ACCOUNTING STANDARDS UPDATES (Tables)

6 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Revenue from External Customers by Products and Services

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

	September 30, 2018		April 1, 2018
			As adjusted
Inventories	$	2,119,496	$	976,693
Contract assets	$	5,557,489	$	2,056,414
Contract liabilities	$	2,393,881	$	890,802

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Condensed Consolidated Balance Sheet:	September 30, 2018
ASSETS	As reported		Adjustments			ASC 605
Contract assets	$	5,557,489	$	(5,557,489	)	$	—
Inventories	$	2,119,496	$	2,007,272		$	4,126,768
Deferred tax assets	$	2,346,141	$	462,137		$	2,808,278
LIABILITIES
Contract liabilities	$	2,393,881	$	(1,864,483	)	$	529,398
Accrued expenses	$	787,676	$	13,022		$	800,698
SHAREHOLDERS’ EQUITY
Retained earnings	$	237,763	$	(1,236,618	)	$	(998,855	)

Condensed Consolidated Statement of Operations:	Three months ended September 30, 2018
	As reported		Adjustments			ASC 605
Net sales	$	3,621,185	$	(1,381,990	)	$	2,239,195
Cost of sales	$	2,526,085	$	(624,601	)	$	1,901,484
Selling, general and administrative	$	751,037	$	(512	)	$	750,525
Income (loss) before income taxes	$	258,089	$	(756,875	)	$	(498,786	)
Income tax provision (benefit)	$	77,374	$	(210,502	)	$	(133,128	)
Net income (loss)	$	180,715	$	(546,374	)	$	(365,659	)
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 Operations:	Six months ended September 30, 2018
	As reported		Adjustments			ASC 605
Net sales	$	7,720,008	$	(3,848,971	)	$	3,871,037
Cost of sales	$	5,572,384	$	(2,175,821	)	$	3,396,563
Selling, general and administrative	$	1,481,502	$	(1,426	)	$	1,480,076
Income (loss) before income taxes	$	487,503	$	(1,671,723	)	$	(1,184,220	)
Income tax provision (benefit)	$	142,403	$	(454,752	)	$	(312,349	)
Net income (loss)	$	345,100	$	(1,216,972	)	$	(871,872	)
Net income (loss) per share – basic	$	0.01	$	(0.04	)	$	(0.03	)
Net income (loss) per share – diluted	$	0.01	$	(0.04	)	$	(0.03	)

Condensed Consolidated Statement of Cash Flows:	Six months ended September 30, 2018
	As reported			Adjustments			ASC 605
Net income	$	345,100		$	(1,216,972	)	$	(871,872	)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision	$	15,255		$	34,509		$	49,764
Deferred income taxes	$	142,403		$	(462,137	)	$	(319,734	)
Changes in operating assets and liabilities:
Inventories	$	(1,142,803	)	$	(2,007,272	)	$	(3,150,075	)
Contract assets	$	(3,501,075	)	$	5,557,489		$	2,056,414
Accrued expenses	$	121,343		$	(41,134	)	$	80,209
Contract liabilities	$	1,503,079		$	(1,864,483	)	$	(361,404	)