v2.4.0.8
Condensed Consolidated Balance Sheets(USD ($))
Sep. 30, 2013
Mar. 31, 2013
ASSETS:    
Cash and cash equivalents $ 151,523 $ 439,323
Accounts receivable — net of allowance for doubtful accounts of $91,303 and $70,692, respectively 7,672,081 7,025,358
Due from shareholders and affiliates 502,304 303,226
Inventories— net of allowance for obsolete and slow moving inventory of $208,996 and $461,660, respectively 13,668,804 13,731,962
Prepaid expenses and other current assets 1,194,379 983,834
Total Current Assets 23,189,091 22,483,703
Equipment - net 513,005 516,641
Investment in non-consolidated affiliate, at equity 96,823 116,700
Intangible assets — net of accumulated amortization of $5,731,420 and $5,404,000, respectively 8,505,474 8,805,913
Goodwill 496,226 490,286
Restricted cash 408,946 451,346
Other assets 265,308 252,506
Total Assets 33,474,873 33,117,095
LIABILITIES AND EQUITY:    
Foreign revolving credit facility 220,102 89,407
Accounts payable 5,139,748 5,301,524
Accrued expenses 463,164 793,243
Due to shareholders and affiliates 2,323,291 2,351,957
Total Current Liabilities 8,146,305 8,536,131
Long-Term Liabilities    
Keltic facility 6,733,352 6,501,321
Bourbon term loan (including $584,845 and $600,000 of related-party participation at September 30 and March 31, 2013, respectively) 2,432,950 2,496,000
Notes payable - Junior loan (including $300,000 of related party participation at Septmeber 30, 2013) 1,250,000 0
Notes payable - GCP Note 216,869 211,580
Warrant liability 4,761,789 795,374
Deferred tax liability 1,592,380 1,666,456
Total Liabilities 25,133,645 20,206,862
Commitments and Contingencies (Note 13)      
Equity    
Preferred stock, $.01 par value, 25,000,000 shares authorized, 6,271 and 6,701 shares of series A convertible preferred stock issued and outstanding at September 30 and March 31, 2013, respectively (liquidation value of $7,824,616 and $7,876,530 at September 30 and March 31, 2013, respectively) 62,715 67,013
Common stock, $.01 par value, 225,000,000 shares authorized, 111,256,711 and 108,773,034 shares issued and outstanding at September 30 and March 31, 2013, respectively 1,112,567 1,087,730
Additional paid-in capital 143,495,585 142,661,542
Accumulated deficit (136,370,809) (130,270,623)
Accumulated other comprehensive loss (1,771,911) (1,918,094)
Total controlling shareholders’ equity 6,528,147 11,627,568
Noncontrolling interests 1,813,081 1,282,665
Total equity 8,341,228 12,910,233
Total Liabilities and Equity $ 33,474,873 $ 33,117,095