Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Mar. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,359,103 $ 1,211,915
Accounts receivable, net of allowance for doubtful accounts of $363,944 and $335,192, respectively 35,075,913 36,831,394
Prepaid expenses 961,015 1,933,500
Other assets 2,047,926 3,321,345
Total current assets 39,443,957 43,298,154
Furniture and equipment at cost, net 626,617 559,976
Other assets:    
Intangible assets, net 907,661 921,902
Other assets 3,202,007 3,508,469
Total other assets 4,109,668 4,430,371
Total assets 44,180,242 48,288,501
Current liabilities:    
Checks issued in advance of deposits 633,322 1,167,097
Short-term borrowings 16,605,167 18,234,089
Accounts payable 1,523,925 1,354,817
Accrued and other liabilities 8,926,556 11,753,423
Total current liabilities 27,688,970 32,509,426
Insurance reserves 505,668 582,481
Other non-current liabilities 42,091 46,601
Total liabilities 28,236,729 33,138,508
Stockholders' equity:    
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value 1,172 1,172
Treasury stock, at cost, 1,579,646 shares and 1,584,418 shares, respectively (2,599,610) (2,609,881)
Additional paid-in capital 19,011,867 18,958,453
Accumulated deficit (469,916) (1,199,751)
Total stockholders' equity 15,943,513 15,149,993
Total liabilities and stockholders' equity $ 44,180,242 $ 48,288,501

Source

v3.10.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]    
Revenues $ 44,089,348 $ 43,802,721
Cost of revenues 38,579,995 38,749,550
Gross profit 5,509,353 5,053,171
Operating expenses    
General and administrative 4,268,786 4,778,205
Provision for doubtful accounts, net 24,160 2,488
Total operating expenses 4,292,946 4,780,693
Operating income 1,216,407 272,478
Other expenses    
Interest expense 167,572 91,927
Income before income taxes and equity loss in minority investment of unconsolidated affiliate 1,048,835 180,551
Equity loss in minority investment of unconsolidated affiliate (25,200)
Income before income taxes 1,048,835 155,351
Provision for income taxes 319,000 84,000
Net income $ 729,835 $ 71,351
Income per share of common stock    
Basic $ 0.07 $ 0.01
Diluted $ 0.07 $ 0.01
Weighted average number of common shares outstanding    
Basic 10,200,936 9,848,186
Diluted 10,392,384 10,264,096

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 729,835 $ 71,351
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61,681 70,493
Provision for (recoveries of) doubtful accounts 24,160 2,488
Equity loss in minority investment of unconsolidated affiliate 25,200
Rent expense (11,421) (39,064)
Stock based compensation costs 76,161 18,225
Insurance reserves (76,813) 95,298
Deferred income taxes 313,000 396,178
Change in receivables, prepaid expenses and other current assets 3,958,207 (381,346)
Change in accounts payable and other liabilities (2,646,338) (1,050,352)
Change in other long term liabilities (4,510)
Net cash provided by (used in) operating activities 2,434,962 (791,529)
Cash flows from investing activities:    
Purchases of equipment (101,600)
Proceeds from equipment dispositions 4,918
Net cash provided by (used in) investing activities (101,600) 4,918
Cash flows from financing activities:    
Net repayments on short-term borrowings (1,628,922) (268,153)
Change in checks issued in advance of deposits (533,776) 953,525
Tax withholding related to net share settlements of restricted stock units (12,476)
Net cash provided by (used in) financing activities (2,175,174) 685,372
Net change in cash and cash equivalents 147,188 (101,239)
Cash and cash equivalents, beginning of period 1,211,915 1,042,291
Cash and cash equivalents, end of period 1,359,103 941,052
Supplemental Disclosures of Cash Flow Information    
Interest 177,938 98,695
Income taxes $ 2,329

Source