Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Current assets:    
Cash and cash equivalents $ 924,209 $ 1,042,291
Accounts receivable, net of allowance for doubtful accounts of $345,591 and $542,489, respectively 39,251,453 29,189,233
Prepaid expenses 1,772,793 1,784,990
Other assets 1,429,728 2,821,172
Total current assets 43,378,183 34,837,686
Furniture and equipment at cost, net 93,256 146,345
Other assets:    
Intangible assets, net 958,081 1,028,582
Minority investment in unconsolidated affiliate 458,391 513,291
Other assets 4,720,501 5,253,946
Total other assets 6,136,973 6,795,819
Total assets 49,608,412 41,779,850
Current liabilities:    
Checks issued in advance of deposits 588,663 583,201
Short-term borrowings 19,741,669 12,228,679
Accounts payable 958,572 1,215,591
Accrued expenses and other liabilities 11,338,848 11,503,474
Total current liabilities 32,627,752 25,530,945
Insurance reserves 541,236 366,323
Total liabilities 33,168,988 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 18,678,152 18,535,051
Accumulated earnings 645,691 231,950
Total stockholders' equity 16,439,424 15,882,582
Total liabilities and stockholders' equity $ 49,608,412 $ 41,779,850

Source

v3.8.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 49,741,358 $ 42,406,405 $ 93,544,080 $ 78,742,613
Cost of revenues 44,274,539 37,246,290 83,024,090 69,033,491
Gross profit 5,466,819 5,160,115 10,519,990 9,709,122
Operating expenses        
General and administrative 4,808,355 4,388,408 9,586,559 8,483,320
Provision for (recoveries of) doubtful accounts, net (120,106) (33,052) (117,618) (107,913)
Total operating expenses 4,688,249 4,355,356 9,468,941 8,375,407
Operating income 778,570 804,759 1,051,049 1,333,715
Other expenses        
Interest expense 130,480 86,786 222,408 140,771
Income before income taxes and equity loss in minority investment of unconsolidated affiliate 648,090 717,973 828,641 1,192,944
Equity loss in minority investment of unconsolidated affiliate (29,700) (30,000) (54,900) (130,000)
Income before income taxes 618,390 687,973 773,741 1,062,944
Provision for income taxes 276,000 251,000 360,000 465,000
Net income $ 342,390 $ 436,973 $ 413,741 $ 597,944
Income per share of common stock        
Basic $ 0.03 $ 0.04 $ 0.04 $ 0.06
Diluted $ 0.03 $ 0.04 $ 0.04 $ 0.06
Weighted average number of common shares outstanding        
Basic 9,864,133 9,815,458 9,855,172 9,804,100
Diluted 10,496,588 10,233,226 10,449,746 10,196,323

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 413,741 $ 597,944
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 118,673 238,432
Provision for doubtful accounts, net (117,618) (107,913)
Equity loss in minority investment of unconsolidated affiliate 54,900 130,000
Rent expense (4,229) 11,821
Stock based compensation costs 143,101 8,104
Insurance reserves 174,913 (142,910)
Deferred income taxes 517,496 440,590
Change in receivables, prepaid expenses and other current assets (8,525,013) (8,586,332)
Change in accounts payable and other liabilities (417,416) 1,345,206
Net cash used in operating activities (7,641,452) (6,065,058)
Cash flows from investing activities:    
Proceeds from equipment dispositions 4,918
Net cash provided by investing activities 4,918
Cash flows from financing activities:    
Net advances on short-term borrowings 7,512,990 4,963,519
Change in checks issued in advance of deposits 5,462 39,974
Proceeds from option exercises, net 96,361
Net cash provided by financing activities 7,518,452 5,099,854
Net change in cash and cash equivalents (118,082) (965,204)
Cash and cash equivalents, beginning of period 1,042,291 1,486,854
Cash and cash equivalents, end of period 924,209 521,650
Cash paid for:    
Interest 187,459 132,823
Income taxes $ 8,150 $ 6,390

Source