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ACCOUNTING STANDARDS UPDATE (Tables)
 12 Months Ended
Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The following table compares the opening and closing balances for inventories, contract assets and contract liabilities: 
 
 
 
March 31, 2019
 
 
April 1, 2018
 
 
 
 
 
 
As adjusted
 
Inventories
 
$
1,240,315
 
 
$
976,693
 
Contract assets
 
$
4,390,832
 
 
$
2,056,414
 
Contract liabilities
 
$
740,947
 
 
$
890,802
 
 
The following tables summarize the impact of the adoption of ASC 606 on the consolidated financial statements. The adjustments are the result of timing differences between the recognition of revenue under ASC 606 and ASC 605. Under ASC 605 the Company did not recognize revenue prior to delivery if payment, title, or risk of loss was tied to delivery. Under ASC 606, the Company generally recognizes revenue over time prior to delivery, as control over the promised goods and services transfers to the customer.
 
Consolidated Balance Sheet:
 
March 31, 2019
 
 
 
As reported
 
 
Adjustments
 
 
ASC 605
 
ASSETS
 
 
 
 
 
 
 
 
 
Contract assets
 
$
4,390,832
 
 
$
(4,390,832
)
 
$
—
 
Inventories
 
$
1,240,315
 
 
$
2,324,475
 
 
$
3,564,790
 
Deferred tax assets
 
$
2,004,346
 
 
$
777,679
 
 
$
2,782,025
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
 
Contract liabilities
 
$
740,947
 
 
$
763,771
 
 
$
1,504,718
 
Accrued expenses
 
$
753,499
 
 
$
(51,546
)
 
$
701,953
 
SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
Retained earnings (accumulated deficit)
 
$
993,339
 
 
$
(1,981,256
)
 
$
(987,917
)
 
Consolidated Statement of Operations:
 
Fiscal year ended March 31, 2019
 
 
 
As reported
 
 
Adjustments
 
 
ASC 605
 
Net sales
 
$
16,702,558
 
 
$
(7,615,843
)
 
$
9,086,715
 
Cost of sales
 
$
12,118,190
 
 
$
(4,861,472
)
 
$
7,256,718
 
Selling, general and administrative
 
$
2,746,543
 
 
$
(2,822
)
 
$
2,743,721
 
Income (loss) before income taxes
 
$
1,524,033
 
 
$
(2,751,549
)
 
$
(1,227,516
)
Income tax provision (benefit)
 
$
423,357
 
 
$
(770,293
)
 
$
(346,936
)
Net income (loss)
 
$
1,100,676
 
 
$
(1,981,256
)
 
$
(880,580
)
Net income (loss) per share – basic
 
$
0.04
 
 
$
(0.07
)
 
$
(0.03
)
Net income (loss) per share – diluted
 
$
0.04
 
 
$
(0.07
)
 
$
(0.03
)
 
Consolidated Statement of Cash Flows:
 
Fiscal year ended March 31, 2019
 
 
 
As reported
 
 
Adjustments
 
 
ASC 605
 
Net income (loss)
 
$
1,100,676
 
 
$
(1,981,256
)
 
$
(880,580
)
Change in contract loss provision
 
$
(143,105
)
 
$
70,838
 
 
$
(72,267
)
Deferred income taxes
 
$
423,357
 
 
$
(770,293
)
 
$
(346,936
)
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Inventories
 
$
(263,622
)
 
$
(2,324,475
)
 
$
(2,588,097
)
Contract assets
 
$
(2,334,418
)
 
$
4,390,832
 
 
$
2,056,414
 
Accrued expenses
 
$
246,501
 
 
$
(122,384
)
 
$
124,117
 
Contract liabilities
 
$
(149,855
)
 
$
763,771
 
 
$
613,916