Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Mar. 31, 2017
Current assets:    
Cash and cash equivalents $ 941,052 $ 1,042,291
Accounts receivable, net of allowance for doubtful accounts of $544,977 and $542,489, respectively 30,587,577 29,189,233
Prepaid expenses 1,834,466 1,784,990
Other assets 1,770,045 2,821,172
Total current assets 35,133,140 34,837,686
Furniture and equipment at cost, net 115,329 146,345
Other assets:    
Intangible assets, net 984,187 1,028,582
Minority investment in unconsolidated affiliate 488,091 513,291
Other assets 4,839,933 5,253,946
Total other assets 6,312,211 6,795,819
Total assets 41,560,680 41,779,850
Current liabilities:    
Checks issued in advance of deposits 1,536,726 583,201
Short-term borrowings 11,960,526 12,228,679
Accounts payable 1,718,832 1,215,591
Accrued expenses and other liabilities 9,910,817 11,503,474
Total current liabilities 25,126,901 25,530,945
Insurance reserves 461,621 366,323
Total liabilities 25,588,522 25,897,268
Stockholders' equity:    
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value per share 1,160 1,160
Treasury stock, at cost, 1,752,200 shares (2,885,579) (2,885,579)
Additional paid-in capital 18,553,276 18,535,051
Accumulated earnings 303,301 231,950
Total stockholders' equity 15,972,158 15,882,582
Total liabilities and stockholders' equity $ 41,560,680 $ 41,779,850

Source

v3.7.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]    
Revenues $ 43,802,721 $ 36,336,208
Cost of revenues (38,749,550) (31,787,201)
Gross profit 5,053,171 4,549,007
Operating expenses    
General and administrative (4,778,205) (4,094,912)
Provision for doubtful accounts, net (2,488) 74,861
Total operating expenses (4,780,693) (4,020,051)
Operating income 272,478 528,956
Other expenses    
Interest expense (91,927) (53,985)
Income before income taxes and equity loss in minority investment of unconsolidated affiliate 180,551 474,971
Equity loss in minority investment of unconsolidated affiliate (25,200) (100,000)
Income before income taxes 155,351 374,971
Provision for income taxes (84,000) (214,000)
Net income $ 71,351 $ 160,971
Income per share of common stock    
Basic $ 0.01 $ 0.02
Diluted $ 0.01 $ 0.02
Weighted average number of common shares outstanding    
Basic 9,848,186 9,792,618
Diluted 10,264,096 10,156,337

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 71,351 $ 160,971
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 70,493 132,848
Provision for doubtful accounts, net 2,488 (74,861)
Equity loss in minority investment of unconsolidated affiliate 25,200 100,000
Rent expense (39,064) (3,963)
Stock based compensation costs 18,225 4,053
Insurance reserves 95,298 (37,507)
Deferred income taxes 396,178 555,788
Change in receivables, prepaid expenses and other current assets (381,346) (4,091,256)
Change in accounts payable and other liabilities (1,050,352) 318,337
Net cash used in operating activities (791,529) (2,935,590)
Cash flows from investing activities:    
Purchases of equipment (14,620)
Proceeds from equipment dispositions 4,918
Net cash provided by (used in) investing activities 4,918 (14,620)
Cash flows from financing activities:    
Net advances (repayments) on short-term borrowings (268,153) 1,804,675
Change in checks issued in advance of deposits 953,525 166,301
Net cash provided by financing activities 685,372 1,970,976
Net change in cash and cash equivalents (101,239) (979,234)
Cash and cash equivalents, beginning of period 1,042,291 1,486,854
Cash and cash equivalents, end of period 941,052 507,620
Cash paid during the three months ended June 30 for:    
Interest 98,695 50,640
Income taxes $ 6,390

Source