CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
9 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 563,122
|
$ 101,297
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
558,571
|
523,640
|
| Amortization of debt issue costs |
43,638
|
53,964
|
| Stock based compensation expense |
106,727
|
226,935
|
| Change in contract loss provision |
24,541
|
(43,815)
|
| Deferred income taxes |
177,104
|
904,243
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
1,299,194
|
261,084
|
| Inventories |
(1,004,145)
|
(385,013)
|
| Contract assets |
(5,912,297)
|
(65,500)
|
| Other current assets |
(14,174)
|
(87,682)
|
| Other noncurrent assets and liabilities |
(7,245)
|
(14,516)
|
| Accounts payable |
279,893
|
(106,273)
|
| Accrued expenses |
202,860
|
(28,712)
|
| Contract liabilities |
3,803,087
|
(66,121)
|
| Net cash provided by operating activities |
120,876
|
1,273,531
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Purchases of property, plant and equipment |
(402,880)
|
(914,648)
|
| Proceeds from sale of equipment |
0
|
80,000
|
| Net cash used in investing activities |
(402,880)
|
(834,648)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Repayment of long-term debt |
(569,809)
|
(533,297)
|
| Net cash used in financing activities |
(569,809)
|
(533,297)
|
| Effect of exchange rate on cash and cash equivalents |
628
|
(713)
|
| Net decrease in cash and cash equivalents |
(851,185)
|
(95,127)
|
| Cash and cash equivalents, beginning of period |
2,689,110
|
3,066,156
|
| Cash and cash equivalents, end of period |
1,837,925
|
2,971,029
|
| Cash paid during the year for: |
|
|
| Interest expense |
230,310
|
275,216
|
| Income taxes |
$ 0
|
$ 30,000
|