CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Sep. 30, 2017 |
Sep. 30, 2016 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 792,688
|
$ 991,385
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
351,422
|
353,488
|
| Amortization of debt issue costs |
37,038
|
90,049
|
| Stock based compensation expense |
150,697
|
22,910
|
| Change in contract losses |
29,139
|
(40,532)
|
| Deferred income taxes |
507,376
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(305,150)
|
1,118,019
|
| Costs on uncompleted contracts, in excess of progress billings |
(1,116,108)
|
240,431
|
| Inventories - raw materials |
(58,995)
|
3,005
|
| Other current assets |
(124,537)
|
152,051
|
| Other noncurrent assets and liabilities |
(9,678)
|
(819)
|
| Accounts payable |
15,010
|
(406,463)
|
| Accrued expenses |
88,319
|
(170,369)
|
| Accrued taxes |
0
|
20,958
|
| Billings on uncompleted contracts, in excess of related costs |
184,742
|
(945,358)
|
| Net cash provided by operating activities |
541,963
|
1,428,755
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Proceeds from sale of equipment |
80,000
|
0
|
| Deposit for fixed assets |
(36,987)
|
0
|
| Purchases of property, plant and equipment |
(808,386)
|
(114,856)
|
| Net cash used in investing activities |
(765,373)
|
(114,856)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Deferred loan costs |
0
|
(145,995)
|
| Borrowings of long-term debt |
0
|
3,011,648
|
| Repayment of long-term debt |
(352,509)
|
(2,673,432)
|
| Net cash (used in) provided by financing activities |
(352,509)
|
192,221
|
| Effect of exchange rate on cash and cash equivalents |
(611)
|
42
|
| Net (decrease) increase in cash and cash equivalents |
(576,530)
|
1,506,162
|
| Cash and cash equivalents, beginning of period |
3,066,156
|
1,332,166
|
| Cash and cash equivalents, end of period |
2,489,626
|
2,838,328
|
| Cash paid during the period for: |
|
|
| Interest |
185,415
|
479,179
|
| Income taxes |
$ 30,000
|
$ 20,000
|