v2.4.0.8
Consolidated Balance Sheets(USD ($))
Mar. 31, 2013
Mar. 31, 2012
ASSETS:    
Cash and cash equivalents $ 439,323 $ 484,362
Accounts receivable - net of allowance for doubtful accounts of $70,692 and $411,272, respectively 7,025,358 6,268,432
Due from shareholders and affiliates 303,226 122,640
Inventories - net of allowance for obsolete and slow moving inventory of $461,660 and $290,316, respectively 13,731,962 10,732,698
Prepaid expenses and other current assets 983,834 784,331
Total Current Assets 22,483,703 18,392,463
Equipment - net 516,641 620,840
Investment in non-consolidated affiliate, at equity 116,700 130,850
Intangible assets - net of accumulated amortization of $5,404,000 and $4,906,061, respectively 8,805,913 10,302,288
Goodwill 490,286 1,243,058
Restricted cash 451,346 468,275
Other assets 252,506 197,003
Total Assets 33,117,095 31,354,777
LIABILITIES AND EQUITY:    
Foreign revolving credit facility 89,407 0
Accounts payable 5,301,524 4,771,140
Accrued expenses 793,243 442,618
Due to shareholders and affiliates 2,351,957 1,584,270
Total Current Liabilities 8,536,131 6,798,028
Long-Term Liabilities    
Keltic facility 6,501,321 3,849,831
Inventory term loan (including $600,000 of related party participation at March 31, 2013) 2,496,000 0
Notes payable - GCP Note 211,580 211,580
Warrant liability 795,374 1,098,108
Deferred tax liability 1,666,456 1,814,608
Total Liabilities 20,206,862 13,772,155
Commitments and Contingencies (Note 13)      
Equity    
Preferred stock, $.01 par value, 25,000,000 shares authorized, 6,701 and 6,897 shares of series A convertible preferred stock issued and outstanding at March 31, 2013 and 2012, respectively (liquidation value of $7,876,530 and $7,327,262 at March 31, 2013 and 2012, respectively) 67,013 68,965
Common stock, $.01 par value, 225,000,000 shares authorized, 108,773,034 and 108,052,067 shares issued and outstanding at March 31, 2013 and 2012, respectively 1,087,730 1,080,520
Additional paid-in capital 142,661,542 141,639,228
Accumulated deficit (130,270,623) (124,076,608)
Accumulated other comprehensive loss (1,918,094) (1,801,656)
Total controlling shareholders’ equity 11,627,568 16,910,449
Noncontrolling interests 1,282,665 672,173
Total equity 12,910,233 17,582,622
Total Liabilities and Equity $ 33,117,095 $ 31,354,777