Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Mar. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,674,543 $ 1,211,915
Accounts receivable, net of allowance for doubtful accounts of $228,512 and $335,192, respectively 29,047,339 36,831,394
Prepaid expenses 930,578 1,933,500
Other assets 1,747,921 3,321,345
Total current assets 33,400,381 43,298,154
Furniture and equipment at cost, net 657,424 559,976
Other assets:    
Intangible assets, net 893,422 921,902
Other assets 3,118,803 3,508,469
Total other assets 4,012,225 4,430,371
Total assets 38,070,030 48,288,501
Current liabilities:    
Checks issued in advance of deposits 435,809 1,167,097
Short-term borrowings 10,459,686 18,234,089
Accounts payable 1,759,098 1,354,817
Accrued and other liabilities 9,014,555 11,753,423
Total current liabilities 21,669,148 32,509,426
Insurance reserves 519,877 582,481
Other non-current liabilities 37,581 46,601
Total liabilities 22,226,606 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 19,097,900 18,958,453
Accumulated deficit (656,038) (1,199,751)
Total stockholders' equity 15,843,424 15,149,993
Total liabilities and stockholders' equity $ 38,070,030 $ 48,288,501

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues $ 40,486,645 $ 50,199,821 $ 85,024,114 $ 94,316,618
Cost of revenues 35,769,757 44,733,002 74,797,873 83,796,628
Gross profit 4,716,888 5,466,819 10,226,241 10,519,990
Operating expenses        
General and administrative 4,683,666 4,808,355 8,952,466 9,586,559
Provision for (recoveries of) doubtful accounts, net 4,523 (120,106) 28,683 (117,618)
Total operating expenses 4,688,189 4,688,249 8,981,149 9,468,941
Operating income 28,699 778,570 1,245,092 1,051,049
Other expenses        
Interest expense 123,807 130,480 291,379 222,408
Income (loss) before income taxes and equity loss in minority investment of unconsolidated affiliate (95,108) 648,090 953,713 828,641
Equity loss in minority investment of unconsolidated affiliate (29,700) (54,900)
Income (loss) before income taxes (95,108) 618,390 953,713 773,741
Provision for income taxes 91,000 276,000 410,000 360,000
Net income (loss) $ (186,108) $ 342,390 $ 543,713 $ 413,741
Income (loss) per share of common stock        
Basic $ (0.02) $ 0.03 $ 0.05 $ 0.04
Diluted $ (0.02) $ 0.03 $ 0.05 $ 0.04
Weighted average number of common shares outstanding        
Basic 10,227,204 9,864,133 10,214,142 9,855,172
Diluted 10,227,204 10,496,588 10,351,886 10,449,746

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 543,713 $ 413,741
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 130,568 118,673
Provision for (recoveries of) doubtful accounts 28,683 (117,618)
Equity loss in minority investment of unconsolidated affiliate 54,900
Rent expense (24,205) (4,229)
Stock based compensation costs 162,194 143,101
Insurance reserves (62,604) 174,913
Deferred income taxes 398,000 517,496
Change in receivables, prepaid expenses and other current assets 10,323,384 (8,525,013)
Change in accounts payable and other liabilities (2,310,382) (417,416)
Change in other long term liabilities (9,020)
Net cash provided by (used in) operating activities 9,180,331 (7,641,452)
Cash flows from investing activities:    
Purchases of equipment (199,536)
Proceeds from equipment dispositions 4,918
Net cash provided by (used in) investing activities (199,536) 4,918
Cash flows from financing activities:    
Net (repayments) advances on short-term borrowings (7,774,403) 7,512,990
Change in checks issued in advance of deposits (731,288) 5,462
Tax withholding related to net share settlements of restricted stock units (12,476)
Net cash provided by (used in) financing activities (8,518,167) 7,518,452
Net change in cash and cash equivalents 462,628 (118,082)
Cash and cash equivalents, beginning of period 1,211,915 1,042,291
Cash and cash equivalents, end of period 1,674,543 924,209
Supplemental Disclosures of Cash Flow Information    
Interest 315,387 187,459
Income taxes $ 3,128 $ 8,150

Source