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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Dec. 31, 2022
BUSINESS COMBINATION |
Schedule of assets acquired and liabilities assumed recognized at acquisition date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Adjusted
​ | ​ | Reported at | ​ | ERTC | ​ | Customer | ​ | Fixed | ​ | Totals
​ | ​ | August 25, | ​ | refundable | ​ | claim2 and | ​ | 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 ERTC 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 | ​
​ | ​ | ​ | ​
​ | ​ | Pro forma combined
​ | ​ | Nine months ended
​ | ​ | December 31,
​ |  | 2021
Net sales | ​ | $ | 19,441,005
Operating loss | ​ | $ | (2,793,821)
Loss before income taxes | ​ | $ | (1,880,903)
Net loss | ​ | $ | (1,496,049)
EPS basic | ​ | $ | (0.04)
EPS dilutive | ​ | $ | (0.04)
Weighted average shares outstanding – basic and diluted | ​ | ​ | 34,212,032
​

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