ACCOUNTING STANDARDS UPDATES (Tables)

3 Months Ended

Jun. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

The following table compares the opening and closing balances for inventories, contract assets and contract liabilities:

	June 30, 2018		April 1, 2018
			As adjusted
Inventories	$	1,025,211	$	976,693
Contract assets	$	4,175,499	$	2,056,414
Contract liabilities	$	1,458,319	$	890,802

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Condensed Consolidated Balance Sheet:	June 30, 2018
	As reported		Adjustments			ASC 605
ASSETS
Contract assets	$	4,175,499	$	(4,175,499	)	$	—
Inventories	$	1,025,211	$	2,105,312		$	3,130,523
Deferred tax assets	$	2,423,515	$	251,635		$	2,675,150
LIABILITIES
Contract liabilities	$	1,458,319	$	(1,165,622	)	$	292,697
Accrued expenses	$	752,717	$	37,313		$	790,030
SHAREHOLDERS’ EQUITY
Retained earnings	$	57,048	$	(690,244	)	$	(633,196	)

Condensed Consolidated Statement of Operations:	Three months ended June 30, 2018
	As reported		Adjustments			ASC 605
Net sales	$	4,098,823	$	(2,466,981	)	$	1,631,842
Cost of sales	$	3,046,299	$	(1,551,220	)	$	1,495,079
Selling, general and administrative	$	730,465	$	(914	)	$	729,551
Income (loss) before income taxes	$	229,414	$	(914,848	)	$	(685,434	)
Income tax provision (benefit)	$	65,029	$	(244,250	)	$	(179,221	)
Net income (loss)	$	164,385	$	(670,598	)	$	(506,213	)
Net income (loss) per share – basic	$	0.01	$	(0.02	)	$	(0.01	)
Net income (loss) per share – diluted	$	0.01	$	(0.02	)	$	(0.01	)

Condensed Consolidated Statement of Cash Flows:	Three months ended June 30, 2018
	As reported			Adjustments			ASC 605
Net income	$	164,385		$	(670,598	)	$	(506,213	)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision	$	(15,875	)	$	85,694		$	69,819
Deferred income taxes	$	65,029		$	(251,635	)	$	(186,606	)
Changes in operating assets and liabilities:
Inventories	$	(48,518	)	$	(2,105,312	)	$	(2,153,830	)
Contract assets	$	(2,119,085	)	$	4,175,499		$	2,056,414
Accrued expenses	$	118,339		$	(68,207	)	$	50,132
Contract liabilities	$	567,517		$	(1,165,622	)	$	(598,105	)