Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Mar. 31, 2017
Current assets:    
Cash and cash equivalents $ 1,211,915 $ 1,042,291
Accounts receivable, net of allowance for doubtful accounts of $335,192 and $542,489, respectively 36,831,394 29,189,233
Prepaid expenses 1,933,500 1,784,990
Other assets 3,321,345 2,821,172
Total current assets 43,298,154 34,837,686
Furniture and equipment at cost, net 559,976 146,345
Other assets:    
Intangible assets, net 921,902 1,028,582
Minority investment in unconsolidated affiliate 513,291
Other assets 3,508,469 5,253,946
Total other assets 4,430,371 6,795,819
Total assets 48,288,501 41,779,850
Current liabilities:    
Checks issued in advance of deposits 1,167,097 583,201
Short-term borrowings 18,234,089 12,228,679
Accounts payable 1,354,817 1,786,412
Accrued and other liabilities 11,753,423 10,932,653
Total current liabilities 32,509,426 25,530,945
Insurance reserves 582,481 366,323
Other non-current liabilities 46,601
Total liabilities 33,138,508 25,897,268
Stockholders’ equity:    
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value per share, 50,000,000 shares authorized, 11,714,308 and 10,127,651 shares issued and outstanding, respectively, at March 31, 2018 and 11,600,386 and 9,848,186 shares issued and outstanding, respectively, at March 31, 2017 1,172 1,160
Treasury stock, at cost, 1,584,418 shares and 1,752,200 shares, respectively (2,609,881) (2,885,579)
Additional paid-in capital 18,958,453 18,535,051
Accumulated earnings (deficit) (1,199,751) 231,950
Total stockholders’ equity 15,149,993 15,882,582
Total liabilities and stockholders’ equity $ 48,288,501 $ 41,779,850

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenues $ 187,962,056 $ 162,179,249
Cost of revenues 167,800,629 143,910,434
Gross profit 20,161,427 18,268,815
Operating expenses    
General and administrative 18,700,819 18,299,827
Provision for (recoveries of) doubtful accounts, net (78,208) (138,547)
Total operating expenses 18,622,611 18,161,280
Operating income 1,538,816 107,535
Other expenses    
Interest expense (551,226) (306,124)
Income (loss) before income taxes and equity loss in minority investment of unconsolidated affiliate 987,590 (198,589)
Equity loss in minority investment of unconsolidated affiliate (141,200) (82,000)
Impairment of equity method minority investment of unconsolidated affiliate (372,091) (2,100,000)
Income (loss) before income taxes 474,299 (2,380,589)
Provision for (benefit from) income taxes 1,906,000 (56,000)
Net loss $ (1,431,701) $ (2,324,589)
Loss per share of common stock    
Basic $ (0.14) $ (0.24)
Diluted $ (0.14) $ (0.24)
Weighted average number of common shares outstanding    
Basic 9,949,652 9,824,763
Diluted 9,949,652 9,824,763

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (1,431,701) $ (2,324,589)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 217,454 458,590
Provision for (recoveries of) doubtful accounts (78,208) (138,547)
Equity loss in minority investment of unconsolidated affiliate 141,200 82,000
Impairment of equity method minority investment of unconsolidated affiliate 372,091 2,100,000
Rent expense 22,860 24,298
Stock based compensation costs 322,613 17,915
Insurance reserves 216,158 (246,139)
Deferred income taxes 1,733,734 37,689
Changes in operating assets and liabilities:    
Accounts receivable (7,563,952) (7,160,063)
Prepaid expenses (148,510) 68,474
Other assets (477,329) (1,516,300)
Change in accounts payable and other liabilities 421,486 3,427,759
Change in other long term liabilities 46,601 (700,000)
Net cash used in operating activities (6,205,504) (5,868,913)
Cash flows from investing activities:    
Purchases of equipment (535,505) (10,394)
Net cash used in investing activities (535,505) (10,394)
Cash flows from financing activities:    
Net advances on short-term borrowings 6,005,410 5,216,936
Change in checks issued in advance of deposits 583,895 111,262
Proceeds from option exercises, net 339,592 106,546
Tax withholding related to net share settlements of restricted stock units (18,264)
Net cash provided by financing activities 6,910,633 5,434,744
Net change in cash and cash equivalents 169,624 (444,563)
Cash and cash equivalents, beginning of period 1,042,291 1,486,854
Cash and cash equivalents, end of period 1,211,915 1,042,291
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest 501,389 297,373
Income taxes $ 13,427 $ 10,180

Source