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Adm Tronics Unlimited, Inc. – ‘10-Q’ for 6/30/22

On:  Monday, 8/22/22, at 5:04pm ET   ·   For:  6/30/22   ·   Accession #:  1437749-22-21138   ·   File #:  0-17629

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/22/22  Adm Tronics Unlimited, Inc.       10-Q        6/30/22   54:3.2M                                   RDG Filings/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    483K 
 2: EX-21.1     Subsidiaries List                                   HTML     15K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
10: R1          Document And Entity Information                     HTML     64K 
11: R2          Condensed Consolidated Balance Sheets (Current      HTML    142K 
                Period Unaudited)                                                
12: R3          Condensed Consolidated Balance Sheets (Current      HTML     38K 
                Period Unaudited)-parentheticals (Parentheticals)                
13: R4          Condensed Consolidated Statements of Operations     HTML     89K 
                (Unaudited)                                                      
14: R5          Condensed Consolidated Statement of Stockholders'   HTML     39K 
                Equity (Unaudited)                                               
15: R6          Unaudited Condensed Consolidated Statements of      HTML     97K 
                Cash Flows                                                       
16: R7          Note 1 - Nature of Business                         HTML     20K 
17: R8          Note 2 - Significant Accounting Policies            HTML     40K 
18: R9          Note 3 - Inventories                                HTML     32K 
19: R10         Note 4 - Intangible Assets4                         HTML     33K 
20: R11         Note 5 - Concentrations                             HTML     19K 
21: R12         Note 6 - Disaggregated Revenues and Segment         HTML     56K 
                Information                                                      
22: R13         Note 7 - Due From Affiliate                         HTML     20K 
23: R14         Note 8 - Leases                                     HTML     28K 
24: R15         Note 9 - Paycheck Protection Program (PPP) Loan     HTML     19K 
25: R16         Note 10 - Line of Credit                            HTML     22K 
26: R17         Note 11 - Warrant Liability                         HTML     19K 
27: R18         Note 12 - Due to Stockholder                        HTML     19K 
28: R19         Note 13 - Legal Proceedings                         HTML     19K 
29: R20         Note 14 - Subsequent Events                         HTML     19K 
30: R21         Significant Accounting Policies (Policies)          HTML     64K 
31: R22         Note 3 - Inventories (Tables)                       HTML     31K 
32: R23         Note 4 - Intangible Assets4 (Tables)                HTML     35K 
33: R24         Note 6 - Disaggregated Revenues and Segment         HTML     56K 
                Information (Tables)                                             
34: R25         Note 8 - Leases (Tables)                            HTML     27K 
35: R26         Note 2 - Significant Accounting Policies (Details   HTML     32K 
                Textual)                                                         
36: R27         Note 3 - Inventories - Summary of Inventory         HTML     25K 
                (Details)                                                        
37: R28         Note 4 - Intangible Assets4 (Details Textual)       HTML     19K 
38: R29         Note 4 - Intangible Assets - Intangible Assets      HTML     30K 
                (Details)                                                        
39: R30         Note 5 - Intangible Assets - Estimated Aggregate    HTML     31K 
                Future Amortization Expense (Details)                            
40: R31         Note 5 - Concentrations (Details Textual)           HTML     36K 
41: R32         Note 6 - Disaggregated Revenues and Segment         HTML     33K 
                Information - Net Revenue, Classified by Geography               
                (Details)                                                        
42: R33         Note 6 - Disaggregated Revenues and Segment         HTML     40K 
                Information - Summary of Segment Information                     
                (Details)                                                        
43: R34         Note 7 - Due From Affiliate (Details Textual)       HTML     30K 
44: R35         Note 8 - Leases (Details Textual)                   HTML     16K 
45: R36         Note 8 - Leases - Future Minimum Lease Payments     HTML     39K 
                (Details)                                                        
46: R37         Note 9 - Paycheck Protection Program (PPP) Loan     HTML     34K 
                (Details Textual)                                                
47: R38         Note 10 - Line of Credit (Details Textual)          HTML     25K 
48: R39         Note 11 - Warrant Liability (Details Textual)       HTML     50K 
49: R40         Note 12 - Due to Stockholder (Details Textual)      HTML     16K 
52: XML         IDEA XML File -- Filing Summary                      XML     94K 
50: XML         XBRL Instance -- admt20220630b_10q_htm               XML    555K 
51: EXCEL       IDEA Workbook of Financial Reports                  XLSX     70K 
 9: EX-101.CAL  XBRL Calculations -- admt-20220630_cal               XML    110K 
 6: EX-101.DEF  XBRL Definitions -- admt-20220630_def                XML    702K 
 7: EX-101.LAB  XBRL Labels -- admt-20220630_lab                     XML    563K 
 8: EX-101.PRE  XBRL Presentations -- admt-20220630_pre              XML    727K 
 5: EX-101.SCH  XBRL Schema -- admt-20220630                         XSD    103K 
53: JSON        XBRL Instance as JSON Data -- MetaLinks              250±   385K 
54: ZIP         XBRL Zipped Folder -- 0001437749-22-021138-xbrl      Zip    120K 


‘10-Q’   —   Quarterly Report


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM  i 10-Q

 

(Mark One)

 

 i QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended  i June 30, 2022

 

OR

 

 i TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to        

 

COMMISSION FILE NO.  i 0-17629

 

 i ADM TRONICS UNLIMITED, INC.
(Exact name of registrant as specified in its charter)

 

 i Delaware

(State or Other Jurisdiction

of Incorporation or organization)

 i 22-1896032

(I.R.S. Employer

Identification Number)

 

 i 224-S Pegasus Ave.,  i Northvale i New Jersey  i 07647
(Address of Principal Executive Offices)

 

Registrant's Telephone Number, including area code: ( i 201 i 767-6040

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

None

N/A

N/A

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   i Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 i Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer  ☐

   

 i Non-accelerated filer ☐

Smaller reporting company  i 

   
 

Emerging growth company  i 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes  i  No ☒

 

State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date:

 

The Company has  i 67,588,492 shares outstanding as of August 22, 2022

 

 

 

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

 

INDEX

 

 

Page

Number

Part I - Financial Information

 
     

Item 1.

Condensed Consolidated Financial Statements (unaudited):

 
     
 

Condensed Consolidated Balance Sheets –June 30, 2022 (unaudited) and March 31, 2022

3

     
 

Condensed Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021 (unaudited)

4

     
 

Condensed Consolidated Statement of Stockholders’ Equity for the three months ended June 30, 2022 and 2021 (unaudited)

5

     
 

Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2022 and 2021 (unaudited)

6

     
 

Notes to Condensed Consolidated Financial Statements

7

     

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

     

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

14
     

Item 4.

Controls and Procedures

15
     

Part II - Other Information

 
     

Item 1.

Legal Proceedings

15
     

Item 1A.

Risk Factors

15
     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

15
     

Item 3.

Defaults Upon Senior Securities

16
     

Item 4.

Mine Safety Disclosures

16
     

Item 5.

Other Information

16
     

Item 6.

Exhibits

16

 

 

 
 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS 

 

 

   

June 30,

   

March 31,

 
   

2022

   

2022

 
      (Unaudited)    

 

 

ASSETS

               
                 

Current assets:

               

Cash and cash equivalents

  $  i 887,546     $  i 1,038,498  

Accounts receivable, net of allowance for doubtful accounts of $ i  i 675,000 /  at June 30, 2022 and March 31, 2022, respectively

     i 728,938        i 729,721  

Inventories

     i 428,509        i 288,076  

Prepaid expenses and other current assets

     i 167,736        i 57,741  
                 

Total current assets

     i 2,212,729        i 2,114,036  
                 

Other Assets:

               

Operating lease right-of-use asset

     i 492,612        i 513,138  

Loan receivable

     i 208,901        i 128,322  

Due from affiliate

     i 80,090        i 80,090  

Inventories - long-term portion

     i 183,730        i 183,730  

Intangible assets, net of accumulated amortization of $ i 20,741 and $ i 19,751 at June 30, 2022 and March 31, 2022, respectively

     i 15,323        i 16,043  

Other assets

     i 90,538        i 90,538  

Deferred tax asset

     i 125,000        i 125,000  

Total other assets

     i 1,196,194        i 1,136,861  
                 

Total assets

  $  i 3,408,923     $  i 3,250,897  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Current liabilities:

               

Accounts payable

     i 475,632        i 329,554  

Accrued expenses and other current liabilities

     i 103,866        i 133,053  

PPP loan

     i 15,690        i 5,335  

Line of credit

     i 360,506        i 334,760  

Warrant liability

     i -        i 182,161  

Operating lease liability

     i 82,917        i 75,254  

Customer deposits

     i 242,930        i 263,619  

Due to stockholder

     i 40,046        i 50,233  

Total current liabilities

     i 1,321,587        i 1,373,969  
                 

Long-term liabilities

               

PPP loan less current portion

     i -        i 11,700  

Operating lease liability less current portion

     i 464,195        i 491,265  

Total long-term liabilities

     i 464,195        i 502,965  
                 
                 

Total liabilities

     i 1,785,782        i 1,876,934  
                 

Stockholders' equity:

               

Preferred stock, $ i  i 0.01 /  par value;  i  i 5,000,000 /  shares authorized,  i  i  i  i no /  /  /  shares issued and outstanding

     i -        i -  

Common stock, $ i  i 0.0005 /  par value;  i  i 150,000,000 /  shares authorized,  i  i  i  i 67,588,492 /  /  /  shares issued and outstanding

     i 33,794        i 33,794  

Additional paid-in capital

     i 33,599,516        i 33,311,672  

Accumulated deficit

    ( i 32,010,169 )     ( i 31,971,503 )

Total stockholders' equity

     i 1,623,141        i 1,373,963  
                 

Total liabilities and stockholders' equity

  $  i 3,408,923     $  i 3,250,897  

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

3

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021 

 

 
   

2022

   

2021

 
                 

Net revenues

  $  i 921,408     $  i 721,358  
                 

Cost of sales

     i 538,349        i 419,376  
                 

Gross Profit

     i 383,059        i 301,982  
                 
Operating expenses:                

Research and development

     i 123,600        i 161,368  

Selling, general and administrative

     i 294,084        i 183,611  
                 

Total operating expenses

     i 417,684        i 344,979  
                 

Loss from operations

    ( i 34,625 )     ( i 42,997 )
                 
Other income (expense):                

Interest income

     i 473        i 1,064  

Interest and finance expenses

    ( i 4,514 )     ( i 2,239 )
                 

Total other income (expense)

    ( i 4,041 )     ( i 1,175 )
                 

Loss before provision for taxes

    ( i 38,666 )     ( i 44,172 )
                 
Provision (benefit) for income taxes:                

Current

     i -        i 5,500  

Deferred

     i -       ( i 19,000 )
                 

Total benefit (provision) for income taxes

     i -       ( i 13,500 )
                 

Net loss

  $ ( i 38,666 )   $ ( i 30,672 )
                 

Basic and diluted loss per common share:

  $ ( i 0.00 )   $ ( i 0.00 )
                 

Weighted average shares of common stock outstanding - basic and diluted

     i 67,588,492        i 67,588,492  

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

4

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021 

 

 
   

Common Stock

   

Common Stock

   

Additional Paid-in

   

Accumulated

         
   

Shares

   

Amount

   

Capital

   

Deficit

   

Total

 
                                         

Balance at  April 1, 2020

     i 67,588,492     $  i 33,794     $  i 33,311,672     $ ( i 30,587,240 )   $  i 2,758,226  
                                         

Net loss

                            ( i 30,672 )     ( i 30,672 )
                                         

Balance at June 30, 2021

     i 67,588,492     $  i 33,794     $  i 33,311,672     $ ( i 30,617,912 )   $  i 2,727,554  
                                         
                                         

Balance at April 1, 2022

     i 67,588,492     $  i 33,794     $  i 33,311,672     $ ( i 31,971,503 )   $  i 1,373,963  
                                         

Stock based compensation

                     i 287,844                i 287,844  
                                      -  

Net loss

                            ( i 38,666 )     ( i 38,666 )
                                      -  

Balance at June 30, 2022

     i 67,588,492     $  i 33,794     $  i 33,599,516     $ ( i 32,010,169 )   $  i 1,623,141  

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

5

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021

 

 
   

2022

   

2021

 

Cash flows from operating activities:

               

Net loss

  $ ( i 38,666 )   $ ( i 30,672 )

Adjustments to reconcile net loss to net cash used in operating activities:

               

Depreciation and amortization

     i 720        i 29,012  

Write-off of inventories

     i 6,976        i 18,375  

Deferred taxes

     i -       ( i 19,000 )

Non-cash interest expense

     i 7,006        i 7,905  

Amortization of right-to-use asset

     i 20,526        i -  

Stock based compensation

     i 35,848        i -  

Changes in operating assets and liabilities balances:

               

Accounts receivable

    ( i 79,796 )     ( i 37,777 )

Inventories

    ( i 147,409 )     ( i 73,576 )

Prepaid expenses and other current assets

    ( i 40,160 )     ( i 19,486 )

Accounts payable

     i 146,078       ( i 58,256 )

Customer deposits

    ( i 20,689 )     ( i 25,432 )

Accrued expenses and other current liabilities

    ( i 29,187 )     ( i 33,526 )

Payments of operating lease liability

    ( i 25,469 )     ( i 25,469 )

Net cash used in operating activities

    ( i 164,222 )     ( i 267,902 )
                 
                 

Cash flows provided (used) in financing activities:

               

Due to shareholder

    ( i 10,187 )      i 4,053  

Proceeds from line of credit

     i 48,148        i 22,000  

Repayments of line of credit

    ( i 23,346 )      i -  

Proceeds (payments) from/to PPP loan

    ( i 1,345 )      i -  
                 

Net cash provided by financing activities

     i 13,270        i 26,053  
                 

Net increase (decrease) in cash and cash equivalents

    ( i 150,952 )     ( i 241,849 )
                 

Cash and cash equivalents - beginning of period

     i 1,038,498        i 1,546,950  
                 

Cash and cash equivalents - end of period

  $  i 887,546     $  i 1,305,101  
                 
                 

Cash paid for:

               

Interest

  $  i 4,514     $  i 2,239  

Taxes

  $  i -     $  i -  

Non-cash activities:

               

Reclass of Warrant Liability to Additional Paid in Capital

  $ ( i 182,161 )   $  i -  

Initial recognition of prepaid warrant expense

  $ ( i 105,683 )   $  i -  

 

See accompanying notes to the unaudited condensed consolidated financial statements

 

6

 

 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

For the Three Months Ended June 30, 2022 And 2021 

 

 
 i 

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.

 

 
 i 

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

 i 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, 2022 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, 2023. The consolidated balance sheet as of March 31, 2022 was derived from the audited consolidated financial statements as of and for the year then ended.

 

 i 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.

 

 i 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.

 

 i 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.

 

 i 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, 2022 and March 31, 2022, approximately $ i 788,000 and $ i 887,000, respectively, exceeded the FDIC limit.

 

7

 

 i ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

 

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.

 

 i 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 have 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 $ i 39,000 as of March 31, 2022 were recognized as revenues during the three months ended June 30, 2022.

 

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.

 

 i 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.

 

 i 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.

 

 i ADVERTISING COSTS

 

Advertising costs are expensed as incurred and amounted to $ i 8,796 and $ i 7,785 for the three months ended June 30, 2022 and 2021, respectively.

 

 i 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 no anti-dilutive instruments in force during the periods ended June 30, 2022 and 2021, respectively.

 

8

Per share basic and diluted (loss) amounted to $ i 0.00 and $(0.00) for the three months ended June 30, 2022 and 2021, respectively.

 

 i 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.

 

 i 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.

 

 i NEW ACCOUNTING STANDARDS

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company expects to adopt this guidance effective April 1, 2023, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures.

 

The Company is assessing this guidance to determine what modifications to existing credit estimation processes may be required. The new guidance is complex and management is evaluating preliminary output from models that have been developed during this evaluative phase. In addition, future levels of allowances will also reflect new requirements to include estimated credit losses on investment securities classified as held-to-maturity, if any. It has been generally assumed that the conversion from the incurred loss model, required under current GAAP, to the current expected credit loss (CECL) methodology (as required upon implementation of this Update) will, more likely than not, result in increases to the allowances for credit losses. However, the amount of any change in the allowance for credit losses resulting from the new guidance will ultimately be impacted by the provisions of this guidance as well as by loan and trade receivable composition and asset quality at the adoption date, and economic conditions and forecasts at the time of adoption. The cumulative impact of the economic effects of the COVID-19 pandemic on the changes to the allowance for loan and trade receivable losses, that will be required upon the implementation of the CECL methodology, cannot be estimated at this time.

 

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on the Company’s financial position or results of operations upon adoption.

 / 

 

 
 i 

NOTE 3 - INVENTORIES     

 

 i 

Inventories at June 30, 2022 consisted of the following:

                 
   

Current

    Long Term    

Total

 

Raw materials

  $  i 364,776     $  i 181,416     $  i 546,192  
Finished goods      i 63,733        i 2,314        i 66,047  

Totals

  $  i 428,509     $  i 183,730     $  i 612,239  
 / 

 

Inventories at March 31, 2022 consisted of the following:

                 
   

Current

    Long Term    

Total

 

Raw materials

  $  i 240,163     $  i 181,416     $  i 421,579  

Finished goods

     i 47,913        i 2,314        i 50,227  

Totals

  $  i 288,076     $  i 183,730     $  i 471,806  
 / 

 

 
 i 

NOTE 4 - INTANGIBLE ASSETS

 

Intangible assets are being amortized using the straight-line method over periods ranging from  i 10- i 15 years with a weighted average remaining life of approximately 6 years.

 

 i 
   

June 30, 2022

   

March 31, 2022

 
   

Cost

   

Weighted Average Amortization Period (Years)

   

Accumulated Amortization

   

Net Carrying Amount

   

Cost

   

Weighted Average Amortization Period (Years)

   

Accumulated Amortization

   

Net Carrying Amount

 

Patents & Trademarks

  $  i 35,794      i 10 -  i 15     $ ( i 20,471 )   $  i 15,323     $  i 35,794      i 10 -  i 15     $ ( i 19,751 )   $  i 16,043  
 / 

 

9

 

 i 

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

 
         
For the fiscal years ended June 30,        

2023

     i 2,882  

2024

     i 2,882  

2025

     i 2,275  

2026

     i 1,725  

2027

     i 1,725  
Thereafter      i 3,834  
    $  i 15,323  
 / 

 

 / 
 
 i 

NOTE 5 – CONCENTRATIONS

 

During the three months ended June 30, 2022one customer accounted for  i 44% of our net revenue. During the three months ended June 30, 2021two customers accounted for  i 46% of net revenue.

 

As of June 30, 2022, three customers represented  i 78% of our gross accounts receivable. As of March 31, 2022three customers accounted for  i 75% of our gross accounts receivable. 

 

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, 2022 and 2021 were $ i 125,275 or  i 14% and $ i 81,953 or  i 11%, respectively.  

 / 

 

 
 i 

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:

 

 i 
   

Three Months Ended June 30,

 
   

2022

   

2021

 

Net Revenue in the US

               

Chemical

  $  i 246,900     $  i 233,304  

Electronics

     i 475,492        i 222,574  

Engineering

     i 73,741        i 183,527  
       i 796,133        i 639,405  
                 

Net Revenue outside the US

               

Chemical

     i 125,275        i 81,953  

Electronics

     i -        i -  

Engineering

     i -        i -  
       i 125,275        i 81,953  
                 

Total Revenues

  $  i 921,408     $  i 721,358  
 / 

 

10

 

 i 

Information about segments is as follows:

                               
                                 
   

Chemical

   

Electronics

   

Engineering

   

Total

 

Three months ended June 30, 2022

                               

Revenue from external customers

  $  i 372,175     $  i 464,692     $  i 84,541     $  i 921,408  

Segment operating income/(loss)

  $  i 11,393     $ ( i 66,655 )   $  i 20,637     $ ( i 34,625 )
                                 

Three months ended June 30, 2021

                               

Revenue from external customers

  $  i 315,257     $  i 222,574     $  i 183,527     $  i 721,358  

Segment operating income/(loss)

  $ ( i 11,107 )   $ ( i 93,473 )   $  i 61,583     $ ( i 42,997 )
                                 
                                 

Total assets at June 30, 2022

  $  i 1,397,658     $  i 1,704,462     $  i 306,803     $  i 3,408,923  
                                 

Total assets at March 31, 2022

  $  i 1,332,867     $  i 1,430,395     $  i 487,635     $  i 3,250,897  
 / 

 

 / 
 
 i 

NOTE 7 – DUE FROM AFFILIATE 

 

The Company has a $ i 75,000 investment for  i 23.2% of Qol Devices Inc. (Qol), which is carried at cost and reported as a component of other assets in the accompanying consolidated balance sheets.

 

The Company provided $ i 330,090 in engineering services to Qol during the year  March 31, 2018.  The receivable is shown net of a $ i  i 250,000 /  allowance for doubtful accounts on the consolidated balance sheets as of June 30, 2022 and  March 31, 2022 

 / 

 

 
 i 

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, 2022:

 

 i 

For the fiscal year ended:

 

Amount

 
         

June 30, 2023

  $  i 101,875  

June 30, 2024

     i 106,875  

June 30, 2025

     i 106,875  

June 30, 2026

     i 106,875  

June 30, 2027

     i 115,781  

June 30, 2028

     i 97,969  
       i 636,250  

Less: Amount attributable to imputed interest

    ( i 88,103 )
    $  i 548,147  
         
         

Weighted average remaining lease term (in years)

     i 3.5  

Weighted average discount rate

     i 5 %
 / 

 

11

 

Rent and real estate tax expense for all facilities for the three months ended June 30, 2022 and 2021 was approximately $ i 34,000 and $ i 23,000, respectively. These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.

 / 

 

 
 i 

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 $ i 381,000.  In   February 2021, a second PPP loan was obtained in the amount of $ i 332,542, for a total of $ i 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 $ i 361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $ i 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 $ i 19,725, which was converted to a term loan payable in equal installments of principal plus interest at  i 1% with a maturity date of   i May 15, 2025.  No collateral or personal guarantees is required for the loan. At June 30, 2022, the outstanding balance is $ i 15,690.

 / 

 

 
 i 

NOTE 10 – LINE OF CREDIT

 

On June 15, 2018the Company obtained an unsecured revolving line of credit, with a limit of $ i 400,000. The line expires  i May 15, 2022, renewing automatically every year.  The Company is required to make monthly interest payments, at a rate of  i 3.87% as of June 30, 2022. Any unpaid principal will be due upon maturity.  At June 30, 2022 and March 31, 2022, the outstanding balance was $ i 360,506 and $ i 334,760, respectively. 

 / 

 

 
 i 

NOTE 11 – WARRANT LIABILITY

 

On July 2, 2021, ADM entered into a consulting agreement. The agreement granted a consultant a warrant to purchase up to  i 3,500,000 shares of the Company's par value common stock at an exercise price of $ i 0.17 per share for the first twelve months of the agreement and $ i 0.20 per share for the second twelve months of the agreement.

 

During the preparation of our consolidated financial statements for the three months ended June 30, 2022, we identified an error relating to the accounting treatment of the initial warrant liability in July of 2021 that was originally valued at approximately $ i 288,000 and was subsequently revalued at March 31, 2022 for a value of approximately $182,000. The error caused additional paid in capital to be understated by approximately $288,000, warrant liability to be overstated by approximately $182,000, prepaid expenses to be understated by approximately $ i 181,000, and net loss to be overstated by approximately $ i 75,000 as of and for the year ended March 31, 2022.

 

We concluded the impact on the interim financial statements was immaterial and corrected the balances as of June 30, 2022.

 / 

 

 
 i 

NOTE 12 – DUE TO STOCKHOLDER

 

The Company’s President has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no repayment terms or interest accruing on this liability.

 

 
 i 

NOTE 13 – 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. 

 

12

 

 
 i 

NOTE 14 – SUBSEQUENT EVENTS

 

We evaluated all subsequent events from the date of the condensed consolidated balance sheets through the issuance date and determined that there are no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the condensed consolidated financial statements. 

 

 

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, 2022.

 

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, 2022 AS COMPARED TO JUNE 30, 2021.  

 

Revenues for the three months ended June 30, 2022 increased by $200,050. The increase is a result of increased sales of $56,918 in the Chemical segment and $242,118 in the Electronics segment offset by a decrease of $98,986 in the Engineering segment.

 

Gross profit for the three months ended June 30, 2022 increased by $118,973. The increase in gross profit resulted primarily from increased sales in Electronics and Chemical sales.

 

We are highly dependent upon certain customers. During the three months ended June 30, 2022, four customers accounted for 82% of our net revenue. Net revenues from foreign customers for the three months ended June 30, 2022 was $125,275 or 14%.

 

During the three months ended June 30, 2021, two customers accounted for 46% of our net revenue. Net revenues from foreign customers for the three months ended June 30, 2021 was $81,953 or 11%.

 

The complete loss of or significant reduction in business from, or a material adverse change in the financial condition of any of our customers could cause a material and adverse change in our revenues and operating results.

 

Loss from operations for the three months ended June 30, 2022 was ($34,625) compared to loss from operations for the three months ended June 31, 2021 of ($42,997).

 

Other income decreased $2,866 for the three months ended June 30, 2022. The decrease is attributable to less interest earned due to lower cash reserves as compared to June 30, 2021.

 

The foregoing resulted in a net loss before provision for income taxes for the three months ended June 30, 2022 of $(77,728). Earnings per share were ($0.00) for the three months ended June 30, 2022.

 

13

 

LIQUIDITY AND CAPITAL RESOURCES  

 

At June 30, 2022, we had cash and cash equivalents of $887,546 as compared to $1,038,498 at March 31, 2022. The $150,952 decrease was primarily the result of cash used in operations during the three-month period in the amount of $164,222, offset with cash provided in financing activities of $13,270. 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 three-month ending periods indicated:

 

   

June 30, 2022

   

June 30, 2021

 

Net cash used in operating activities

  $ (164,222 )   $ (267,902 )

Net cash used in investing activities

    -       -  

Cash flows provided financing activities:

    13,270       26,053  

Net decrease in cash and cash equivalents

    (150,952 )     (241,849 )

Cash and cash equivalents - beginning of period

    1,038,498       1,546,950  

Cash and cash equivalents - end of period

    887,546       1,305,101  

 

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 perating activities during fiscal 2023.

 

Based on current expectations, we believe that our existing cash and cash equivalents of $887,546 as of June 30, 2022, 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 $164,222 for the three months ended June 30, 2022, as compared to net cash used by operating activities of $267,902 for the three months ended June 30, 2021. The cash used during the months ended June 30, 2022 was primarily due to a decrease in net operating assets of $192,455, an increase in net operating liabilities of $70,733, and a net loss of $38,666 partially offset by, write-off of inventories of $6,976, depreciation and amortization of $21,246, and stock based compensation of $287,844 (see Note 12 Warrant Liability), and non-cash interest expense of $7,006.

 

INVESTING ACTIVITIES

 

No cash was provided for or used in investing activities for the three months ended June 30, 2022.

 

FINANCING ACTIVITIES

 

For the three months ended June 30, 2022, net cash provided by financing activities was $13,270 due to net advances from the line of credit of $24,802, a decrease in due to stockholder of $10,187 offset by 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.

 

14

 

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, 2022, approximately $637,000 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, 2022, 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, 2022, 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, 2022, and March 31, 2022 and the related condensed consolidated statements of operations, and cash flows for the three months ended June 30, 2022 and 2021, 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

 

15

 

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.

 

16

 

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 22, 2022

 

 

17

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
6/30/28
6/30/27
6/30/26
6/30/25
5/15/25
6/30/24
6/30/23
4/1/23
3/31/23
12/15/22
Filed on:8/22/22
For Period end:6/30/22NT 10-Q
5/15/22
4/1/22
3/31/2210-K,  NT 10-K
12/21/21
9/7/21
7/2/218-K
6/30/2110-Q,  NT 10-Q
3/31/2110-K,  NT 10-K
4/1/20
12/15/19
4/1/19
6/15/18
3/31/1810-K,  NT 10-K
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