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BUSINESS COMBINATION (Tables) | 12 Months Ended
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Mar. 31, 2022
BUSINESS COMBINATION |
Schedule of assets acquired and liabilities assumed recognized at acquisition date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Adjusted
​ | ​ | Totals | ​ | ERTC | ​ | Customer | ​ | Fixed | ​ | Totals
​ | ​ | August 25, | ​ | refundable | ​ | claim2 | ​ | Asset | ​ | August 25,
​ | ​ | 2021 | ​ | credit1 | ​ | Warrant3 | ​ | Valuation4 | ​ | 2021
Total consideration transferred | ​ | $ | 10,163,164 | ​ | ​ | ​ | ​ | $ | 46,256 | ​ | ​ | ​ | ​ | $ | 10,209,420
Recognized amounts of identifiable assets acquired and liabilities assumed: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Accounts receivable |  | ​ | 1,247,015 |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | 1,247,015
Inventory | ​ | ​ | 927,188 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 927,188
Other current assets |  | ​ | 4,323,593 |  | ​ | 1,093,661 |  | ​ | ​ |  | ​ | ​ |  | ​ | 5,417,254
Property, plant, and equipment and right of use assets |  | ​ | 15,074,273 |  | ​ | ​ |  | ​ | ​ | ​ | ​ | 897,488 |  | ​ | 15,971,761
Accounts payable, accrued expenses, and other current liabilities |  | ​ | (5,882,048) |  | ​ | (164,049) |  | ​ | (606,415) |  | ​ | ​ |  | ​ | (6,652,512)
Lease obligations |  | ​ | (6,701,286) |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | (6,701,286)
Net assets |  | ​ | 8,988,735 |  | ​ | 929,612 |  | ​ | (606,415) |  | ​ | 897,488 |  | ​ | 10,209,420
Goodwill |  | ​ | 1,174,429 |  | ​ | (929,612) |  | ​ | 652,671 |  | ​ | (897,488) |  | ​ | —
Total | ​ | $ | 10,163,164 | ​ | $ | — | ​ | $ | 46,256 | ​ | $ | — | ​ | $ | 10,209,420
​ All measurement period adjustments were offset against goodwill: 1In calendar year 2021 our Stadco subsidiary filed for a refund of tax credits for $1,093,661 from the IRS under the Employee Retention Credit, or ERC program. Fees associated with the filing totaled $164,049. 2Customer claim of $471,166 accrued for additional costs incurred in connection with a certain product manufacturing project. Other adjustments to current liabilities totaled $135,249. 3Warrant issued to former shareholder in connection with the acquisition valued at $46,256. 4Fixed asset adjustments related to changes in preliminary valuation assumptions and estimates, including estimates of asset useful lives.
Schedule of pro forma results | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Stadco Actual |  | Pro Forma |  | Pro Forma
​ | ​ | August 25, 2021- | ​ | Year ended | ​ | Year ended
​ | ​ | March 31, 2022 | ​ | March 31, 2022 | ​ | March 31, 2021
Net sales | ​ | $ | 7,755,946 | ​ | $ | 27,002,535 | ​ | $ | 30,216,448
Operating loss | ​ | $ | (1,124,542) | ​ | $ | (2,937,391) | ​ | $ | (1,538,197)
Loss before income taxes | ​ | $ | (1,233,925) | ​ | $ | (2,151,614) | ​ | $ | (2,199,897)
Net loss | ​ |  |  | ​ | $ | (1,393,987) | ​ | $ | (1,657,666)
EPS basic | ​ |  |  | ​ | $ | (0.04) | ​ | $ | (0.05)
EPS dilutive | ​ |  |  | ​ | $ | (0.04) | ​ | $ | (0.05)
Weighted average shares outstanding: – basic and diluted | ​ |  |  | ​ |  | 34,234,957 | ​ |  | 34,115,873

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