Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 19, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | |
Entity Central Index Key | 0000849401 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 67,588,492 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,456,633 | $ 1,555,687 |
Accounts receivable, net of allowance for doubtful accounts of $160,000 at June 30, 2019 and March 31, 2019 | 1,008,913 | 916,844 |
Inventories | 424,825 | 326,308 |
Prepaid expenses and other current assets | 51,930 | 28,582 |
Total current assets | 2,942,301 | 2,827,421 |
Property and equipment, net of accumulated depreciation of $117,475 and $108,099 at June 30, 2019 and March 31, 2019, respectively | 86,085 | 95,461 |
Right of use assets - operating leases | 941,875 | |
Accounts receivable-related party | 330,090 | 330,090 |
Inventories - long-term portion | 85,457 | 85,457 |
Intangible assets, net of accumulated amortization of $12,384 and $12,035 at June 30, 2019 and March 31, 2019, respectively | 8,550 | 8,899 |
Other assets | 90,764 | 90,764 |
Deferred tax asset | 1,086,000 | 1,107,000 |
Total other assets | 2,628,821 | 1,717,671 |
Total assets | 5,571,122 | 4,545,092 |
Current liabilities: | ||
Current portion of obligations under operating leases | 101,875 | |
Current portion of obligations under capital leases | 31,196 | 31,196 |
Line of credit | 35,123 | 169,885 |
Accounts payable | 283,303 | 275,591 |
Accrued expenses and other current liabilities | 121,517 | 150,549 |
Customer deposits | 514,186 | 321,441 |
Due to stockholder | 142,092 | 139,322 |
Total current liabilities | 1,229,292 | 1,087,984 |
Long-term liabilities | ||
Noncurrent portion of obligations under capital leases | 14,403 | 22,450 |
Noncurrent portion of obligations under operating leases | 840,000 | |
Total long-term liabilities | 854,403 | 22,450 |
Total liabilities | 2,083,695 | 1,110,434 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $0.0005 par value; 150,000,000 shares authorized, 67,588,492 shares issued and outstanding | 33,794 | 33,794 |
Additional paid-in capital | 33,294,069 | 33,294,069 |
Accumulated deficit | (29,840,436) | (29,893,205) |
Total stockholders' equity | 3,487,427 | 3,434,658 |
Total liabilities and stockholders' equity | $ 5,571,122 | $ 4,545,092 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 160,000 | $ 160,000 |
Property and equipment, accumulated depreciation | 117,475 | 108,099 |
Intangible assets, accumulated amortization | $ 12,384 | $ 12,035 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0005 | $ 0.0005 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 67,588,492 | 67,588,492 |
Common stock, outstanding (in shares) | 67,588,492 | 67,588,492 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenues | $ 830,821 | $ 756,967 |
Cost of sales | 396,009 | 304,421 |
Gross Profit | 434,812 | 452,546 |
Operating expenses: | ||
Research and development | 145,766 | 109,868 |
Selling, general and administrative | 214,255 | 320,025 |
Depreciation and amortization | 5,506 | 5,557 |
Total operating expenses | 365,527 | 435,450 |
Income from operations | 69,285 | 17,096 |
Other income (expense): | ||
Interest income | 7,153 | 6,249 |
Interest expense | (1,669) | (728) |
Total other income (expense) | 5,484 | 5,521 |
Income before provision for income taxes | 74,769 | 22,617 |
Provision for income taxes: | ||
Current | 1,000 | |
Deferred | 21,000 | |
Total provision for income taxes | 22,000 | |
Net income | $ 52,769 | $ 22,617 |
Basic and diluted earnings per common share: (in dollars per share) | $ 0 | $ 0 |
Weighted average shares of common stock outstanding - basic (in shares) | 67,588,492 | 67,588,492 |
Weighted average shares of common stock outstanding - diluted (in shares) | 67,588,492 | 67,588,492 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 52,769 | $ 22,617 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 9,725 | 9,818 |
Write-off of inventories | 15,639 | |
Deferred taxes | 21,000 | |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (92,069) | (45,649) |
Inventories | (114,156) | (87,760) |
Prepaid expenses and other current assets | (23,348) | (15,575) |
Right of use assets - operating leases | (941,875) | |
Accounts payable | 7,712 | (28,419) |
Accrued expenses and other current liabilities | (29,032) | (23,864) |
Customer deposits | 192,745 | |
Due to stockholder | 2,770 | |
Operating lease liability | 941,875 | |
Net cash provided by (used in) operating activities | 43,755 | (168,832) |
Cash flows provided (used) in financing activities: | ||
Proceeds from line of credit | 78,000 | 35,000 |
Repayments of line of credit | (212,762) | |
Borrowings from stockholder | 6,971 | |
Repayments of obligations under capital leases | (8,047) | (8,047) |
Net cash provided by (used in) financing activities | (142,809) | 33,924 |
Net (decrease) in cash and cash equivalents | (99,054) | (134,908) |
Cash and cash equivalents - beginning of period | 1,555,687 | 1,693,532 |
Cash and cash equivalents - end of period | 1,456,633 | 1,558,624 |
Cash paid for: | ||
Interest | $ 704 | $ 728 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ADM Tronics Unlimited, Inc., incorporated under the laws of the state of Delaware on November 24, 1969, The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10 X. March 31, 2019 10 three June 30, 2019 ( not March 31, 2020. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron Medical Systems, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. REVENUE RECOGNITION ADM extends credit terms to our customers based on their credit worthiness. As such, we record accounts receivable at the time of shipment, when our right to the consideration becomes unconditional. Accounts receivable from our customers are typically due within 30 days of invoicing. An allowance for doubtful accounts is provided based on a periodic analysis of individual account balances, including an evaluation of days outstanding, payment history, recent payment trends, and our assessment of our customers' creditworthiness. CHEMICAL PRODUCTS: Revenues are recognized upon shipment to a customer because that is when the customer obtains control of the promised good. ELECTRONICS: We recognize revenue from the sale of our electronic products upon shipment to a customer because that is when the customer obtains control of the promised good. We offer a limited 90 -day warranty on our electronics products. We have no other post shipment obligations. Based on prior experience, no amounts have been accrued for potential warranty costs and actual costs were less than $2,000, for the three months ended June 30, 2019 and 2018. For contract manufacturing, revenues are recognized after shipment of the completed products. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. No customer deposits were recognized as revenues during the three month period ended June 30, 2019. Customer deposits of approximately $102,000 as of March 31, 2018 were recognized as revenues during the year ended March 31, 2019. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. EARNINGS PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Per share basic and diluted earnings amounted to $0.00 for both the three months ended June 30, 2019 and June 30, 2018, respectively. RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2019, the Company adopted ASU 2016 - 02, “Leases”, which is intended to improve financial reporting for lease transactions. This ASU requires organizations that lease assets, such as real estate and manufacturing equipment, to recognize both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depends on its classification as finance or operating lease. This ASU also requires disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Under the new standard, the most significant change is the requirement of balance sheet recognition of right of use assets and lease liabilities by lessees for those leases classified as operating leases. We adopted the new accounting standard utilizing the modified retrospective method using a simplified transition approach, and, therefore, no adjustments were made to our prior period financial statements. We have elected the package of practical expedients for transition which are permitted in the new standard. Accordingly, we did not reassess whether (i) any expired or existing contracts are or contain leases under the new standard, (ii) classification of leases as operating leases or capital leases would be different under the new standard, or (iii) any initial direct costs would have met the definition of initial direct costs under the new standard. In June 2016, the FASB issued ASU- 2016 - 13 “Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after December 15, 2019. The Company is evaluating the potential impact on the Company’s consolidated financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories at June 30, 2019 consisted of the following: Current Long Term Total Raw materials $ 370,216 $ 84,721 $ 454,937 Finished goods 54,609 736 55,345 Totals $ 424,825 $ 85,457 $ 510,282 Inventories at March 31, 2019 consisted of the following: Current Long Term Total Raw materials $ 273,039 $ 84,721 $ 357,760 Finished goods 53,269 736 54,005 Totals $ 326,308 $ 85,457 $ 411,765 The Company values its inventories at the lower of cost and net realizable value using the first first |
Note 4 - Concentrations
Note 4 - Concentrations | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 4 During the three June 30, 2019, two 60% During the three June 30, 2018, two 52% As of June 30 2019, two 84% As of March 31, 2019, two 88% The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three June 30, 2019 $125,372 15%. Net revenues from foreign customers for the three June 30, 2018 $101,965 13%. At June 30, 2019 March 31, 2019, $46,693 $405, |
Note 5 - Disaggregated Net Reve
Note 5 - Disaggregated Net Revenues and Segment Information | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 The following tables show the Company's revenues disaggregated by reportable segment and by product and service type: Three Months Ended June 30, 2019 2018 Net Revenue in the US Chemical $ 262,260 $ 257,206 Electronics 154,767 148,966 Engineering 288,422 248,830 705,449 655,002 Net Revenue outside the US Chemical 125,372 101,965 Electronics - - Engineering - - 125,372 101,965 Total Revenues $ 830,821 $ 756,967 Information about segments is as follows: Chemical Electronics Engineering Total Three months ended June 30, 2019 Revenue from external customers $ 387,632 $ 154,767 $ 288,422 $ 830,821 Segment operating income (loss) $ 74,901 $ (56,860 ) $ 51,244 $ 69,285 Three months ended June 30, 2018 Revenue from external customers $ 359,171 $ 148,966 $ 248,830 $ 756,967 Segment operating income (loss) $ 40,575 $ (62,843 ) $ 39,364 $ 17,096 Total assets at June 30, 2019 $ 2,618,427 $ 947,091 $ 2,005,604 $ 5,571,122 Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. June 30, 2019 For the twelve-month period ending June 30, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 101,875 2024 106,875 Thereafter 427,500 $ 941,875 Rent and real estate tax expense for all facilities for the three June 30, 2019 2018 $33,000 $32,000, |
Note 7 - Capital Leases
Note 7 - Capital Leases | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | NOTE 7 – CAPITAL LEASES During September 2016, $129,000 June 30, 2019 $68,000. 2021. Future minimum lease payments under the above capital leases, as of June 30, 2019, For the twelve-month period ending June 30, 2020 $ 35,000 2021 11,000 46,000 Less: 500 Present value of minimum lease payments 45,500 Less: 31,000 $ 14,500 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 – LINE OF CREDIT On June 15, 2018, $400,000. May 16, 2020 6.12% June 30, 2019. June 30, 2019, $35,123. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES At June 30, 2019, $2,191,000. may not not may During the three June 30, 2019, $75,000 $2,191,000 The effective rates were approximately 29% 59% three June 30, 2019 2018, |
Note 10 - Due to Stockholder
Note 10 - Due to Stockholder | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 10 The Company’s President has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 We evaluated all subsequent events from the date of the condensed consolidated balance sheet through the issuance date and determined that there are no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron Medical Systems, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. |
Revenue [Policy Text Block] | REVENUE RECOGNITION ADM extends credit terms to our customers based on their credit worthiness. As such, we record accounts receivable at the time of shipment, when our right to the consideration becomes unconditional. Accounts receivable from our customers are typically due within 30 CHEMICAL PRODUCTS: Revenues are recognized upon shipment to a customer because that is when the customer obtains control of the promised good. ELECTRONICS: We recognize revenue from the sale of our electronic products upon shipment to a customer because that is when the customer obtains control of the promised good. We offer a limited 90 no no $2,000, three June 30, 2019 2018. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. No three June 30, 2019. $102,000 March 31, 2018 March 31, 2019. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Per share basic and diluted earnings amounted to $0.00 three June 30, 2019 June 30, 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2019, 2016 02, 12 no not In June 2016, 2016 13 not December 15, 2019. Management does not not |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Inventories at June 30, 2019 consisted of the following: Current Long Term Total Raw materials $ 370,216 $ 84,721 $ 454,937 Finished goods 54,609 736 55,345 Totals $ 424,825 $ 85,457 $ 510,282 Inventories at March 31, 2019 consisted of the following: Current Long Term Total Raw materials $ 273,039 $ 84,721 $ 357,760 Finished goods 53,269 736 54,005 Totals $ 326,308 $ 85,457 $ 411,765 |
Note 5 - Disaggregated Net Re_2
Note 5 - Disaggregated Net Revenues and Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended June 30, 2019 2018 Net Revenue in the US Chemical $ 262,260 $ 257,206 Electronics 154,767 148,966 Engineering 288,422 248,830 705,449 655,002 Net Revenue outside the US Chemical 125,372 101,965 Electronics - - Engineering - - 125,372 101,965 Total Revenues $ 830,821 $ 756,967 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended June 30, 2019 Revenue from external customers $ 387,632 $ 154,767 $ 288,422 $ 830,821 Segment operating income (loss) $ 74,901 $ (56,860 ) $ 51,244 $ 69,285 Three months ended June 30, 2018 Revenue from external customers $ 359,171 $ 148,966 $ 248,830 $ 756,967 Segment operating income (loss) $ 40,575 $ (62,843 ) $ 39,364 $ 17,096 Total assets at June 30, 2019 $ 2,618,427 $ 947,091 $ 2,005,604 $ 5,571,122 Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the twelve-month period ending June 30, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 101,875 2024 106,875 Thereafter 427,500 $ 941,875 |
Note 7 - Capital Leases (Tables
Note 7 - Capital Leases (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Finance Lease, Liability, Maturity [Table Text Block] | For the twelve-month period ending June 30, 2020 $ 35,000 2021 11,000 46,000 Less: 500 Present value of minimum lease payments 45,500 Less: 31,000 $ 14,500 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 0 | $ 102,000 | |
Earnings Per Share, Basic and Diluted, Total | $ 0 | $ 0 | |
Maximum [Member] | |||
Product Warranty Expense | $ 2,000 | $ 2,000 | |
Electronic Products [Member] | |||
Warranty Term | 90 days |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Raw materials | $ 454,937 | $ 357,760 |
Finished goods | 55,345 | 54,005 |
Totals | 510,282 | 411,765 |
Current [Member] | ||
Raw materials | 370,216 | 273,039 |
Finished goods | 54,609 | 53,269 |
Totals | 424,825 | 326,308 |
Long Term [Member | ||
Raw materials | 84,721 | 84,721 |
Finished goods | 736 | 736 |
Totals | $ 85,457 | $ 85,457 |
Note 4 - Concentrations (Detail
Note 4 - Concentrations (Details Textual) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 830,821 | $ 756,967 | |
Foreign Customers [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 46,693 | $ 405 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||
Concentration Risk, Number of Customers | 2 | 2 | |
Concentration Risk, Percentage | 60.00% | 52.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member] | |||
Concentration Risk, Percentage | 15.00% | 13.00% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 125,372 | $ 101,965 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Number of Customers | 2 | 2 | |
Concentration Risk, Percentage | 84.00% | 88.00% |
Note 5 - Disaggregated Net Re_3
Note 5 - Disaggregated Net Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenues | $ 830,821 | $ 756,967 |
Chemical [Member] | ||
Net revenues | 387,632 | 359,171 |
Electronics [Member] | ||
Net revenues | 154,767 | 148,966 |
Engineering [Member] | ||
Net revenues | 288,422 | 248,830 |
UNITED STATES | ||
Net revenues | 705,449 | 655,002 |
UNITED STATES | Chemical [Member] | ||
Net revenues | 262,260 | 257,206 |
UNITED STATES | Electronics [Member] | ||
Net revenues | 154,767 | 148,966 |
UNITED STATES | Engineering [Member] | ||
Net revenues | 288,422 | 248,830 |
Non-US [Member] | ||
Net revenues | 125,372 | 101,965 |
Non-US [Member] | Chemical [Member] | ||
Net revenues | 125,372 | 101,965 |
Non-US [Member] | Electronics [Member] | ||
Net revenues | ||
Non-US [Member] | Engineering [Member] | ||
Net revenues |
Note 5 - Disaggregated Net Re_4
Note 5 - Disaggregated Net Revenues and Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 830,821 | $ 756,967 | |
Segment operating income (loss) | 69,285 | 17,096 | |
Total assets | 5,571,122 | $ 4,545,092 | |
Chemical [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 387,632 | 359,171 | |
Segment operating income (loss) | 74,901 | 40,575 | |
Total assets | 2,618,427 | 1,985,501 | |
Electronics [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 154,767 | 148,966 | |
Segment operating income (loss) | (56,860) | (62,843) | |
Total assets | 947,091 | 1,099,983 | |
Engineering [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 288,422 | 248,830 | |
Segment operating income (loss) | 51,244 | $ 39,364 | |
Total assets | $ 2,005,604 | $ 1,459,608 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Lease, Expense | $ 33,000 | $ 32,000 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) | Jun. 30, 2019USD ($) |
2020 | $ 101,875 |
2021 | 101,875 |
2022 | 101,875 |
2023 | 101,875 |
2024 | 106,875 |
Thereafter | 427,500 |
$ 941,875 |
Note 7 - Capital Leases (Detail
Note 7 - Capital Leases (Details Textual) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2016 |
Finance Lease, Right-of-Use Asset | $ 129,000 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 117,475 | $ 108,099 | |
Leaseholds and Leasehold Improvements [Member] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 68,000 |
Note 7 - Capital Leases - Futur
Note 7 - Capital Leases - Future Minimum Lease Payments (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
2020 | $ 35,000 | |
2021 | 11,000 | |
46,000 | ||
Less: Amount attributable to imputed interest | 500 | |
Present value of minimum lease payments | 45,500 | |
Less: Current maturities | 31,196 | $ 31,196 |
$ 14,403 | $ 22,450 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Jun. 15, 2018 | Jun. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |
Line of Credit Facility, Expiration Date | May 16, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.12% | |
Short-term Debt, Total | $ 35,123 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Loss Carryforwards, Total | $ 2,191,000 | |
Operating Loss Carry-Forward, Amount Utilized | 75,000 | |
Operating Loss Carry-Forward, Expected Utilization Amount | $ 2,191,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 29.00% | 59.00% |
Note 10 - Due to Stockholder (D
Note 10 - Due to Stockholder (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |