ADMT Adm Tronics Unlimited Inc (QB)

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS 

 

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 

(Unaudited)

 

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 

(Unaudited)

 

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

 

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 

 

 

NOTE 1  - NATURE OF BUSINESS

 

ADM Tronics Unlimited, Inc. (“we”, “us”, the “Company” or “ADM”), was incorporated under the laws of the state of Delaware on November 24, 1969. We are a manufacturing and engineering concern whose principal lines of business are the design, manufacture, and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services.

 

Electronic equipment is manufactured in accordance with customer specifications on a contract basis. Our electronic device product line consists principally of proprietary devices used in diagnostics and therapeutics of humans and animals and electronic controllers for spas and hot tubs. These products are sold to customers located principally in the United States. We are registered with the FDA as a contract manufacturing facility, and we manufacture medical devices for customers in accordance with their designs and specifications. Our chemical product line is principally comprised of water-based chemical products used in the food packaging and converting industries, and anti-static conductive paints, coatings and other products. These products are sold to customers located in the United States, Australia, Asia and Europe. We also provide research, development, regulatory, and engineering services to customers. Our Sonotron Medical Systems, Inc. subsidiary (“Sonotron”) is involved in medical electronic therapeutic technology.

NOTE 2  - SIGNIFICANT ACCOUNTING POLICIES

 

BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended March 31, 2024 as disclosed in our annual report on Form 10-K for that year. Unaudited interim results are not necessarily indicative of the results for the full fiscal year ending March 31, 2025. The consolidated balance sheet as of March 31, 2024 was derived from the audited consolidated financial statements as of and for the year then ended.

 

PRINCIPLES OF CONSOLIDATION

 

The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.

 

USE OF ESTIMATES

 

These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate fair value due to their relatively short maturities.

 

CASH AND CASH EQUIVALENTS

 

Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At June 30, 2024 and March 31, 2024, approximately $219,000 and $287,000, respectively, exceeded the FDIC limit.

 

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ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

 

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

 

REVENUE RECOGNITION

 

ELECTRONICS:

 

We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products has been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.

 

Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $52,000 as of March 31, 2024 were recognized as revenues during the three months ended June 30, 2024.

 

Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $27,000 as of March 31, 2023 were recognized as revenues during the three months ended June 30, 2023.

 

CHEMICAL PRODUCTS:

 

Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.

 

ENGINEERING SERVICES:

 

We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.

 

All revenue is recognized net of discounts.

 

INVENTORIES

 

Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.

 

Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.

 

PROPERTY AND EQUIPMENT

 

We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of June 30, 2024 and March 31, 2024, all fixed assets were fully depreciated.

 

ADVERTISING COSTS

 

Advertising costs are expensed as incurred and amounted to $4,464 for the three months ended June 30, 2024 and $6,184 for the three months ended June 30, 2023.

 

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NET EARNINGS PER SHARE

 

We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.

 

There were 200,000 anti-dilutive instruments in force during the periods ended June 30, 2024 and 2023, respectively.

 

Per share basic and diluted (loss) amounted to $0.00 and $(0.00) for the three months ended June 30, 2024 and 2023, respectively.

 

LEASES

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which changed financial reporting as it relates to leasing transactions. Under the new guidance, lessees are required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. The Company adopted this guidance as of April 1, 2019, using the modified retrospective approach which allowed it to initially apply the guidance as of the adoption date. The Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases.

 

The Company made a policy election to recognize short-term lease payments as an expense on a straight-line basis over the lease term. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of twelve months or less and does not contain an option to purchase the underlying asset that the lease is reasonably certain to exercise. Related variable lease payments are recognized in the period in which the obligation is incurred.

 

The Company's lease agreement contains related non-lease components (e.g. taxes, etc.). The Company separates lease components and non-lease components for all underlying asset classes.

 

RECLASSIFICATION

 

Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.

 

NEW ACCOUNTING STANDARDS

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.

 

INVESTMENTS

 

Investments in publicly  held companies are net book value or fair value.

 

Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America

 

NOTE 3 - INVENTORIES     

 

Inventories at June 30, 2024 consisted of the following:

		Current				Long Term				Total
Raw materials		$	372,834			$	230,351			$	603,185
Finished goods			58,488				11,157				69,645
Totals		$	431,322			$	241,508			$	672,830

 

Inventories at March 31, 2024 consisted of the following:

		Current				Long Term				Total
Raw materials		$	238,227			$	216,185			$	454,412
Finished goods			75,182				10,537				85,719
Totals		$	313,409			$	226,722			$	540,131

 

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NOTE 4 - INTANGIBLE ASSETS

 

		June 30, 2024																	March 31, 2024
		Cost				Weighted Average Amortization Period (Years)					Accumulated Amortization				Net Carrying Amount				Cost				Weighted Average Amortization Period (Years)					Accumulated Amortization				Net Carrying Amount
Patents & Trademarks		$	35,794			10	-	15			$	(26,236	)		$	9,558			$	35,794			10	-	15			$	(25,516	)		$	10,278
Software		$	14,515				3				$	(3,630	)		$	10,885			$	14,515				3				$	(2,420	)		$	12,095
		$	50,309								$	(29,866	)		$	20,443			$	50,309								$	(27,936	)		$	22,373

 

Estimated aggregate future amortization expense related to intangible assets is as follows:

 

For the fiscal years ended March 31,
2025		$	5,376
2026			6,817
2027			4,143
2028			1,725
2029			1557
thereafter			825
		$	20,443

  

NOTE 5 – CONCENTRATIONS

 

During the three months ended June 30, 2024,  one customer accounted for 35% of our net revenue.

 

As of June 30, 2024, three customers represented 78% of our gross accounts receivable. As of March 31, 2024, four customers accounted for 89% of our gross accounts receivable.

 

As of June 30, 2024, three vendors accounted for over 39% of our accounts payable balance.

 

The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three months ended June 30, 2024 were $118,281 or 14%.

 

During the three months ended June 30, 2023, two customers accounted for 40% of our net revenue.

 

As of June 30, 2023, two customers represented 79% of our gross accounts receivable. As of March 31, 2023, two customers accounted for 40% of our gross accounts receivable.

 

As of June 30, 2023, three vendors accounted for over 50% of our accounts payable balance.

 

The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three months ended June 30, 2023 were $119,034 or 16%.

 

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NOTE 6 - DISAGGREGATED REVENUES AND SEGMENT INFORMATION

 

The following tables show the Company's revenues disaggregated by reportable segment and by product and service type:

 

		Three Months Ended June 30,
		2024				2023
Net Revenue in the US
Chemical		$	201,377			$	218,971
Electronics			411,166				266,163
Engineering			127,021				158,521
			739,564				643,655
Net Revenue outside the US
Chemical			118,281				119,034
Electronics			-				-
Engineering			-				-
			118,281				119,034
Total Revenues		$	857,845			$	762,689

  

NOTE 7 – DUE FROM AFFILIATE 

 

The Company provided $330,090 in engineering services to Qol during the year March 31, 2018. This amount is shown net of a $240,965 allowance for credit losses on the consolidated balance sheets as of June 30, 2024 and March 31, 2024, respectively.

  

NOTE 8 – LEASES

 

We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2024:

 

	For the fiscal year ended:	Amount
FY 2025	March 31, 2025			$	80,154
FY 2026	March 31, 2026				106,872
FY 2027	March 31, 2027				106,872
FY 2028	March 31, 2028				106,872
FY 2029	March 31, 2029	ends June 30, 2029			26,718
					427,488
	Less: Amount attributable to imputed interest				(39,152	)
				$	388,336
	Weighted average remaining lease term (in years)				2.4

 

Rent and real estate tax expense for all facilities for the three months ended June 30, 2024 was approximately $37,000.

 

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Rent and real estate tax expense for all facilities for the three months ended June 30, 2024 was approximately $34,000.

 

These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.

 

NOTE 9 – PAYCHECK PROTECTION PROGRAM (PPP) LOAN

 

In May 2020, the Company obtained funding through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of $381,000. In February 2021, a second PPP loan was obtained in the amount of $332,542, for a total of $713,542. The loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with at least 60% being used for payroll. The Company did use the funds for these expenses during the year ended March 31, 2021. The Company applied for loan forgiveness of both PPP loans. On September 7, 2021, the Company received approval from the SBA for $361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $332,542. This amount was recorded as Forgiveness of Paycheck Protection loan in the accompanying condensed Consolidated Statements of Operations during the fiscal year ended March 31, 2022.

 

The unforgiven portion of the first PPP loan is $19,725, which was converted to a term loan payable in equal installments of principal plus interest at 1% with a maturity date of May 15, 2025. No collateral or personal guarantees is required for the loan. At June 30, 2024, the outstanding balance is $4,931.

 

NOTE 10 – LINE OF CREDIT

 

On June 15, 2018, the Company obtained an unsecured revolving line of credit, with a limit of $400,000. The line expires May 15, 2025, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 8.87% as of June 30, 2024. Any unpaid principal will be due upon maturity. At June 30, 2024 and March 31, 2024, the outstanding balance was $382,345 and $389,530, respectively.

 

NOTE 11  – WARRANTS

 

On April 11, 2023, warrants to purchase Company stock were issued to two outside consultants. Each consultant was granted 100,000 warrants with a strike price of $0.20. The Warrants vested and were exercisable immediately. The warrants were valued using a Black Scholes model effective April 11, 2023, cumulative volatility was computed at 123.52% and the total valuation was $8,256 which will be amortized over the 24-month life.

 

	Outstanding and exercisable
	Range of Exercise prices				Number outstanding				Weighted average remaining life in years				Weighted Average Exercise Price				Exercisable
	$	0.20				200,000				0.78			$	0.20				200,000

 

		2024								2023
		# of Shares				Weighted Average				# of Shares				Weighted Average
						Exercise Price								Exercise Price
Outstanding, beginning of year			200,000			$	0.20				-				-
Issued			-				-				200,000			$	0.20
Exercised			-				-				-				-
Expired			-				-				-				-
Cancelled			-				-				-				-
Outstanding, end of period			200,000			$	0.20				200,000			$	0.20
Exercisable, end of period			200,000			$	0.20				200,000			$	0.20

 

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NOTE 12 – LEGAL PROCEEDINGS

 

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

 

NOTE 13 – CONTRACTURAL OBLIGATIONS AND OTHER COMMITMENTS

 

Legal Contingencies

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

 

Product Liability

As of June 30, 2024 and March 31, 2024, there were no claims against us for product liability.

  

NOTE 14 – FAIR VALUE MEASUREMENTS

 

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

____________________________________________________________________________

Level 1

Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access.

____________________________________________________________________________

Level 2

Inputs to the valuation methodology include

●

Quoted prices for similar assets or liabilities in active markets;

●

Quoted prices for identical or similar assets or liabilities in active markets;

●

Inputs other than quoted prices that are observable for the asset or liability

●

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

____________________________________________________________________________

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

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The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at June 30, 2024.

 

Investments in publicly  held companies are net book value or fair value.

 

Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America.

 

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Partnership believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

The following table sets forth by level, within the fair value hierarchy, the Partnership's assets at fair value as of June 30,2024:

 

Assets at Fair Value as of June 30, 2024:

 

		Level 1				Level 2				Level 3				Total
Investment		$	262,500			$	0			$	0			$	262,500
TOTAL ASSETS AT FAIR VALUE		$	262,500			$	0			$	0			$	262,500

    

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion of our operations and financial condition should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. 

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the "safe harbor" provisions under section 21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Act of 1995. We use forward-looking statements in our description of our plans and objectives for future operations and assumptions underlying these plans and objectives. Forward-looking terminology includes the words "may", "expects", "believes", "anticipates", "intends", "forecasts", "projects", or similar terms, variations of such terms or the negative of such terms. These forward-looking statements are based on management's current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this Form 10-Q to reflect any change in our expectations or any changes in events, conditions or circumstances on which any forward-looking statement is based. Factors which could cause such results to differ materially from those described in the forward-looking statements include those set forth under "Item. 1 Description of Business – Risk Factors" and elsewhere in or incorporated by reference into our Annual Report on Form 10-K for the year ended March 31, 2024.

 

BUSINESS OVERVIEW

 

The Company is a technology-based developer and manufacturer of diversified lines of products and derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services. The Company has increased internal research and development by utilizing their engineering resources to advance their own proprietary medical device technologies.

 

The Company is a corporation that was organized under the laws of the State of Delaware on November 24, 1969. Our operations are conducted through ADM and its subsidiary Sonotron.  

 

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2024 AS COMPARED TO JUNE 30, 2023.  

 

For the three months ended June 30, 2024

 

		Chemical				Electronics				Engineering				Total
Revenue		$	319,658			$	411,166			$	127,021			$	857,845
Cost of Sales			114,594				160,622				62,250				337,466
Gross Profit			205,064				250,544				64,771				520,379
Gross Profit Percentage			64	%			61	%			51	%			61	%
Operating Expenses			131,758				170,923				53,417				356,098
Operating Income (Loss)			73,306				79,621				11,354				164,281
Other income (expenses)			40,103				52,025				16,259				108,387
Income (loss) before provision from income taxes		$	113,409			$	131,646			$	27,613			$	272,668

 

For the three months ended June 30, 2023

 

		Chemical				Electronics				Engineering				Total
Revenue		$	338,005			$	266,163			$	158,521			$	762,689
Cost of Sales			214,101				177,843				45,603				437,547
Gross Profit			123,904				88,320				112,918				325,142
Gross Profit Percentage			37	%			33	%			71	%			43	%
Operating Expenses			203,692				162,029				97,217				462,938
Operating Income (Loss)			(79,788	)			(73,709	)			15,701				(137,796	)
Other income (expenses)			2,435				1,937				1,163				5,535
Income (loss) before provision from income taxes		$	(77,353	)		$	(71,772	)		$	16,864			$	(132,261	)

 

Variance

 

		Chemical				Electronics				Engineering				Total
Revenue		$	(18,347	)		$	145,003			$	(31,500	)		$	95,156
Cost of Sales			(99,507	)			(17,221	)			16,647				(100,081	)
Gross Profit			81,160				162,224				(48,147	)			195,237
Gross Profit Percentage			27	%			28	%			-20	%			18	%
Operating Expenses			(71,934	)			8,894				(43,800	)			(106,840	)
Operating Income (Loss)			153,094				153,330				(4,347	)			302,077
Other income (expenses)			37,668				50,088				15,096				102,852
Income (loss) before benefit from income taxes		$	190,762			$	203,418			$	10,749			$	404,929

 

 

Revenues for the three months ended June 30, 2024 increased by $95,156. The increase is a result of increased sales of $145,003 in the Electronics segment offset by decreases of $18,347 in the Chemical segment a decrease of $31,500 in the Engineering segment.

 

Gross profit for the three months ended June 30, 2024 increased by $195,237. The increase in gross profit resulted primarily from a net sales increase caused by an increase in sales prices of approximately 10% along with a decrease in cost of sales of $100,081

 

We are highly dependent upon certain customers. During the three months ended June 30, 2024, three customers accounted for 78% of our net revenue. Net revenues from foreign customers for the three months ended June 30, 2024 was $118,281 or 14%.

 

Revenues for the three months ended June 30, 2023 decreased by $158,719. The decrease is a result of decreased sales of $34,170 in the Chemical segment, $198,529 in the Electronics segment offset by an increase of $73,980 in the Engineering segment.

 

Gross profit for the three months ended June 30, 2023 decreased by $57,917. The decrease in gross profit resulted primarily from decreased sales in Chemical and Electronics segments.

 

We are highly dependent upon certain customers. During the three months ended June 30, 2023, two customers accounted for 40% of our net revenue. Net revenues from foreign customers for the three months ended June 30, 2023 was $119,034 or 16%.

 

Income from operations for the three months ended June 30, 2024 was $164,281 compared to loss from operations for the three months ended June 30, 2023 was $137,796

 

Other income increased $102,852 for the three months ended June 30, 2024. The increase is mainly attributable to an increase in interest income coupled with reduced interest expense.

 

The foregoing resulted in net profit before provision for taxes for the three months ended June 30, 2024 of $272,668 compared to a net loss before provision for taxes for the three months ended June 30, 2023 of $132,261. Net income per share for the three months ended June 30, 2024 is $0.00 compared to net loss per share were ($0.00) for the three months ended June 30, 2023.

 

LIQUIDITY AND CAPITAL RESOURCES  

 

At June 30, 2024, we had cash and cash equivalents of $469,365 as compared to $537,041 at March 31, 2024. The $67,676 decrease was primarily the result of cash used in operations during the three-month period in the amount of $59,146, cash used in investing cash used in financing activities of $8,530. There was no cash used or provided by investing activities. Our cash will continue to be used for increased marketing costs, and increased production labor costs all in an attempt to increase our revenue, as well as increased expenditures for our internal R&D.  We expect to have enough cash to fund operations for the next twelve months.    

 

Below is a summary of our cash flow for the nine-month ending periods indicated:

 

		June 30, 2024				June 30, 2023
Net cash provided by (used in) operating activities		$	(59,146	)		$	(252,744	)
Net cash provided by (used in) investing activities			-				-
Cash flows provided (used) in financing activities:			(8,530	)			93,745
Net increase (decrease) in cash and cash equivalents		$	(67,676	)		$	(158,999	)
Cash and cash equivalents - beginning of period		$	537,041			$	1,003,730
Cash and cash equivalents - end of period		$	469,365			$	844,731

 

Future Sources of Liquidity:

 

We expect that growth with profitable customers and continued focus on new customers will enable us to generate cash flows from operating activities during fiscal 2025.

 

Based on current expectations, we believe that our existing cash and cash equivalents of $469,365 as of June 30, 2024, and other potential sources of cash will be sufficient to meet our cash requirements. Our ability to meet these requirements will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control.

 

 

OPERATING ACTIVITIES 

 

Net cash used by operating activities was $(59,146) for the three months ended June 30, 2024, as compared to net cash used by operating activities of $(252,744) for the three months ended June 30, 2023. The cash used during the three months ended June 30, 2024 was primarily due to a net income of $272,168, a decrease in net operating assets of $349,830, offset by an increase in net operating liabilities of $52,747, write-off of inventories of $49,214, amortization of $1,929, and stock based compensation of $1,032, and non-cash interest expense of $4,925.

 

INVESTING ACTIVITIES

 

There was no cash provided or used in investing activities for the three months ended June 30, 2024.

 

FINANCING ACTIVITIES

 

For the three months ended June 30, 2024, net cash used by financing activities was $8,530 due to net borrowing and payments in the line of credit of $(7,185) coupled repayments on the PPP loan of $(1,345).

 

OFF BALANCE SHEET ARRANGEMENTS

 

We have no off-balance sheet arrangements that have had or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Concentration of Credit Risk

 

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

 

Cash and cash equivalents – For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held at these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At June 30, 2024, approximately $219,000 exceeded the FDIC limit.

 

Our sales are materially dependent on a small group of customers, as noted in Note 6 of our condensed consolidated financial statements. We monitor our credit risk associated with our receivables on a routine basis. We also maintain credit controls for evaluating and granting customer credit. 

 

ITEM 4. CONTROLS AND PROCEDURES

 

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 

The Company's management, including the Company's principal executive officer and principal financial officer, have evaluated the effectiveness of the Company's "disclosure controls and procedures," as such term is defined in Ru1e 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the "SEC") (1) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (2) is accumulated and communicated to the Company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. During the quarterly and year to date period ended June 30, 2024, there were no changes in the Company's internal control over financial reporting which materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. 

 

The determination that our disclosure controls and procedures were not effective as of June 30, 2024, is a result of:

 

a. Deficiencies in Internal Control Structure Environment. During the current year, the Company’s focus was on expanding their customer base to initiate revenue production.  

 

 

b. Inadequate staffing and supervision within the accounting operations of our company. The relatively small number of employees who are responsible for accounting functions prevents the Company from segregating duties within its internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews.  The Company’s plan is to expand its accounting operations as the business of the Company expands. 

 

The Company believes that the financial statements present fairly, in all material respects, the Company’s condensed consolidated balance sheets as of June 30, 2024, and March 31, 2024 and the related condensed consolidated statements of operations, and cash flows for the three months ended June 30, 2024 and 2023, in conformity with generally accepted accounting principles, notwithstanding the material weaknesses we identified. 

 

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

 

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None

 

ITEM 1A. RISK FACTORS

 

There have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended March 31, 2022. 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None

 

ITEM 5. OTHER INFORMATION

 

None 

 

ITEM 6. EXHIBITS.

 

(a) Exhibit No.

 

21.1	Subsidiaries of the Company
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

101.INS**	Inline XBRL Instance
101.SCH**	Inline XBRL Taxonomy Extension Schema
101.CAL**	Inline XBRL Taxonomy Extension Calculation
101.DEF**	Inline XBRL Taxonomy Extension Definition
101.LAB**	Inline XBRL Taxonomy Extension Labels
101.PRE**	Inline XBRL Taxonomy Extension Presentation
104	Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

 

** XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	ADM TRONICS UNLIMITED, INC.
	(Registrant)
	By:	/s/ Andre' DiMino
		Andre' DiMino, Chief Executive
		Officer and Chief Financial Officer

 

Dated:	Northvale, New Jersey
	August 19, 2024

 

 

 

 

EXHIBIT 21.1

SUBSIDIARIES OF ADM TRONICS UNLIMITED, INC.

                     Sonotron Medical Systems, Inc.

 

EXHIBIT 31.1

 

CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES - OXLEY ACT OF 2002 AND

SECURITIES AND EXCHANGE COMMISSION RELEASE 34-46427

 

I, Andre' DiMino, certify that:

 

1. I have reviewed this annual report on Form 10-Q of ADM Tronics Unlimited, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am the registrant's only certifying officer and am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 19, 2024		/s/ Andre' DiMino
		Andre' DiMino
		Chief Executive Officer and Chief Financial Officer

 

 

A signed original of this written statement required by Section 302 has been provided to ADM Tronics Unlimited, Inc. and will be retained by ADM Tronics Unlimited, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the annual Report of ADM Tronics Unlimited, Inc. (the "Company") on Form 10-Q for the fiscal quarter ended June 20, 2024, (the "Report"), filed with the Securities and Exchange Commission, Andre' DiMino, Chief Executive Officer and Chief Financial Officer, of the Company hereby certifies pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition of the Company as of the dates presented and the result of operations of the Company for the periods presented. 

 

Date: August 19, 2024		/s/ Andre' DiMino
		Chief Executive Officer and
		Chief Financial Officer

 

 

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-K or as a separate disclosure document.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to ADM Tronics Unlimited, Inc. and will be retained by ADM Tronics Unlimited, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

v3.24.2.u1

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-17629
Entity Registrant Name	ADM TRONICS UNLIMITED, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-1896032
Entity Address, Address Line One	224-S Pegasus Ave.
Entity Address, City or Town	Northvale
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07647
City Area Code	201
Local Phone Number	767-6040
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		67,588,492
Entity Central Index Key	0000849401
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

v3.24.2.u1

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 469,365	$ 537,041
Accounts receivable, net of credit losses of $1,216,562 at June 30, 2024 and March 31, 2024, respectively	503,810	344,526
Inventories	431,322	313,409
Prepaid expenses and other current assets	19,180	19,223
Total current assets	1,423,677	1,214,199
Other Assets:
Long-term inventory	241,508	226,722
Operating lease right-of-use asset	378,352	399,521
Loan receivable, net of allowance for doubtful accounts of $240,965 at June 30, 2024 and March 31, 2024, respectively.	89,125	89,125
Investments	338,500	0
Intangible assets, net of accumulated amortization of $29,866 and $27,936 at June 30, 2024 and March 31, 2024, respectively	20,443	22,373
Other assets	15,917	186,788
Total other assets	1,083,846	924,529
Total assets	2,507,522	2,138,728
Accrued expenses and other current liabilities	69,154	61,268
Accounts payable	307,244	266,082
Bank overdraft	105,993	112,391
PPP loan	4,931	6,276
Line of credit	382,345	389,530
Operating lease liability	89,943	87,727
Customer deposits	148,729	200,661
Total current liabilities	1,108,339	1,123,935
Long-term liabilities
Due to employee	80,449	0
Operating lease liability less current portion	298,393	322,402
Total long-term liabilities	378,842	322,402
Total liabilities	1,487,181	1,446,337
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.0005 par value; 150,000,000 shares authorized, 67,588,492 shares issued and outstanding	33,794	33,794
Additional paid-in capital	33,604,676	33,603,644
Accumulated deficit	(32,618,129)	(32,945,047)
Total stockholders' equity	1,020,341	692,391
Total liabilities and stockholders' equity	$ 2,507,522	$ 2,138,728

v3.24.2.u1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,216,562	$ 1,216,562
Financing Receivable, Allowance for Credit Loss, Noncurrent	240,965	240,965
Intangible assets, accumulated amortization	29,866	27,936
Intangible assets, accumulated amortization	$ 29,866	$ 27,936
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0005	$ 0.0005
Common Stock, Shares Authorized (in shares)	150,000,000	150,000,000
Common Stock, Shares, Issued (in shares)	67,588,492	67,588,492
Common Stock, Shares, Outstanding, Ending Balance (in shares)	67,588,492	67,588,492

v3.24.2.u1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net revenues	$ 857,845	$ 762,689
Cost of sales	336,942	437,547
Gross Profit	520,903	325,142
Research and development	127,993	130,587
Selling, general and administrative	228,629	332,351
Total operating expenses	356,622	462,938
Profit (loss) from operations	164,281	(137,796)
Interest income	4,324	8,001
Interest and finance expenses	(8,437)	(2,466)
Gain from investment	112,500	0
Total other income	108,387	5,535
Profit (loss) before provision for taxes	272,668	(132,261)
Current	500	0
Deferred	0	0
Total benefit (provision) for income taxes	500	0
Net profit (loss)	$ 272,168	$ (132,261)
Basic and diluted earnings (loss) per common share: (in dollars per share)	$ 0	$ (0)
Weighted average shares of common stock outstanding - basic and diluted (in shares)	67,588,492	67,588,492

v3.24.2.u1

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member] Revision of Prior Period, Adjustment [Member]	Retained Earnings [Member]	Revision of Prior Period, Adjustment [Member]	Total
Balance (in shares) at Mar. 31, 2023	67,588,492
Balance at Mar. 31, 2023	$ 33,794	$ 33,599,516		$ (32,067,825)		$ 1,565,485
Stock based compensation		1,032				1,032
Net Income (loss)				(132,261)		(132,261)
Stock based compensation		1,032				1,032
Net income (loss)				(132,261)		(132,261)
Balance (in shares) at Jun. 30, 2023	67,588,492
Balance at Jun. 30, 2023	$ 33,794	33,600,548		(32,200,086)		1,434,256
Balance (in shares) at Mar. 31, 2024	67,588,492
Balance at Mar. 31, 2024	$ 33,794	33,603,644	$ 54,750	(32,945,047)	$ 54,750	692,391
Stock based compensation		1,032				1,032
Net Income (loss)				272,168		272,168
Stock based compensation		1,032				1,032
Net income (loss)				272,168		272,168
Balance (in shares) at Jun. 30, 2024	67,588,492
Balance at Jun. 30, 2024	$ 33,794	$ 33,604,676		$ (32,618,129)		$ 1,020,341

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (loss)	$ 272,168	$ (132,261)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization	1,929	720
Write-off of inventories	49,214	19,404
Bad debt	0	25,000
Unrealized gain in investment	(112,500)	0
Non-cash interest expense	4,925	5,981
Amortization of right-to-use asset	21,169	20,114
Stock based compensation	1,032	1,032
Changes in operating assets and liabilities balances:
Accounts receivable	(159,663)	(102,752)
Due to employee	80,449	0
Inventories	(181,913)	(46,179)
Prepaid expenses and other current assets	43	9,264
Loan receivable	0	(5,500)
Accounts payable	41,162	(43,925)
Bank overdraft	(6,398)	15,891
Customer deposits	(51,932)	(27,281)
Accrued expenses and other current liabilities	7,887	33,217
Payments of operating lease liability	(26,718)	(25,469)
Net cash provided by (used in) operating activities	(59,146)	(252,744)
Cash flows from investing activities:
Net cash provided by (used in) investing activities	0	0
Cash flows provided (used) in financing activities:
Due to shareholder	0	(7,217)
Proceeds from line of credit	30,406	105,037
Repayments of line of credit	(37,591)	(2,730)
Repayments of PPP loan	(1,345)	(1,345)
Net cash provided by (used in) financing activities	(8,530)	93,745
Net increase (decrease) in cash and cash equivalents	(67,676)	(158,999)
Cash and cash equivalents - beginning of period	537,041	1,003,730
Cash and cash equivalents - end of period	469,365	844,731
Cash paid for:
Interest	$ 8,437	$ 2,466

v3.24.2.u1

Note 1 - Nature of Business	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1  - NATURE OF BUSINESS   ADM Tronics Unlimited, Inc. (“we”, “us”, the “Company” or “ADM”), was incorporated under the laws of the state of Delaware on November 24, 1969. We are a manufacturing and engineering concern whose principal lines of business are the design, manufacture, and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services.   Electronic equipment is manufactured in accordance with customer specifications on a contract basis. Our electronic device product line consists principally of proprietary devices used in diagnostics and therapeutics of humans and animals and electronic controllers for spas and hot tubs. These products are sold to customers located principally in the United States. We are registered with the FDA as a contract manufacturing facility, and we manufacture medical devices for customers in accordance with their designs and specifications. Our chemical product line is principally comprised of water-based chemical products used in the food packaging and converting industries, and anti-static conductive paints, coatings and other products. These products are sold to customers located in the United States, Australia, Asia and Europe. We also provide research, development, regulatory, and engineering services to customers. Our Sonotron Medical Systems, Inc. subsidiary (“Sonotron”) is involved in medical electronic therapeutic technology.

v3.24.2.u1

Note 2 - Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2  - SIGNIFICANT ACCOUNTING POLICIES   BASIS OF PRESENTATION   The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended March 31, 2024 as disclosed in our annual report on Form 10-K for that year. Unaudited interim results are not necessarily indicative of the results for the full fiscal year ending March 31, 2025. The consolidated balance sheet as of March 31, 2024 was derived from the audited consolidated financial statements as of and for the year then ended.   PRINCIPLES OF CONSOLIDATION   The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.   USE OF ESTIMATES   These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.   FAIR VALUE OF FINANCIAL INSTRUMENTS   For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate fair value due to their relatively short maturities.   CASH AND CASH EQUIVALENTS   Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At June 30, 2024 and March 31, 2024, approximately $219,000 and $287,000, respectively, exceeded the FDIC limit.     ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES   Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.   REVENUE RECOGNITION   ELECTRONICS:   We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products has been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.   Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $52,000 as of March 31, 2024 were recognized as revenues during the three months ended June 30, 2024.   Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $27,000 as of March 31, 2023 were recognized as revenues during the three months ended June 30, 2023.   CHEMICAL PRODUCTS:   Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.   ENGINEERING SERVICES:   We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.   All revenue is recognized net of discounts.   INVENTORIES   Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.   Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.   PROPERTY AND EQUIPMENT   We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of June 30, 2024 and March 31, 2024, all fixed assets were fully depreciated.   ADVERTISING COSTS   Advertising costs are expensed as incurred and amounted to $4,464 for the three months ended June 30, 2024 and $6,184 for the three months ended June 30, 2023.     NET EARNINGS PER SHARE   We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.   There were 200,000 anti-dilutive instruments in force during the periods ended June 30, 2024 and 2023, respectively.   Per share basic and diluted (loss) amounted to $0.00 and $(0.00) for the three months ended June 30, 2024 and 2023, respectively.   LEASES   In February 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which changed financial reporting as it relates to leasing transactions. Under the new guidance, lessees are required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. The Company adopted this guidance as of April 1, 2019, using the modified retrospective approach which allowed it to initially apply the guidance as of the adoption date. The Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases.   The Company made a policy election to recognize short-term lease payments as an expense on a straight-line basis over the lease term. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of twelve months or less and does not contain an option to purchase the underlying asset that the lease is reasonably certain to exercise. Related variable lease payments are recognized in the period in which the obligation is incurred.   The Company's lease agreement contains related non-lease components (e.g. taxes, etc.). The Company separates lease components and non-lease components for all underlying asset classes.   RECLASSIFICATION   Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.   NEW ACCOUNTING STANDARDS   In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.   INVESTMENTS   Investments in publicly  held companies are net book value or fair value.   Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America

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Note 3 - Inventories	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 - INVENTORIES        Inventories at June 30, 2024 consisted of the following:     Current     Long Term     Total   Raw materials   $ 372,834     $ 230,351     $ 603,185   Finished goods     58,488       11,157       69,645   Totals   $ 431,322     $ 241,508     $ 672,830     Inventories at March 31, 2024 consisted of the following:     Current     Long Term     Total   Raw materials   $ 238,227     $ 216,185     $ 454,412   Finished goods     75,182       10,537       85,719   Totals   $ 313,409     $ 226,722     $ 540,131

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Note 4 - Intangible Assets	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 4 - INTANGIBLE ASSETS       June 30, 2024     March 31, 2024       Cost     Weighted Average Amortization Period (Years)     Accumulated Amortization     Net Carrying Amount     Cost     Weighted Average Amortization Period (Years)     Accumulated Amortization     Net Carrying Amount   Patents & Trademarks   $ 35,794     10 - 15     $ (26,236 )   $ 9,558     $ 35,794     10 - 15     $ (25,516 )   $ 10,278   Software   $ 14,515       3       $ (3,630 )   $ 10,885     $ 14,515       3       $ (2,420 )   $ 12,095                                                                             $ 50,309               $ (29,866 )   $ 20,443     $ 50,309               $ (27,936 )   $ 22,373     Estimated aggregate future amortization expense related to intangible assets is as follows:   For the fiscal years ended March 31,         2025   $ 5,376   2026     6,817   2027     4,143   2028     1,725   2029     1557   thereafter     825       $ 20,443

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Note 5 - Concentrations	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 5 – CONCENTRATIONS   During the three months ended June 30, 2024,  one customer accounted for 35% of our net revenue.   As of June 30, 2024, three customers represented 78% of our gross accounts receivable. As of March 31, 2024, four customers accounted for 89% of our gross accounts receivable.   As of June 30, 2024, three vendors accounted for over 39% of our accounts payable balance.   The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three months ended June 30, 2024 were $118,281 or 14%.   During the three months ended June 30, 2023, two customers accounted for 40% of our net revenue.   As of June 30, 2023, two customers represented 79% of our gross accounts receivable. As of March 31, 2023, two customers accounted for 40% of our gross accounts receivable.   As of June 30, 2023, three vendors accounted for over 50% of our accounts payable balance.   The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three months ended June 30, 2023 were $119,034 or 16%.

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Note 6 - Disaggregated Revenues and Segment Information	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 6 - DISAGGREGATED REVENUES AND SEGMENT INFORMATION   The following tables show the Company's revenues disaggregated by reportable segment and by product and service type:       Three Months Ended June 30,       2024     2023   Net Revenue in the US                 Chemical   $ 201,377     $ 218,971   Electronics     411,166       266,163   Engineering     127,021       158,521         739,564       643,655                     Net Revenue outside the US                 Chemical     118,281       119,034   Electronics     -       -   Engineering     -       -         118,281       119,034                     Total Revenues   $ 857,845     $ 762,689

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Note 7 - Due From Affiliate	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 7 – DUE FROM AFFILIATE    The Company provided $330,090 in engineering services to Qol during the year March 31, 2018. This amount is shown net of a $240,965 allowance for credit losses on the consolidated balance sheets as of June 30, 2024 and March 31, 2024, respectively.

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Note 8 - Leases	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	NOTE 8 – LEASES   We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2024:     For the fiscal year ended: Amount   FY 2025 March 31, 2025   $ 80,154   FY 2026 March 31, 2026     106,872   FY 2027 March 31, 2027     106,872   FY 2028 March 31, 2028     106,872   FY 2029 March 31, 2029 ends June 30, 2029     26,718             427,488     Less: Amount attributable to imputed interest     (39,152 )         $ 388,336                                 Weighted average remaining lease term (in years)     2.4     Rent and real estate tax expense for all facilities for the three months ended June 30, 2024 was approximately $37,000.     Rent and real estate tax expense for all facilities for the three months ended June 30, 2024 was approximately $34,000.   These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.

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Note 9 - Paycheck Protection Program (PPP) Loan	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	NOTE 9 – PAYCHECK PROTECTION PROGRAM (PPP) LOAN   In May 2020, the Company obtained funding through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of $381,000. In February 2021, a second PPP loan was obtained in the amount of $332,542, for a total of $713,542. The loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with at least 60% being used for payroll. The Company did use the funds for these expenses during the year ended March 31, 2021. The Company applied for loan forgiveness of both PPP loans. On September 7, 2021, the Company received approval from the SBA for $361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $332,542. This amount was recorded as Forgiveness of Paycheck Protection loan in the accompanying condensed Consolidated Statements of Operations during the fiscal year ended March 31, 2022.   The unforgiven portion of the first PPP loan is $19,725, which was converted to a term loan payable in equal installments of principal plus interest at 1% with a maturity date of May 15, 2025. No collateral or personal guarantees is required for the loan. At June 30, 2024, the outstanding balance is $4,931.

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Note 10 - Line of Credit	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 10 – LINE OF CREDIT   On June 15, 2018, the Company obtained an unsecured revolving line of credit, with a limit of $400,000. The line expires May 15, 2025, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 8.87% as of June 30, 2024. Any unpaid principal will be due upon maturity. At June 30, 2024 and March 31, 2024, the outstanding balance was $382,345 and $389,530, respectively.

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Note 11 - Warrants	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Warrant Liability [Text Block]	NOTE 11  – WARRANTS   On April 11, 2023, warrants to purchase Company stock were issued to two outside consultants. Each consultant was granted 100,000 warrants with a strike price of $0.20. The Warrants vested and were exercisable immediately. The warrants were valued using a Black Scholes model effective April 11, 2023, cumulative volatility was computed at 123.52% and the total valuation was $8,256 which will be amortized over the 24-month life.     Outstanding and exercisable     Range of Exercise prices     Number outstanding     Weighted average remaining life in years     Weighted Average Exercise Price     Exercisable                                             $ 0.20       200,000       0.78     $ 0.20       200,000         2024         2023       # of Shares     Weighted Average     # of Shares     Weighted Average               Exercise Price             Exercise Price   Outstanding, beginning of year     200,000     $ 0.20       -       -                                     Issued     -       -       200,000     $ 0.20                                     Exercised     -       -       -       -                                     Expired     -       -       -       -                                     Cancelled     -       -       -       -                                     Outstanding, end of period     200,000     $ 0.20       200,000     $ 0.20                                     Exercisable, end of period     200,000     $ 0.20       200,000     $ 0.20

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Note 12 - Legal Proceedings	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE 12 – LEGAL PROCEEDINGS   We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

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Note 13 - Contractual Obligations and Other Commitments	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments Disclosure [Text Block]	NOTE 13 – CONTRACTURAL OBLIGATIONS AND OTHER COMMITMENTS   Legal Contingencies We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.   Product Liability As of June 30, 2024 and March 31, 2024, there were no claims against us for product liability.

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Note 14 - Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	NOTE 14 – FAIR VALUE MEASUREMENTS   Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: ____________________________________________________________________________   Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access. ____________________________________________________________________________   Level 2 Inputs to the valuation methodology include   ● Quoted prices for similar assets or liabilities in active markets;   ● Quoted prices for identical or similar assets or liabilities in active markets;   ● Inputs other than quoted prices that are observable for the asset or liability   ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means.     If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. ____________________________________________________________________________   Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.   The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.   Following is a description of the valuation methodologies used for assets at fair value. There have been no changes in the methodologies used at June 30, 2024.   Investments in publicly  held companies are net book value or fair value.   Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America.   The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Partnership believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.   The following table sets forth by level, within the fair value hierarchy, the Partnership's assets at fair value as of June 30,2024:   Assets at Fair Value as of June 30, 2024:       Level 1     Level 2     Level 3     Total   Investment   $ 262,500     $ 0     $ 0     $ 262,500   TOTAL ASSETS AT FAIR VALUE   $ 262,500     $ 0     $ 0     $ 262,500

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION   None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

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Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	PRINCIPLES OF CONSOLIDATION   The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES   These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS   For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate fair value due to their relatively short maturities.
Cash and Cash Equivalents, Policy [Policy Text Block]	CASH AND CASH EQUIVALENTS   Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At June 30, 2024 and March 31, 2024, approximately $219,000 and $287,000, respectively, exceeded the FDIC limit.
Receivable [Policy Text Block]	ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES   Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.
Revenue [Policy Text Block]	REVENUE RECOGNITION   ELECTRONICS:   We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products has been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.   Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $52,000 as of March 31, 2024 were recognized as revenues during the three months ended June 30, 2024.   Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $27,000 as of March 31, 2023 were recognized as revenues during the three months ended June 30, 2023.   CHEMICAL PRODUCTS:   Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.   ENGINEERING SERVICES:   We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.   All revenue is recognized net of discounts.
Inventory, Policy [Policy Text Block]	INVENTORIES   Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.   Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.
Property, Plant and Equipment, Policy [Policy Text Block]	PROPERTY AND EQUIPMENT   We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of June 30, 2024 and March 31, 2024, all fixed assets were fully depreciated.
Advertising Cost [Policy Text Block]	ADVERTISING COSTS   Advertising costs are expensed as incurred and amounted to $4,464 for the three months ended June 30, 2024 and $6,184 for the three months ended June 30, 2023.
Earnings Per Share, Policy [Policy Text Block]	NET EARNINGS PER SHARE   We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.   There were 200,000 anti-dilutive instruments in force during the periods ended June 30, 2024 and 2023, respectively.   Per share basic and diluted (loss) amounted to $0.00 and $(0.00) for the three months ended June 30, 2024 and 2023, respectively.
Lessee, Leases [Policy Text Block]	LEASES   In February 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which changed financial reporting as it relates to leasing transactions. Under the new guidance, lessees are required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. The Company adopted this guidance as of April 1, 2019, using the modified retrospective approach which allowed it to initially apply the guidance as of the adoption date. The Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases.   The Company made a policy election to recognize short-term lease payments as an expense on a straight-line basis over the lease term. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of twelve months or less and does not contain an option to purchase the underlying asset that the lease is reasonably certain to exercise. Related variable lease payments are recognized in the period in which the obligation is incurred.   The Company's lease agreement contains related non-lease components (e.g. taxes, etc.). The Company separates lease components and non-lease components for all underlying asset classes.
Reclassification, Comparability Adjustment [Policy Text Block]	RECLASSIFICATION   Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING STANDARDS   In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.
Investment, Policy [Policy Text Block]	INVESTMENTS   Investments in publicly  held companies are net book value or fair value.   Investments in privately held companies are valued at cost, net book value or fair value when available. Investments valued at cost or net book value is a departure from accounting principles generally accepted in the United States of America

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Note 3 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule Of Inventory [Table Text Block]	Current     Long Term     Total   Raw materials   $ 372,834     $ 230,351     $ 603,185   Finished goods     58,488       11,157       69,645   Totals   $ 431,322     $ 241,508     $ 672,830       Current     Long Term     Total   Raw materials   $ 238,227     $ 216,185     $ 454,412   Finished goods     75,182       10,537       85,719   Totals   $ 313,409     $ 226,722     $ 540,131

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Note 4 - Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	June 30, 2024     March 31, 2024       Cost     Weighted Average Amortization Period (Years)     Accumulated Amortization     Net Carrying Amount     Cost     Weighted Average Amortization Period (Years)     Accumulated Amortization     Net Carrying Amount   Patents & Trademarks   $ 35,794     10 - 15     $ (26,236 )   $ 9,558     $ 35,794     10 - 15     $ (25,516 )   $ 10,278   Software   $ 14,515       3       $ (3,630 )   $ 10,885     $ 14,515       3       $ (2,420 )   $ 12,095                                                                             $ 50,309               $ (29,866 )   $ 20,443     $ 50,309               $ (27,936 )   $ 22,373
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	For the fiscal years ended March 31,         2025   $ 5,376   2026     6,817   2027     4,143   2028     1,725   2029     1557   thereafter     825       $ 20,443

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Note 6 - Disaggregated Revenues and Segment Information (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended June 30,       2024     2023   Net Revenue in the US                 Chemical   $ 201,377     $ 218,971   Electronics     411,166       266,163   Engineering     127,021       158,521         739,564       643,655                     Net Revenue outside the US                 Chemical     118,281       119,034   Electronics     -       -   Engineering     -       -         118,281       119,034                     Total Revenues   $ 857,845     $ 762,689

v3.24.2.u1

Note 8 - Leases (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	For the fiscal year ended: Amount   FY 2025 March 31, 2025   $ 80,154   FY 2026 March 31, 2026     106,872   FY 2027 March 31, 2027     106,872   FY 2028 March 31, 2028     106,872   FY 2029 March 31, 2029 ends June 30, 2029     26,718             427,488     Less: Amount attributable to imputed interest     (39,152 )         $ 388,336                                 Weighted average remaining lease term (in years)     2.4

v3.24.2.u1

Note 11 - Warrants (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Outstanding and exercisable     Range of Exercise prices     Number outstanding     Weighted average remaining life in years     Weighted Average Exercise Price     Exercisable                                             $ 0.20       200,000       0.78     $ 0.20       200,000       2024         2023       # of Shares     Weighted Average     # of Shares     Weighted Average               Exercise Price             Exercise Price   Outstanding, beginning of year     200,000     $ 0.20       -       -                                     Issued     -       -       200,000     $ 0.20                                     Exercised     -       -       -       -                                     Expired     -       -       -       -                                     Cancelled     -       -       -       -                                     Outstanding, end of period     200,000     $ 0.20       200,000     $ 0.20                                     Exercisable, end of period     200,000     $ 0.20       200,000     $ 0.20

v3.24.2.u1

Note 14 - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Level 1     Level 2     Level 3     Total   Investment   $ 262,500     $ 0     $ 0     $ 262,500   TOTAL ASSETS AT FAIR VALUE   $ 262,500     $ 0     $ 0     $ 262,500

v3.24.2.u1

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Cash, Uninsured Amount	$ 219,000		$ 287,000
Contract with Customer, Liability, Revenue Recognized	52,000	$ 27,000
Advertising Expense	$ 4,464	$ 6,184
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000	200,000
Earnings Per Share, Basic	$ 0	$ (0)
Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years

v3.24.2.u1

Note 3 - Inventories - Summary of Inventory (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2023
Raw materials	$ 603,185	$ 454,412
Raw materials	603,185	454,412
Finished goods	69,645	85,719
Finished goods	69,645	85,719
Totals	672,830	540,131
Totals	672,830	540,131
Current [Member]
Raw materials	372,834	238,227
Raw materials	372,834	238,227
Finished goods	58,488	75,182
Finished goods	58,488	75,182
Totals	431,322	313,409
Totals	431,322	313,409
Long Term [Member
Raw materials	230,351	216,185
Raw materials	230,351	216,185
Finished goods	11,157	10,537
Finished goods	11,157	10,537
Totals	241,508	226,722
Totals	$ 241,508	$ 226,722

v3.24.2.u1

Note 4 - Intangible Assets - Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cost	$ 50,309	$ 50,309
Accumulated amortization	(29,866)	(27,936)	$ (29,866)	$ (27,936)
Net carrying amount	20,443	22,373
Intangible assets, accumulated amortization	29,866	27,936	$ 29,866	$ 27,936
Intangible assets, net of accumulated amortization of $29,866 and $27,936 at June 30, 2024 and March 31, 2024, respectively	20,443	22,373
Patents And Trademarks [Member]
Cost	35,794	35,794
Accumulated amortization	(26,236)	(25,516)
Net carrying amount		10,278
Intangible assets, accumulated amortization	$ 26,236	25,516
Intangible assets, net of accumulated amortization of $29,866 and $27,936 at June 30, 2024 and March 31, 2024, respectively		$ 10,278
Patents And Trademarks [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	10 years	10 years
Net carrying amount	$ 9,558
Intangible assets, net of accumulated amortization of $29,866 and $27,936 at June 30, 2024 and March 31, 2024, respectively	$ 9,558
Patents And Trademarks [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	15 years	15 years
Software [Member]
Cost	$ 14,515	$ 14,515
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	3 years
Accumulated amortization	$ 3,630	2,420
Net carrying amount	10,885	12,095
Intangible assets, accumulated amortization	(3,630)	(2,420)
Intangible assets, net of accumulated amortization of $29,866 and $27,936 at June 30, 2024 and March 31, 2024, respectively	$ 10,885	$ 12,095

v3.24.2.u1

Note 4 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
2025	$ 5,376
2026	6,817
2027	4,143
2028	1,725
2029	1,557
thereafter	825
Finite-Lived Intangible Assets, Net	$ 20,443	$ 22,373

v3.24.2.u1

Note 5 - Concentrations (Details Textual)	3 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 857,845	$ 762,689
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk, Number of Customers	1	2
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration Risk, Percentage	35.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member]
Concentration Risk, Percentage	14.00%	16.00%
Revenue from Contract with Customer, Including Assessed Tax	$ 118,281	$ 119,034
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage		40.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Number of Customers	3	2	4	2
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Concentration Risk, Percentage	78.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member]
Concentration Risk, Percentage			89.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage		79.00%		40.00%
Accounts Payable Balance [Member] | Vendor Concentration Risk [Member]
Number of Vendors	3	3
Accounts Payable Balance [Member] | Vendor Concentration Risk [Member] | Three Vendors [Member]
Concentration Risk, Percentage	39.00%	50.00%

v3.24.2.u1

Note 6 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 857,845	$ 762,689
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	739,564	643,655
UNITED STATES | Chemical [Member]
Revenue from Contract with Customer, Including Assessed Tax	201,377	218,971
UNITED STATES | Electronics [Member]
Revenue from Contract with Customer, Including Assessed Tax	411,166	266,163
UNITED STATES | Engineering [Member]
Revenue from Contract with Customer, Including Assessed Tax	127,021	158,521
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	118,281	119,034
Non-US [Member] | Chemical [Member]
Revenue from Contract with Customer, Including Assessed Tax	118,281	119,034
Non-US [Member] | Electronics [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0
Non-US [Member] | Engineering [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

v3.24.2.u1

Note 7 - Due From Affiliate (Details Textual) - Engineering Services [Member] - Qol [Member] - USD ($)	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2024	Mar. 31, 2024
Related Party Transaction, Amounts of Transaction	$ 330,090
Accounts Receivable, Allowance for Credit Loss		$ 240,965	$ 240,965

v3.24.2.u1

Note 8 - Leases (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Lease, Expense	$ 37,000	$ 34,000

v3.24.2.u1

Note 8 - Leases - Future Minimum Lease Payments (Details)	Jun. 30, 2024 USD ($)
FY 2025	$ 80,154
FY 2026	106,872
FY 2027	106,872
FY 2028	106,872
FY 2029	26,718
Lessee, Operating Lease, Liability, to be Paid	427,488
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	39,152
Operating Lease, Liability	$ 388,336
Operating Lease, Weighted Average Remaining Lease Term	2 years 4 months 24 days

v3.24.2.u1

Note 9 - Paycheck Protection Program (PPP) Loan (Details Textual) - USD ($)			1 Months Ended		10 Months Ended
	Dec. 21, 2021	Sep. 07, 2021	Feb. 28, 2021	May 30, 2020	Feb. 28, 2021	Jun. 30, 2024
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total			$ 332,542	$ 381,000	$ 713,542
Gain (Loss) on Extinguishment of Debt, Total		$ 361,275
Gain (Loss) on Extinguishment of Debt		361,275
Paycheck Protection Program CARES Act [Member] | Loans Payable [Member]
Gain (Loss) on Extinguishment of Debt, Total	$ 332,542
Gain (Loss) on Extinguishment of Debt	$ 332,542
PPP Term Loan One [Member]
Loans Payable, Total		$ 19,725				$ 4,931
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Debt Instrument, Maturity Date		May 15, 2025

v3.24.2.u1

Note 10 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($)	Sep. 07, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 15, 2018
Line of Credit Facility, Maximum Borrowing Capacity				$ 400,000
Line of Credit Facility, Expiration Date	May 15, 2025
Debt Instrument, Interest Rate, Stated Percentage		8.87%
Short-Term Debt, Total		$ 382,345	$ 389,530

v3.24.2.u1

Note 11 - Warrants (Details Textual)	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Apr. 11, 2023 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.2	$ 0.2	$ 0.2		$ 0
Consulting Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)				$ 0.2
Warrants and Rights Outstanding | $				$ 8,256
Warrants and Rights Outstanding, Term				24 months
Consulting Agreement [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input				1.2352

v3.24.2.u1

Note 11 - Warrants - Outstanding and Exercisable (Details) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.2	$ 0.2
Outstanding, beginning of year, shares (in shares)	200,000	0	0
Class of Warrant or Right, Outstanding (in shares)	200,000	200,000
Outstanding, beginning of year, weighted average exercise price (in dollars per share)	$ 0.2	$ 0	$ 0
Class of Warrant or Right, Exercisable (in shares)	200,000	200,000
Issued, shares (in shares)	0	200,000
Issued, weighted average exercise price (in dollars per share)	$ 0	$ 0.2
Exercised, shares (in shares)	0	0
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0
Expired, shares (in shares)	0	0
Expired, weighted average exercise price (in dollars per share)	$ 0	$ 0
Cancelled, shares (in shares)	0	0
Cancelled, weighted average exercise price (in dollars per share)	$ 0	$ 0
Outstanding, end of period, shares (in shares)	200,000	200,000
Outstanding, end of period, weighted average exercise price (in dollars per share)	$ 0.2	$ 0.2
Exercisable, end of period, weighted average exercise price (in dollars per share)	$ 0.2	$ 0.2
Warrant One [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.2
Class of Warrant or Right, Outstanding (in shares)			200,000
Class of Warrant or Right, Outstanding, Weighted Average Remaining Contractual Life (Year)			9 months 10 days
Class of Warrant or Right, Exercisable (in shares)	200,000
Outstanding, end of period, shares (in shares)			200,000
Outstanding, end of period, weighted average exercise price (in dollars per share)			$ 0.2

v3.24.2.u1

Note 14 - Fair Value Measurements - Schedule of Fair Value Measurement Inputs (Details) - Fair Value, Recurring [Member]	Jun. 30, 2024 USD ($)
Investment	$ 262,500
TOTAL ASSETS AT FAIR VALUE	262,500
Fair Value, Inputs, Level 1 [Member]
Investment	262,500
TOTAL ASSETS AT FAIR VALUE	262,500
Fair Value, Inputs, Level 2 [Member]
Investment	0
TOTAL ASSETS AT FAIR VALUE	0
Fair Value, Inputs, Level 3 [Member]
Investment	0
TOTAL ASSETS AT FAIR VALUE	$ 0

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