CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (527,455)
|
$ (501,165)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
559,735
|
585,361
|
| Amortization of debt issue costs |
18,761
|
13,399
|
| Stock based compensation expense |
|
52,107
|
| Change in contract loss provision |
16,170
|
18,402
|
| Deferred income taxes |
(146,430)
|
(173,714)
|
| Change in fair value for contingent consideration |
|
(33,474)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(629,215)
|
501,882
|
| Contract assets |
296,468
|
(452,411)
|
| Work-in-process and raw materials |
(39,861)
|
(665,192)
|
| Other current assets |
24,526
|
693,394
|
| Accounts payable |
(1,480,387)
|
481,208
|
| Accrued expenses |
(167,629)
|
(85,348)
|
| Contract liabilities |
520,104
|
21,083
|
| Other noncurrent liabilities |
1,670,270
|
993,203
|
| Net cash provided by operating activities |
115,057
|
1,448,735
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Fixed asset deposit |
|
(559,000)
|
| Purchases of property, plant, and equipment |
(1,854,002)
|
(203,981)
|
| Net cash used in investing activities |
(1,854,002)
|
(762,981)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Debt issue costs |
|
(6,268)
|
| Revolver loan payments and borrowings, net |
1,630,000
|
(987,002)
|
| Payments of principal for leases |
(6,191)
|
(16,860)
|
| Repayments of long-term debt |
(147,420)
|
(154,125)
|
| Net cash provided by (used in) financing activities |
1,476,389
|
(1,164,255)
|
| Net decrease in cash and cash equivalents |
(262,556)
|
(478,501)
|
| Cash and cash equivalents, beginning of period |
534,474
|
1,052,139
|
| Cash and cash equivalents, end of period |
271,918
|
573,638
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: |
|
|
| Cash paid for interest; net of amounts capitalized |
$ 67,175
|
$ 69,799
|