INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2013

INCOME TAXES

Schedule of loss from continuing operations by location, and the provision and benefit for income taxes and the effective tax rate

	2013		2012
U.S. operations	$(1,796,789	)	$(3,554,842	)
Foreign operations	(142,817	)	(37,482	)
Loss from operations before tax	(1,939,606	)	(3,592,324	)
Income tax expense (benefit) provision	472,331		(1,469,218	)
Net Loss	$(2,411,937	)	$(2,123,106	)
Effective tax rate	(24	)%	41	%

Schedule of components of the provision (benefit) for income taxes

	2013			2012
Current
Federal	$	(332,580	)	$	(1,072,138	)
State	12,987			—
Foreign	96,162			127,093
Total Current	(223,431		)	(945,045		)
Deferred
Federal	606,757			35,423
State	(47,458		)	(423,133		)
Foreign	136,463			(136,463		)
Total Deferred	695,762			(524,173		)
Income tax expense (benefit) provision	$	472,331		$	(1,469,218	)

Schedule of reconciliation between income taxes computed at the federal statutory rate to the effective income tax rates applied to the net loss reported in the Consolidated Statements of Operations and Other Comprehensive Loss

	2013		2012
Federal statutory income tax rate	34	%	34	%
State income tax, net of federal benefit	1	%	13	%
Change in valuation allowance	(53	)%	(2	)%
Stock based compensation	(6	)%	(3	)%
Other	—	%	(1	)%
Effective income tax rate	(24	)%	41	%

Summary of the components of deferred income tax assets and liabilities

	2013			2012
Current Deferred Tax Assets:
Compensation	$	177,703		$	311,003
Allowance for doubtful accounts	9,824			9,865
Loss on uncompleted contracts	106,123			350,058
Net operating loss carry-forward	30,145			63,040
Interest rate swaps	152,792			148,120
Other liabilities not currently deductible	341,726			198,896
Valuation allowance	(562,548		)	(60,774		)
Total Current Deferred Tax Asset	$	255,765		$	1,020,208
Noncurrent Deferred Tax Asset (Liability):
Share based compensation awards	323,734			302,201
Net operating loss carry-forward	1,662,848			956,921
Valuation allowance	(1,062,741		)	(371,807		)
Total Noncurrent Deferred Tax Assets	$	923,841		$	887,315
Accelerated depreciation	(1,179,606		)	(769,310		)
Net Noncurrent Deferred Tax Asset (Liability)	$	(255,765	)	$	118,005
Net Deferred Tax Asset	$	—		$	1,138,213

Summary of carryforwards of net operating losses and tax credits

The following table summarizes carryforwards of net operating losses and tax credits as of March 31, 2013:

	Amount		Begins to Expire:
Federal net operating losses	$	2,274,497	2025
Federal alternative minimum tax credits	$	76,185	Indefinite
State net operating losses	$	13,735,586	2032

Schedule of reconciliation of unrecognized tax benefits

Unrecognized tax benefits at March 31, 2012	$	16,532
Increases based on tax positions related to 2013	—
Increases based on tax positions prior to 2013	674
Decreases from expiration of statute of limitations	—
Unrecognized tax benefits at March 31, 2013	$	17,206