v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Mar. 31, 2017
Current Assets    
Cash and cash equivalents $ 376,987 $ 611,048
Accounts receivable - net of allowance for doubtful accounts of $390,939 and $302,275 at March 31, 2018 and 2017, respectively 13,083,487 11,460,432
Inventories- net of allowance for obsolete and slow-moving inventory of $346,344 and $312,711 at March 31, 2018 and 2017, respectively 34,555,553 28,952,562
Prepaid expenses and other current assets 3,724,759 3,674,923
Total Current Assets 51,740,786 44,698,965
Equipment - net 839,409 909,780
Intangible assets - net of accumulated amortization of $8,485,253 and $8,035,018 at March 31, 2018 and 2017, respectively 5,968,945 6,387,330
Goodwill 496,226 496,226
Investment in non-consolidated affiliate, at equity 813,926 570,097
Restricted cash 382,279 331,455
Other assets 91,789 99,773
Total Assets 60,333,360 53,493,626
Current Liabilities    
Current maturities of notes payable 176,148
Accounts payable 7,674,858 7,549,944
Accrued expenses 2,497,001 4,668,706
Due to shareholders and affiliates 2,785,910 2,158,318
Total Current Liabilities 13,133,917 14,376,968
Long-Term Liabilities    
Credit facility, net (including $576,546 and $412,269 of related-party participation at March 31, 2018 and 2017, respectively) 18,505,897 13,033,075
Note payable - 11% Subordinated note 20,000,000 20,000,000
Notes payable - 5% Convertible notes (including $1,100,000 of related party participation at March 31, 2017) 1,675,000
Notes payable - GCP Note 211,580 211,580
Deferred tax liability 485,484 558,766
Other 6,778 20,666
Total Liabilities 52,343,656 49,876,055
Commitments and Contingencies (Note 11)
Equity    
Preferred stock, $.01 par value, 25,000,000 shares authorized, no shares issued and outstanding at March 31, 2018 and 2017
Common stock, $.01 par value, 300,000,000 shares authorized at March 31, 2018 and 2017, 166,330,733 and 162,945,805 shares issued and outstanding at March 31, 2018 and 2017, respectively 1,663,307 1,629,458
Additional paid-in capital 154,731,044 150,889,613
Accumulated deficit (149,891,272) (149,072,340)
Accumulated other comprehensive loss (2,082,011) (2,308,672)
Total controlling shareholders' equity 4,421,068 1,138,059
Noncontrolling interests 3,568,636 2,479,512
Total Equity, including noncontrolling interests 7,989,704 3,617,571
Total Liabilities and Equity $ 60,333,360 $ 53,493,626