XML 60 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,000,255) $ (1,296,776)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 722,525 624,763
Stock based compensation expense 285,798 448,608
Deferred income taxes   103,760
Provision for contract losses 254,678 20,000
Loss on sale of equipment 882  
Changes in operating assets and liabilities:    
Accounts receivable 1,930,882 1,409,395
Costs incurred on uncompleted contracts, in excess of progress billings 947,745 (991,660)
Inventories - raw materials 4,075 (100,916)
Other current assets (136,473) (225,459)
Taxes receivable   324,764
Other noncurrent assets   141,039
Accounts payable (1,522,311) 1,086,040
Accrued expenses (801,873) (1,015,630)
Deferred revenues 3,137,815 122,579
Net cash provided by operating activities 1,823,488 650,507
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (54,343) (395,367)
Net cash used in investing activities (54,343) (395,367)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of debt (1,098,979) (1,065,558)
Net cash used in financing activities (1,098,979) (1,065,558)
Effect of exchange rate on cash and cash equivalents 1,370 554
Net increase (decrease) in cash and cash equivalents 671,536 (809,864)
Cash and cash equivalents, beginning of period 3,075,376 2,823,485
Cash and cash equivalents, end of period 3,746,912 2,013,621
Cash paid during the period for:    
Interest 183,868 219,403
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:    
Common stock issued in conversion of Series A Convertible Preferred Stock (in shares) 1,700,000 1,565,999
Series A Convertible Preferred Stock converted (in shares) 1,300,490 1,197,984
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond 234,490 259,960
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond 0 169,335
Capital lease arrangement for new office equipment   $ 46,378