 6,983,741 | 5,965,349 | 5,759,477 | 3,811,134 | 7,566,324 | 7,183,241 | ||||
Additional Paid-in Capital [Member] | As Restated [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 5,487,415 | 5,165,588 | 4,734,382 | 3,811,134 | 5,487,415 | ||||||||||
Stock-based compensation expense | 261,927 | 260,491 | 890,331 | ||||||||||||
Exercise of stock options | 59,900 | 170,715 | 32,917 | ||||||||||||
Net income (loss) | |||||||||||||||
Balance | 5,487,415 | 5,165,588 | 4,734,382 | 3,811,134 | 5,487,415 | ||||||||||
Additional Paid-in Capital [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 3,849,715 | 3,811,134 | |||||||||||||
Stock-based compensation expense | 5,664 | ||||||||||||||
Exercise of stock options | 32,917 | ||||||||||||||
Net income (loss) | |||||||||||||||
Balance | 3,849,715 | 3,811,134 | |||||||||||||
Additional Paid-in Capital [Member] | Restatement Impacts [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 884,667 | ||||||||||||||
Stock-based compensation expense | 884,667 | ||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | |||||||||||||||
Balance | 884,667 | ||||||||||||||
Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). | |||||||||||||||
Additional Paid-in Capital [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 5,165,588 | 3,849,715 | |||||||||||||
Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) | 884,667 | ||||||||||||||
As adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. | 4,734,382 | ||||||||||||||
Stock-based compensation expense | 260,491 | ||||||||||||||
Exercise of stock options | 170,715 | ||||||||||||||
Net income (loss) | |||||||||||||||
Balance | 5,165,588 | 3,849,715 | |||||||||||||
Retained Earnings [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 23,687,712 | 23,892,694 | 24,134,921 | 21,791,333 | 22,670,595 | 21,634,596 | 20,237,648 | 19,351,882 | 18,442,349 | 21,791,333 | 18,442,349 | ||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | (458,245) | (204,982) | (242,227) | 2,343,588 | (879,262) | 1,035,999 | 1,396,948 | 474,237 | 909,533 | ||||||
Balance | $ 23,229,467 | $ 23,687,712 | $ 23,892,694 | $ 24,134,921 | $ 21,791,333 | $ 22,670,595 | $ 21,634,596 | 20,237,648 | 19,351,882 | $ 23,229,467 | 21,791,333 | ||||
Retained Earnings [Member] | As Restated [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | $ 19,763,411 | 19,107,656 | 18,135,571 | 19,351,882 | $ 19,763,411 | ||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | 655,755 | 972,085 | (1,216,311) | ||||||||||||
Balance | 19,763,411 | 19,107,656 | 18,135,571 | 19,351,882 | $ 19,763,411 | ||||||||||
Retained Earnings [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | 20,680,560 | 19,351,882 | |||||||||||||
Stock-based compensation expense | |||||||||||||||
Net income (loss) | 1,328,678 | ||||||||||||||
Balance | 20,680,560 | 19,351,882 | |||||||||||||
Retained Earnings [Member] | Restatement Impacts [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | (1,933,260) | (2,544,989) | |||||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | 123,973 | (2,544,989) | |||||||||||||
Balance | (1,933,260) | (2,544,989) | |||||||||||||
Restatement impact on the prior quarter for restatement adjustments for costs of products sold, net of income taxes ($2,544,989 representing both the inventory and stock-based compensation adjustments recorded in Q2, less the effect of the stock-based compensation adjustment of $487,756 which had already been reflected as an adjustment of the opening period balance for the quarterly reconciliation presented within the Form 10-Q for the three and nine months ended December 31, 2019). | (2,057,233) | ||||||||||||||
Retained Earnings [Member] | As Previously Reported [Member] | |||||||||||||||
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statement of changes in stockholders’ equity (unaudited) [Line Items] | |||||||||||||||
Balance | $ 21,040,916 | 20,680,560 | |||||||||||||
Adjustments to opening balances to reflect the effect of stock-based compensation, net of income taxes, that should have been recorded within the three and six months ended September 27, 2019, as if such amounts had been properly recorded during such prior quarterly period (stock-based compensation of $884,667, net of income taxes of $396,911) | (487,756) | ||||||||||||||
As adjusted and as presented within the Form 10-Q for the three and nine months ended December 31, 2019, as originally filed. | 20,192,804 | ||||||||||||||
Stock-based compensation expense | |||||||||||||||
Exercise of stock options | |||||||||||||||
Net income (loss) | 848,112 | ||||||||||||||
Balance | $ 21,040,916 | $ 20,680,560 |
Quarterly Financial Informati_7
Quarterly Financial Information (Unaudited) (Details) - Schedule of condensed statements of cash flows (unaudited) - Quarterly Financial Information [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 27, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ (204,982) | $ (242,227) | $ 2,343,588 | $ 1,035,999 | $ 1,396,948 | $ 474,237 | $ 909,533 | $ 2,101,361 | $ 1,871,185 | $ 1,896,379 | $ 2,907,184 | |||||
Adjustments to reconcile net income to | ||||||||||||||||
Depreciation and amortization | 175,917 | 146,129 | 236,620 | 357,065 | 391,613 | 583,404 | 595,913 | |||||||||
Stock-based compensation expense | 199,500 | 272,062 | 8,462 | 266,000 | 477,934 | 324,488 | 1,496,326 | |||||||||
Obsolescence provision | (14,000) | 9,000 | (14,000) | 9,000 | (14,000) | 9,000 | ||||||||||
Deferred income taxes, net | (512,272) | (512,272) | (512,272) | |||||||||||||
Operating lease right-of-use assets | 107,202 | 1,942 | (254,249) | 232,921 | 3,883 | 358,640 | 14,885 | |||||||||
Gain on forgiveness of PPP loan | (2,103,885) | (2,103,885) | (2,103,885) | |||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | 1,960,450 | 127,312 | (1,367,760) | 2,578,046 | (275,906) | 2,255,420 | 816,518 | |||||||||
Inventories | (706,188) | 67,199 | (22,798) | 4,778 | 141,364 | (103,817) | (711,308) | |||||||||
Prepaid expenses and other current assets | (80,315) | 27,264 | 147,378 | (34,819) | 87,611 | 57,593 | 76,139 | |||||||||
Operating lease liabilities | (40,800) | 255,127 | (137,041) | (251,414) | ||||||||||||
Accounts payable | 172,023 | (372,774) | 21,093 | (347,151) | 116,336 | 263,634 | (386,410) | |||||||||
Customer advance payments | (26,389) | (75,002) | 176,455 | (9,028) | (30,032) | 121,293 | (195,602) | |||||||||
Other current liabilities | (227,524) | 1,057,823 | 186,138 | (377,422) | 126,674 | (370,968) | (156,558) | |||||||||
Corporate income taxes receivable | (92,415) | (883,356) | (404,337) | (1,078,214) | (656,017) | |||||||||||
Accrued corporate income taxes | 140,856 | 368,545 | (222,091) | (222,091) | ||||||||||||
Excess payments to commercial financial company | (705,623) | |||||||||||||||
Net cash (used in)/provided by operating activities | 1,154,892 | 1,876,048 | (41,079) | 1,121,197 | 2,293,234 | 1,426,281 | 3,587,979 | |||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | (34,121) | (257,040) | (260,239) | (412,158) | (557,938) | (2,215,159) | (648,316) | |||||||||
Net cash used in investing activities | (34,121) | (257,040) | (260,239) | (412,158) | (557,938) | (2,215,159) | (648,316) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Advances under accounts receivable financing | 13,650,607 | 10,611,009 | 21,468,020 | 21,468,020 | ||||||||||||
Repayments under the accounts receivable financing | (13,550,252) | (10,945,315) | (21,504,244) | (21,504,244) | ||||||||||||
Proceeds from PPP loan | 2,103,885 | 2,103,885 | 2,103,885 | |||||||||||||
Net cash (used in)/provided by financing activities | 2,204,240 | (334,306) | 2,067,661 | 2,067,661 | ||||||||||||
Net increase in cash | 1,120,771 | 3,823,248 | (635,624) | 709,039 | 3,802,957 | (788,878) | 5,007,324 | |||||||||
Cash - beginning of fiscal year | 14,616,581 | 15,028,313 | 13,907,542 | 11,563,014 | 11,583,305 | 7,760,057 | 7,080,126 | 13,907,542 | 7,760,057 | $ 7,080,126 | 13,907,542 | 7,760,057 | $ 7,080,126 | $ 7,760,057 | ||
Cash - end of fiscal year | $ 13,118,664 | $ 14,616,581 | 15,028,313 | $ 12,767,381 | $ 11,563,014 | 11,583,305 | 6,444,502 | 14,616,581 | 11,563,014 | 13,118,664 | 12,767,381 | $ 13,907,542 | ||||
Cash paid during the year for: | ||||||||||||||||
Interest | 52 | $ 9,602 | 10,502 | 52 | 16,029 | 110 | 16,269 | |||||||||
Income Taxes | $ 397,592 | 112,895 | $ 1,010,539 | $ 1,182,200 | $ 1,274,539 | $ 1,629,700 | ||||||||||
As Restated [Member] | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ 972,085 | $ (1,216,311) | (306,778) | 665,307 | ||||||||||||
Adjustments to reconcile net income to | ||||||||||||||||
Depreciation and amortization | 459,953 | 697,717 | ||||||||||||||
Stock-based compensation expense | 898,793 | 1,159,284 | ||||||||||||||
Operating lease right-of-use assets | (206,541) | (158,833) | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | (1,682,797) | (1,943,474) | ||||||||||||||
Inventories | 2,074,400 | 847,324 | ||||||||||||||
Prepaid expenses and other current assets | (16,135) | 263,356 | ||||||||||||||
Operating lease liabilities | 210,711 | 165,395 | ||||||||||||||
Accounts payable | (360,321) | (233,306) | ||||||||||||||
Customer advance payments | (125,689) | (348,230) | ||||||||||||||
Other current liabilities | 194,329 | 1,047,867 | ||||||||||||||
Accrued corporate income taxes | (413,353) | (833,314) | ||||||||||||||
Excess payments to commercial financial company | (608,666) | |||||||||||||||
Net cash (used in)/provided by operating activities | 117,906 | 1,329,093 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | (333,302) | (468,815) | ||||||||||||||
Net cash used in investing activities | (333,302) | (468,815) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Advances under accounts receivable financing | 11,316,632 | 25,856,183 | ||||||||||||||
Repayments under the accounts receivable financing | (11,650,938) | (25,808,618) | ||||||||||||||
Exercise of stock options | 33,000 | 204,000 | ||||||||||||||
Net cash (used in)/provided by financing activities | (301,306) | 251,565 | ||||||||||||||
Net increase in cash | (516,702) | 1,111,843 | ||||||||||||||
Cash - beginning of fiscal year | 7,080,126 | 7,080,126 | 7,080,126 | |||||||||||||
Cash - end of fiscal year | 8,191,969 | 6,563,424 | 6,563,424 | 8,191,969 | ||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest | 31,329 | 48,592 | ||||||||||||||
Income Taxes | 112,895 | 953,365 | ||||||||||||||
As Previously Reported [Member] | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | 848,112 | 1,328,678 | 2,238,211 | 2,598,625 | ||||||||||||
Adjustments to reconcile net income to | ||||||||||||||||
Depreciation and amortization | 459,953 | 697,717 | ||||||||||||||
Stock-based compensation expense | 14,126 | 1,159,284 | ||||||||||||||
Operating lease right-of-use assets | (206,541) | (158,833) | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | (1,682,797) | (1,943,474) | ||||||||||||||
Inventories | (1,070,254) | (2,087,473) | ||||||||||||||
Prepaid expenses and other current assets | (16,135) | 263,357 | ||||||||||||||
Operating lease liabilities | 210,711 | 165,395 | ||||||||||||||
Accounts payable | (360,321) | (233,363) | ||||||||||||||
Customer advance payments | (125,689) | (348,230) | ||||||||||||||
Other current liabilities | 194,329 | 1,047,867 | ||||||||||||||
Accrued corporate income taxes | 1,070,979 | 168,221 | ||||||||||||||
Excess payments to commercial financial company | (608,666) | |||||||||||||||
Net cash (used in)/provided by operating activities | 117,906 | 1,329,093 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | (333,302) | (468,815) | ||||||||||||||
Net cash used in investing activities | (333,302) | (468,815) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Advances under accounts receivable financing | 11,316,632 | 25,856,183 | ||||||||||||||
Repayments under the accounts receivable financing | (11,650,938) | (25,808,618) | ||||||||||||||
Exercise of stock options | 33,000 | 204,000 | ||||||||||||||
Net cash (used in)/provided by financing activities | (301,306) | 251,565 | ||||||||||||||
Net increase in cash | (516,702) | 1,111,843 | ||||||||||||||
Cash - beginning of fiscal year | $ 7,080,126 | 7,080,126 | 7,080,126 | |||||||||||||
Cash - end of fiscal year | 8,191,969 | 6,563,424 | 6,563,424 | 8,191,969 | ||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest | 31,329 | 48,592 | ||||||||||||||
Income Taxes | 112,895 | 953,365 | ||||||||||||||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ 123,972 | $ (2,544,989) | $ (2,544,989) | (1,933,318) | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Inventories | 2,934,797 | |||||||||||||||
Accrued corporate income taxes | $ (1,001,479) |