UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________
to ____________
Commission file number: 0-5278
IEH Corporation
(Exact name of registrant as specified in its
charter)
New York | | 13-5549348 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
140 58th Street, Suite 8E, Brooklyn, NY | | 11220 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including
area code: (718) 492-4440
Securities registered pursuant to Section 12(b)
of the Act: None
Securities registered pursuant to Section 12(g)
of the Act:
Title of Each Class: | | Trading Symbol(s) | | Name of Each Exchange on Which Registered: |
Shares of common stock, $0.01 par value | | IEHC | | OTC Pink Market |
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.
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). Yes ☐ No ☒
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition 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 | | ☐ |
Non-accelerated filer | | ☒ | | Smaller reporting company | | ☒ |
Emerging growth company | | ☐ | | | | |
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 ☐ No ☒
As of November 30, 2023, the registrant had 2,380,251
shares of its common stock, par value $0.01 per share, outstanding.
TABLE OF CONTENTS
CAUTIONARY NOTE FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning
of Section 21E of the Exchange Act and Section 27A of the Securities Act. Any statements contained in this report that are not statements
of historical fact may be forward-looking statements. When we use the words “anticipates,” “plans,” “estimates,”
“expects,” “believes,” “should,” “could,” “may,” “will” and similar
expressions, we are identifying forward-looking statements. We have based these forward-looking statements largely on our current expectations
and projections about future financial events and financial trends that we believe may affect our financial condition, results of operations,
business strategy and financial needs. Forward-looking statements involve risks and uncertainties described under “Risk Factors”
in Part II, Item 1A, and elsewhere in this Quarterly Report on Form 10-Q, and as set forth in Part I, Item 1A, Risk Factors, of our Form
10-K for the fiscal year ended March 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on October 6, 2023,
and may include statements related to, among other things: macroeconomic factors, including inflationary pressures, supply shortages
and recessionary pressures; accounting estimates and assumptions; pricing pressures on our product caused by competition; the risk that
our products will not gain market acceptance; our ability to obtain additional financing; our ability to successfully prevent our registration
with the SEC from being suspended or revoked and to timely file our SEC reports; our ability to operate our accounting system and material
weaknesses identified in connection with our migration to such accounting system; our ability to protect intellectual property; our ability
to integrate our satellite facility into our operations; and our ability to attract and retain key employees. No forward-looking statement
is a guarantee of future performance and you should not place undue reliance on any forward-looking statements. Our actual results may
differ materially from those projected in any forward-looking statements, as they will depend on many factors about which we are unsure,
including many factors beyond our control.
Except as may be required by applicable law, we do not undertake or
intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained
in this report as a result of new information or future events or developments. Thus, you should not assume that our silence over time
means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and
consider the various disclosures we make in this report and our other reports filed with the SEC that attempt to advise interested parties
of the risks, uncertainties and other factors that may affect our business.
Important factors that could cause actual results
to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited
to:
|
● |
changes
in the market acceptance of our products and services; |
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● |
increased
levels of competition; |
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● |
changes
in political, economic or regulatory conditions generally and in the markets in which we operate; |
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● |
our
relationships with our key customers; |
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● |
adverse
conditions in the industries in which our customers operate; |
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● |
our
ability to retain and attract senior management and other key employees; |
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our
ability to quickly and effectively respond to new technological developments; |
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● |
our
ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others
and prevent others from infringing on our proprietary rights; and |
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● |
other risks, including those described in
the “Risk Factors” section of this Quarterly Report on Form 10-Q.
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PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
IEH CORPORATION
CONDENSED BALANCE SHEETS
| |
As of | |
| |
June 30, 2023 | | |
March 31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | |
| |
Current assets: | |
| | |
| |
Cash | |
$ | 6,939,727 | | |
$ | 8,344,706 | |
Accounts receivable | |
| 2,945,986 | | |
| 2,985,936 | |
Inventories | |
| 9,483,885 | | |
| 9,446,392 | |
Corporate income taxes receivable | |
| 1,493,894 | | |
| 1,723,473 | |
Prepaid expenses and other current assets | |
| 106,871 | | |
| 96,783 | |
Total current assets | |
| 20,970,363 | | |
| 22,597,290 | |
| |
| | | |
| | |
Non-current assets: | |
| | | |
| | |
Property, plant and equipment, net | |
| 3,678,143 | | |
| 3,865,066 | |
Operating lease right-of-use assets | |
| 2,579,279 | | |
| 2,661,779 | |
Security deposit | |
| 75,756 | | |
| 75,756 | |
Total assets | |
$ | 27,303,541 | | |
$ | 29,199,891 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 768,717 | | |
$ | 1,054,078 | |
Customer advance payments | |
| 44,169 | | |
| 20,639 | |
Operating lease liabilities | |
| 325,707 | | |
| 317,334 | |
Other current liabilities | |
| 529,777 | | |
| 902,149 | |
Total current liabilities | |
| 1,668,370 | | |
| 2,294,200 | |
| |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | |
Operating lease liabilities, non-current | |
| 2,504,903 | | |
| 2,589,121 | |
Total liabilities | |
| 4,173,273 | | |
| 4,883,321 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 9) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at June 30, 2023 and March 31, 2023 | |
| 23,703 | | |
| 23,703 | |
Additional paid-in capital | |
| 7,695,924 | | |
| 7,566,324 | |
Retained earnings | |
| 15,410,641 | | |
| 16,726,543 | |
Total Stockholders’ Equity | |
| 23,130,268 | | |
| 24,316,570 | |
Total Liabilities and Stockholders’ Equity | |
$ | 27,303,541 | | |
$ | 29,199,891 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
IEH CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenue | |
$ | 4,679,845 | | |
$ | 4,078,584 | |
| |
| | | |
| | |
Costs and expenses: | |
| | | |
| | |
Cost of products sold | |
| 4,241,432 | | |
| 4,918,939 | |
Selling, general and administrative | |
| 1,557,569 | | |
| 1,009,007 | |
Depreciation and amortization | |
| 215,236 | | |
| 248,483 | |
Total operating expenses | |
| 6,014,237 | | |
| 6,176,429 | |
| |
| | | |
| | |
Operating loss | |
| (1,334,392 | ) | |
| (2,097,845 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Other income | |
| - | | |
| 76 | |
Interest income (expense), net | |
| 18,490 | | |
| 373 | |
Total other income (expense), net | |
| 18,490 | | |
| 449 | |
| |
| | | |
| | |
Loss before provision for income taxes | |
| (1,315,902 | ) | |
| (2,097,396 | ) |
Provision for income taxes | |
| - | | |
| (806,380 | ) |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
| |
| | | |
| | |
Net loss per common share: | |
| | | |
| | |
Basic | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
Diluted | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
| |
| | | |
| | |
Weighted-average number of common and common equivalent shares (in thousands): | |
| | | |
| | |
Basic | |
| 2,370 | | |
| 2,370 | |
Diluted | |
| 2,370 | | |
| 2,370 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
IEH CORPORATION
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’
EQUITY
(Unaudited)
| |
Common Stock | | |
Additional Paid-in | | |
Retained | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Earnings | | |
Equity | |
Balance at March 31, 2022 | |
| 2,370,251 | | |
$ | 23,703 | | |
$ | 7,566,324 | | |
$ | 23,229,467 | | |
$ | 30,819,494 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (2,903,776 | ) | |
| (2,903,776 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2022 | |
| 2,370,251 | | |
$ | 23,703 | | |
$ | 7,566,324 | | |
$ | 20,325,691 | | |
$ | 27,915,718 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2023 | |
| 2,370,251 | | |
$ | 23,703 | | |
$ | 7,566,324 | | |
$ | 16,726,543 | | |
$ | 24,316,570 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 129,600 | | |
| - | | |
| 129,600 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,315,902 | ) | |
| (1,315,902 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2023 | |
| 2,370,251 | | |
$ | 23,703 | | |
$ | 7,695,924 | | |
$ | 15,410,641 | | |
$ | 23,130,268 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
IEH CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | |
| |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 215,236 | | |
| 248,483 | |
Stock-based compensation | |
| 129,600 | | |
| - | |
Inventory obsolescence provision | |
| 54,000 | | |
| 60,000 | |
Deferred income taxes, net | |
| - | | |
| 806,380 | |
Operating lease right-of-use assets | |
| 125,719 | | |
| 125,719 | |
| |
| | | |
| | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 39,950 | | |
| 645,733 | |
Inventories | |
| (91,493 | ) | |
| 212,807 | |
Corporate income taxes receivable | |
| 229,579 | | |
| 47,050 | |
Prepaid expenses and other current assets | |
| (10,088 | ) | |
| (143,743 | ) |
Accounts payable | |
| (285,361 | ) | |
| (138,888 | ) |
Customer advance payments | |
| 23,530 | | |
| (88,276 | ) |
Operating lease liabilities | |
| (119,064 | ) | |
| (115,596 | ) |
Other current liabilities | |
| (372,372 | ) | |
| 88,862 | |
Net cash used in operating activities | |
| (1,376,666 | ) | |
| (1,155,245 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Acquisition of property, plant and equipment | |
| (28,313 | ) | |
| (57,136 | ) |
Net cash used in investing activities | |
| (28,313 | ) | |
| (57,136 | ) |
| |
| | | |
| | |
Net decrease in cash | |
| (1,404,979 | ) | |
| (1,212,381 | ) |
Cash - beginning of period | |
| 8,344,706 | | |
| 12,675,271 | |
Cash - end of period | |
$ | 6,939,727 | | |
$ | 11,462,890 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 28 | | |
$ | 7 | |
Income taxes | |
$ | 2,251 | | |
$ | - | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 1 |
DESCRIPTION OF BUSINESS: |
Overview
IEH Corporation (hereinafter referred to as “IEH”
or the “Company”) began in New York, New York in 1941. IEH was incorporated in New York in March, 1943.
The Company designs and manufactures HYPERBOLOID connectors
that not only accommodate, but exceed military and aerospace specification standards.
Note 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
Basis of Presentation
The accompanying condensed financial statements and the
related disclosures as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited and have been prepared in
accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the SEC
for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete
financial statements. These interim condensed financial statements should be read in conjunction with the March 31, 2023 audited financial
statements and notes included in the Annual Report on Form 10-K filed with the SEC on October 6, 2023. The March 31, 2023 balance sheet
included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes
required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed financial statements reflect all
adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position
and results of operations for the three months ended June 30, 2023 and 2022. The results of operations for the interim periods are not
necessarily indicative of the results to be expected for the fiscal year ended March 31, 2024 or any other interim period or future year
or period.
Revenue Recognition
The core principle underlying Accounting Standards Codification
ASC 606 “Revenue from Contracts with Customers” (“ASC 606”), is to recognize revenue to depict the transfer of
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue
generating transactions:
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Identify the contract with a customer |
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Identify the performance obligations in the contract
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Determine the transaction price |
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Allocate the transaction price to the performance obligations
|
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Recognize revenue when (or as) each performance obligation
is satisfied |
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued): |
Revenue Recognition, continued
The Company recognizes revenue and the related cost of
products sold when the performance obligations are satisfied. The performance obligations are typically satisfied upon shipment of
physical goods. In addition to the satisfaction of the performance obligations, the following conditions are required for revenue
recognition: an arrangement exists, there is a fixed price, and collectability is reasonably assured.
The Company does not offer any discounts, credits or other
sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable.
The Company will accept a return of defective products within
one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own
cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost. Historically,
returns and repairs have not been material.
The Company’s disaggregated revenue by geographical
location is as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Domestic | |
$ | 4,243,431 | | |
$ | 3,012,794 | |
International | |
| 436,414 | | |
| 1,065,790 | |
Total | |
$ | 4,679,845 | | |
$ | 4,078,584 | |
Approximately 11.5% and 64.7% of the international net sales
for the three months ended June 30, 2023 and 2022, respectively represent sales to customers located in China.
The Company’s disaggregated revenue by industry as
a percentage of total revenue is provided below:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Industry | |
% | | |
% | |
Defense | |
| 60.8 | | |
| 55.9 | |
Commercial Aerospace | |
| 20.2 | | |
| 20.4 | |
Space | |
| 12.9 | | |
| 17.0 | |
Other | |
| 6.1 | | |
| 6.7 | |
| |
| 100.0 | | |
| 100.0 | |
Inventories
Inventories are comprised of raw materials, work-in-process
and finished goods, and are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures
products pursuant to specific technical and contractual requirements.
The Company reviews its purchase and usage activity of its
inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the
framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process
or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition
of this impairment. The Company’s allowance for obsolete inventory was $487,000 and $433,000 as of June 30, 2023 and March 31,
2023, respectively, and was reflected as a reduction of inventory.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 2 |
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (Continued): |
Concentration of Credit Risk
Financial instruments which potentially subject the Company
to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.
At times, the Company’s cash in banks was in excess
of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits.
Net Loss Per Share
The Company accounts for earnings per share pursuant to
ASC Topic 260, “Earnings per Share”, which requires disclosure on the financial statements of “basic” and “diluted”
earnings per share. Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares
outstanding for the reporting period. Diluted net loss per common share is computed by dividing net loss by the weighted average number
of common shares outstanding plus common stock equivalents (if dilutive) for the reporting period.
Basic and diluted net loss per common share is calculated
as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding- basic and fully diluted (in thousands) | |
| 2,370 | | |
| 2,370 | |
Potentially dilutive securities outlined in the table below
have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Potentially dilutive options to purchase common shares | |
| 507,217 | | |
| 472,217 | |
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued): |
Fair Value of Financial Instruments
The carrying value of the Company’s financial instruments,
consisting of accounts receivable and accounts payable, approximate their fair value due to the relatively short maturity of these instruments.
The Company is exposed to credit risk through its cash but mitigates this risk by keeping these deposits at major financial institutions.
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).
Fair value is defined as an exit price, representing the
amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants.
Fair value is a market-based measurement that is determined
based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to
prioritize the inputs in measuring fair value as follows:
Level 1 - Quoted prices in active markets for identical
assets or liabilities.
Level 2 - Quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that
are observable, either directly or indirectly.
Level 3 - Significant unobservable inputs that cannot be
corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by
other means.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial
statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock-based
instruments, an incremental borrowing rate for determining for its leases the present value of lease payments, the calculation of inventory
obsolescence, as well as determining the amount of the valuation allowance for deferred income tax assets, net. Actual amounts could
differ from those estimates.
Segment Information
The Company identifies its operating segments in accordance
with ASC 280, Segment Reporting (“ASC 280”). Operating segments are defined as components of an enterprise about which separate
discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding
how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its Chief Executive Officer,
manages the Company’s operations on a combined basis for the purposes of allocating resources. Accordingly, the Company has determined
it operates and manages its business as a single reportable operating segment.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued): |
Depreciation and Amortization
The Company provides for depreciation and amortization on
a straight-line basis over the estimated useful lives (5-7 years) of the related assets. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $215,236 and $248,483 respectively.
Stock-Based Compensation
Compensation expense for stock options granted to directors,
officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense
is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation
model. The fair value of any other stock awards is generally the market price of the Company’s common stock on the date
of the grant.
Recent Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13 – Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which
was subsequently revised by ASU 2018-19 and ASU 2020-02. ASU 2016-13 introduces a new model for assessing impairment on most financial
assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which
will result in earlier recognition of allowance for losses. ASU 2016-13 was adopted by the Company on April 1, 2023, which is the beginning
of the first interim period of the fiscal year ended March 31, 2024. The Company has evaluated the impact of the adoption of ASU 2016-13,
and related updates, and has determined that the impact was not material to its financial statements and disclosures.
The Company has evaluated other recently issued accounting
pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact
on the Company’s financial position or results of operations upon adoption.
Subsequent Events
The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the financial statements were issued. The Company did not identify any
subsequent events that would have required adjustment or disclosure in the financial statements.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Inventories are comprised of the following:
| |
As of | |
| |
June 30, 2023 | | |
March 31, 2023 | |
Raw materials | |
$ | 8,234,110 | | |
$ | 8,332,522 | |
Work in progress | |
| 1,300,998 | | |
| 1,048,097 | |
Finished goods | |
| 435,777 | | |
| 498,773 | |
Allowance for obsolete inventory | |
| (487,000 | ) | |
| (433,000 | ) |
| |
$ | 9,483,885 | | |
$ | 9,446,392 | |
Note 4 |
OTHER CURRENT LIABILITIES: |
Other current liabilities are comprised of the following:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Payroll and vacation accruals | |
$ | 414,896 | | |
$ | 788,136 | |
Sales commissions | |
| 51,858 | | |
| 58,685 | |
Other current liabilities | |
| 63,023 | | |
| 55,328 | |
| |
$ | 529,777 | | |
$ | 902,149 | |
Operating leases
Leases classified as operating leases are included in operating
lease right-of use, or ROU, assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s
condensed balance sheets.
Condensed balance sheet information related
to our leases is presented below:
| |
| |
As of | |
| |
Condensed Balance Sheet Location | |
June 30, 2023 | | |
March 31, 2023 | |
Operating leases: | |
| |
| | |
| |
| |
| |
| | |
| |
Right-of-use assets | |
Operating lease right-of-use assets | |
$ | 2,579,279 | | |
$ | 2,661,779 | |
| |
| |
| | | |
| | |
Right-of-use liability, current | |
Operating lease liabilities, current | |
$ | 325,707 | | |
$ | 317,334 | |
| |
| |
| | | |
| | |
Right-of-use lease liability, long-term | |
Operating lease liabilities, non-current | |
$ | 2,504,903 | | |
$ | 2,589,121 | |
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 5 |
LEASES (Continued): |
The lease expense for the three months ended June 30, 2023
and 2022 was $140,307 and $138,722, respectively, which was included in cost of products sold on the Company’s condensed statement
of operations. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises.
The Company considers its present facilities to be adequate for its present and anticipated future needs.
The basic minimum annual rental remaining on these leases
is $3,462,518 as of June 30, 2023.
The weighted-average remaining lease term and the weighted
average discount rate for operating leases were:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Other information: | |
| | |
| |
Weighted-average discount rate – operating leases | |
| 6.00 | % | |
| 6.00 | % |
Weighted-average remaining lease term – operating lease (in years) | |
| 6.6 | | |
| 6.8 | |
The total remaining operating lease payments included in
the measurement of lease liabilities on the Company’s condensed balance sheet as of June 30, 2023 was as follows:
For the years ended March 31: | |
Operating Lease Payments | |
(Nine months ending) March 31, 2024 | |
$ | 364,119 | |
2025 | |
| 497,684 | |
2026 | |
| 519,036 | |
2027 | |
| 547,460 | |
2028 | |
| 563,891 | |
Thereafter | |
| 970,328 | |
Total gross operating lease payments | |
| 3,462,518 | |
Less: imputed interest | |
| (631,908 | ) |
Total lease liabilities, reflecting present value of future minimum lease payments | |
$ | 2,830,610 | |
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
The effective income tax rates for the three months ended
June 30, 2023 and 2022 were a provision of 0% on a loss before provision for income taxes of $1,315,902 and a provision of 38.4% on a
loss before provision for income taxes of $2,097,396, respectively. The provision for income taxes of $0 for the three months ended June
30, 2023 was attributable to the loss before provision for income taxes incurred for the period and the impact of recording a full valuation
allowance on the Company’s deferred tax assets, net. The provision for income taxes of $806,380 for the three months ended
June 30, 2022 represents a charge to record a full valuation allowance of the Company’s deferred income tax assets, net as of April
1, 2022.
Note 7 |
EQUITY INCENTIVE PLANS: |
2011 Equity Incentive Plan
On August 31, 2011, the Company’s stockholders approved
the adoption of the Company’s 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and
restricted stock awards to purchase up to 750,000 shares of the Company’s common stock to all employees, consultants and other
eligible participants including senior management and members of the Board of Directors of the Company. The 2011 Equity Incentive Plan
expired on August 31, 2021 after which no further awards will be granted under such plan.
2020 Equity Incentive Plan
On November 18, 2020, the Board of Directors approved the
Company’s 2020 Equity Incentive Plan (the “2020 Plan”) for submission to stockholders at the next annual meeting. On
December 16, 2020, the Company’s stockholders approved the adoption of the 2020 Plan, which provides for options and restricted
stock awards to purchase up to 750,000 shares of common stock to award in the future as incentive compensation to employees,
management and directors of the Company.
Options granted to employees under the 2020 Plan may be
designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options
which do not qualify (non-qualified stock options).
Under the 2020 Plan, the exercise price of an option designated
as an incentive stock option shall not be less than the fair market value of the Company’s common stock on the day the option is
granted. In the event an option designated as an incentive stock option is granted to a ten percent (10%) or greater stockholder, such
exercise price shall be at least 110 percent (110%) of the fair market value of the Company’s common stock and the option must
not be exercisable after the expiration of ten years from the day of the grant. The 2020 Plan also provides that holders of options that
wish to pay for the exercise price of their options with shares of the Company’s common stock must have beneficially owned such
stock for at least six months prior to the exercise date.
Exercise prices of stock options may not be less than the
fair market value of the Company’s common stock on the grant date.
The aggregate fair market value of shares subject to options
granted to a participant(s), which are designated as incentive stock options, and which become exercisable in any calendar year, shall
not exceed $100,000.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 7 |
EQUITY INCENTIVE PLANS (Continued): |
Stock-based compensation expense
Stock-based compensation expense is recorded in selling,
general and administrative expenses included in the condensed statements of operations. For the three months ended June 30, 2023 and
2022, stock-based compensation expense was $129,600 and $0, respectively.
As of June 30, 2023 there was no unrecognized compensation
expense related to unamortized stock options. It is the Company’s policy that any unrecognized stock-based compensation cost would
be adjusted for actual forfeitures as they occur.
There were no options granted during the three months ended
June 30, 2022.
The following table provides the stock option activity:
| |
Shares | | |
Weighted Avg. Grant Date Fair Value | | |
Weighted Avg. Exercise Price | | |
Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (in thousands) | |
Balance as of April 1, 2023 | |
| 467,217 | | |
$ | 7.94 | | |
$ | 14.72 | | |
| 5.51 | | |
$ | 105 | |
Granted | |
| 40,000 | | |
| 3.24 | | |
| 6.10 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
Exercisable as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
The aggregate intrinsic value in the table above represents
the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the
period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders
exercised their in-the-money options on those dates.
In 1987, the Company adopted a cash bonus plan (the “Cash
Bonus Plan”) for non-union, management and administration staff. Unless otherwise approved by the Compensation Committee of the
Board of Directors or the full Board of Directors, the Cash Bonus Plan will only be funded by the Company for payment of bonuses with
respect to any fiscal year, when the Company is profitable for such applicable fiscal year. As of June 30, 2023 and March 31, 2023, the
Company’s accrued bonus was $100,181 and $354,250, respectively. Bonus expense recorded for each of the three months ended June
30, 2023 and 2022 was $100,500.
IEH CORPORATION
Notes to Unaudited Condensed Financial Statements
Note 9 |
COMMITMENTS AND CONTINGENCIES: |
The Company maintains its operations in facilities located
in both New York and Pennsylvania.
On December 1, 2020, the Company entered into a 120 month
extension of its lease agreement for an industrial building in Brooklyn, NY, expiring December 1, 2030. Monthly rent at inception was
$20,400, and thereafter, such monthly rent escalates annually to a monthly rent of $28,426 for the final year of the lease term. The
Company maintains a security deposit of $40,800, which is included in other assets on the accompanying condensed balance sheet.
On January 29, 2021, the Company entered into an 87 month
lease agreement for an industrial building in Allentown, Pennsylvania, expiring March 30, 2028. Monthly rent at inception was $18,046,
and thereafter such monthly rent escalates annually to a monthly rent of $20,920 for the final year of the lease term. The Company maintains
a security deposit of $35,040, which is included in other assets on the accompanying condensed balance sheet.
The Company has a collective bargaining multi-employer pension
plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (ID No. 136115077). The Multi-Employer Plan
is covered by a collective bargaining agreement with the Company, which expires on March 31, 2024. Contributions are made in accordance
with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer
Pension Plan Amendments Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions
made under the collective bargaining agreement. Generally, these liabilities are contingent upon the termination, withdrawal, or partial
withdrawal from the Multi-Employer Plan. The risks of participating in a multiemployer plan are different from single-employer plans,
for example, assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating
employers, if a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become
the obligation of the remaining participating employers, and if a participating employer chooses to stop participating in these multiemployer
plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan.
The total contributions charged to operations under the
provisions of the Multi-Employer Plan were $14,790 and $9,528 for the three months ended June 30, 2023 and 2022, respectively, and were
reflected within cost of products sold included in the condensed statements of operations.
During the three months ended June 30, 2023 and June 30,
2022, one customer accounted for 12% and 10.8%, respectively, of the Company’s net sales.
As of June 30, 2023, no customer accounted for 10% or more
of accounts receivable. As of March 31, 2023, three customers accounted for 44.5% of accounts receivable, each represented 23.2%, 11.0%
and 10.3%, respectively.
During the three months ended June 30, 2023, two vendors
accounted for 23.4% of the Company’s purchases, each represented 12.7% and 10.7%, respectively. During the three months ended June
30, 2022, one vendor accounted for 15.4% of the Company’s purchases.
As of June 30, 2023 and March 31, 2023, two vendors accounted
for 22.1% of accounts payable and one vendor accounted for 20.9% of accounts payable, respectively.
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Statements contained in this report, which are not historical
facts, may be considered forward-looking information with respect to plans, projections, or future performance of the Company as defined
under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, which
could cause actual results to differ materially from those projected. The words “anticipate,” “believe”, “estimate”,
“expect,” “objective,” and think” or similar expressions used herein are intended to identify forward-looking
statements. The forward-looking statements are based on the Company’s current views and assumptions and involve risks and uncertainties
that include, among other things, the performance of the Company’s business, actions of competitors, changes in laws and regulations,
including accounting standards, employee relations, customer demand, prices of purchased raw materials and parts, domestic economic conditions
including inflation and interest rates, foreign economic conditions, including currency rate fluctuations and geopolitical uncertainty.
The following discussion and analysis should be read in
conjunction with our audited financial statements and related footnotes included elsewhere in this report, which provide additional information
concerning the Company’s financial activities and condition.
Overview
The Company designs, develops and manufactures printed circuit
board connectors and custom interconnects for high performance applications.
All of our connectors utilize the HYPERBOLOID contact design,
a rugged, high-reliability contact system ideally suited for high-stress environments. We believe we are the only independent producer
of HYPERBOLOID printed circuit board connectors in the United States.
Our customers consist of Original Equipment Manufacturers
(“OEMs”) and distributors who resell our products to OEMs. We sell our products directly and through 22 independent sales
representatives and distributors located in all regions of the United States, Canada, the European Union, Southeast Asia, Central Asia
and the Middle East.
The customers we service are in the Defense, Aerospace, Space,
Medical, Oil and Gas, Industrial, Test Equipment and Commercial Electronics markets. We appear on the Military Qualified Product Listing
(“QPL”) MIL-DTL-55302 and supply customer requested modifications to this specification.
The customers we service by industry as a percentage of total
revenue is provided below:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Industry | |
% | | |
% | |
Defense | |
| 60.8 | | |
| 55.9 | |
Commercial Aerospace | |
| 20.2 | | |
| 20.4 | |
Space | |
| 12.9 | | |
| 17.0 | |
Other | |
| 6.1 | | |
| 6.7 | |
| |
| 100.0 | | |
| 100.0 | |
Financial Overview
Critical Accounting Policies
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions
about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects
cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results
inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting
estimates inherent in the preparation of our financial statements include estimates associated with revenue recognition, valuation of
inventories, accounting for income taxes and stock-based compensation expense. Our financial position, results of operations and cash
flows are impacted by the accounting policies we have adopted. In order to get a full understanding of our financial statements, one must
have a clear understanding of the accounting policies employed. It is important that the discussion of our operating results that follow
be read in conjunction with these critical accounting policies which have been disclosed in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2023 filed with the SEC on October 6, 2023.
Results of Operations
Comparison of the Three
Months Ended June 30, 2023 and 2022
The following table summarizes
our results of operations for the three months ended June 30, 2023 and 2022:
| |
For the Three-Months Ended
June 30, | | |
Period-to-Period | |
| |
2023 | | |
2022 | | |
Change | |
| |
| | |
| | |
| |
Revenue | |
$ | 4,679,845 | | |
$ | 4,078,584 | | |
$ | 601,261 | |
| |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | |
Cost of products sold | |
| 4,241,432 | | |
| 4,918,939 | | |
| (677,507 | ) |
Selling, general and administrative | |
| 1,557,569 | | |
| 1,009,007 | | |
| 548,562 | |
Depreciation and amortization | |
| 215,236 | | |
| 248,483 | | |
| (33,247 | ) |
Total operating expenses | |
| 6,014,237 | | |
| 6,176,429 | | |
| (162,192 | ) |
Operating loss | |
| (1,334,392 | ) | |
| (2,097,845 | ) | |
| 763,453 | |
Other income (expense): | |
| | | |
| | | |
| | |
Other income | |
| - | | |
| 76 | | |
| (76 | ) |
Interest income (expense), net | |
| 18,490 | | |
| 373 | | |
| 18,117 | |
Total other income (expense), net | |
| 18,490 | | |
| 449 | | |
| 18,041 | |
| |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (1,315,902 | ) | |
| (2,097,396 | ) | |
| 781,494 | |
Provision for income taxes | |
| - | | |
| (806,380 | ) | |
| 806,380 | |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) | |
$ | 1,587,874 | |
Revenue for the three months ended June 30, 2023 was $4,679,845,
reflecting an increase of $601,261, or 14.7%, as compared to $4,078,584 for the three months ended June 30, 2022.
The increase in revenue for the period was principally on
account of an increase in orders from our defense customers. Our defense revenues have benefitted from increased defense related spending
on programs in which we participate. Our quarter over quarter commercial aerospace revenues have grown steadily, consistent with the post
COVID-19 return of consumer aviation traffic. Our increase in commercial aerospace revenues offset quarter over quarter softness in revenues
from our space customers.
Cost of products sold for the three months ended June 30,
2023 was $4,241,432, reflecting a decrease of $677,507, or 13.8% as compared to $4,918,939 for the three months ended June 30, 2022. The
decrease in our cost of products sold is attributable to a combination of improved margins due to changes in product mix and greater absorption
of production costs into inventory, driven by increases in production volume.
Selling, general and administrative expenses for the three
months ended June 30, 2023 was $1,557,569, reflecting an increase of $548,562, or 54.4%, as compared to $1,009,007 for the three months
ended June 30, 2022. The increase was primarily due to increased consulting and legal fees incurred in connection with bringing our public
filings current.
Depreciation and amortization for the three months
ended June 30, 2023 was $215,236, reflecting a decrease of $33,247, or 13.4%, as compared to $248,483 for the three months ended June
30, 2022. The decrease was principally attributable to reduced amortization in the current period for certain fully amortized assets.
Total other income (expense) for the three months ended June
30, 2023 was income of $18,490, reflecting an increase of $18,041, as compared to income of $449 for the three months ended June 30, 2022.
The increase was principally attributable to interest earned on our cash balances.
Provision for income taxes was $0 and $806,380 for the three
months ended June 30, 2023 and 2022. The provision for income taxes of $0 for the three months ended June 30, 2023 was attributable
to the loss before provision for income taxes incurred for the period and the impact of recording a full valuation allowance on our deferred
tax assets. The tax provision for the three months ended June 30, 2022 of $806,380 represents a charge to record a full valuation
allowance of our deferred income tax assets, net as of April 1, 2022.
Liquidity and Capital Resources:
Our primary requirements for liquidity and capital are working
capital, inventory, capital expenditures, public company costs and general corporate needs. We expect these needs to continue as we further
develop and grow our business. For the three months ended June 30, 2023, our primary sources of liquidity came from existing cash. Based
on our current plans and business conditions, we believe that existing cash, together with cash generated from operations will be sufficient
to satisfy our anticipated cash requirements, and we are not aware of any trends or demands, commitments, events or uncertainties that
are reasonably likely to result in a decrease in liquidity of our assets. We may require additional capital to respond to technological
advancements, competitive dynamics or technologies, business opportunities, challenges, acquisitions or unforeseen circumstances and in
either the short-term or long-term may determine to engage in equity or debt financings or enter into credit facilities for other reasons.
If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to
grow or support our business and to respond to business challenges could be significantly limited. In particular, inflationary pressures
and interest rates, and the conflicts in Eastern Europe and in the Middle East have resulted in, and may continue to result in, significant
disruption and volatility in the global financial markets, reducing our ability to access capital. If we are unable to raise additional
funds when or on the terms desired, our business, financial condition and results of operations could be adversely affected.
As of June 30, 2023 and March 31, 2023, the Company’s
cash on hand was $6,939,727 and $8,344,706, respectively. The Company recorded a net loss of $1,315,902 and $2,903,776 for the three months
ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and March 31, 2023, the Company had working capital of $19,301,993 and
$20,303,090 and stockholders’ equity of $23,130,268 and $24,316,570, respectively.
Our principal source of liquidity has been from cash flows
generated by operating activities and our cash reserves.
Cash Flow Activities for
the Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022
The following table summarizes our
sources and uses of cash for the three months ended June 30, 2023 and 2022:
| |
For the Three Months Ended
June 30, | | |
Period-to-Period | |
| |
2023 | | |
2022 | | |
Change | |
Cash flows used in: | |
| | | |
| | | |
| | |
Operating activities | |
$ | (1,376,666 | ) | |
$ | (1,155,245 | ) | |
$ | (221,421 | ) |
Investing activities | |
| (28,313 | ) | |
| (57,136 | ) | |
| 28,823 | |
Decrease in cash | |
$ | (1,404,979 | ) | |
$ | (1,212,381 | | |
$ | (192,598 | ) |
Net cash used in operating activities was $1,376,666 for
the three months ended June 30, 2023, compared to $1,155,245 for the three months ended June 30, 2022. The period over period increase
in use of cash of $221,421 was primarily attributable to an increase in the payment of the accrued cash bonus during the current period.
Net cash used in investing activities was $28,313 for the
three months ended June 30, 2023, a decrease of $28,823, as compared to a use of $57,136 for the three months ended June 30, 2022. The
decrease in cash used in investing activities during the three months ended June 30, 2023 was principally due to decreases in purchase
of property and equipment.
There were no financing activities during the three months
ended June 30, 2023 or 2022.
Backlog of Orders
The backlog of orders for the Company’s products amounted
to approximately $13,837,000 at June 30, 2023 as compared to approximately $9,537,000 at June 30, 2022. The orders in backlog at June
30, 2023 are expected to ship over the next twelve months depending on customer requirements and product availability.
Inflation
In the opinion of management, inflation has continued to
impact the costs of our operations and depending upon the current duration and degree of higher inflation levels, is expected to have
an impact upon our operations in the future. Management will continue to monitor inflation and evaluate the possible future effects of
inflation on our business and operations.
Item 3. Qualitative and Quantitative Disclosures about Market
Risk
Not applicable.
Item 4. Controls and Procedures
Management’s Evaluation of our Disclosure Controls
and Procedures
We maintain disclosure controls and procedures (as defined
in paragraph (e) of Rules 13a-15 and 15d-15 under the Exchange Act) designed to ensure that the information we are required to disclose
in reports that we file or furnish under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
under the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief
Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
As required by paragraph (b) of Rules 13a-15 and 15d-15 under
the Exchange Act, our management, with the participation of our Chief Executive Officer (our principal executive officer) and our Chief
Financial Officer (our principal financial officer) carried out an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures as of as of the end of the period covered by this Quarterly Report on Form 10-Q. Our management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives,
and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our principal
executive and principal financial officer have concluded based upon the evaluation described above that, as of June 30, 2023, our disclosure
controls and procedures were not effective at the reasonable assurance level.
Management has used the framework set forth in the report
entitled Internal Control—Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission
(2013 framework), known as COSO, to evaluate the effectiveness of our internal control over financial reporting.
As of June 30, 2023, the following material weaknesses were
identified:
| ● | Certain
of the Company’s controls associated with reconciliations of inventory and cost of products sold were not operating effectively.
These deficiencies, combined with inadequate compensating review controls represent a material weakness in the Company’s internal
control over financial reporting. |
| ● | The
Company has not established an effective control environment due to the ineffective design and implementation of Information Technology
General Controls (“ITGC”). The Company’s ITGC deficiencies included improperly designed controls pertaining to user
access rights over systems that are critical to the Company’s system of financial reporting. The ITGC deficiencies, combined with
a lack of properly designed management review controls to compensate for these deficiencies, represent a material weakness in the Company’s
internal control over financial reporting. |
Management is actively engaged in the planning for and implementation
of remediation efforts to address the identified material weaknesses. The remediation plan includes (i) the engaging of additional experienced
financial resources, (ii) the development and implementation of enhanced controls designed to evaluate the appropriateness of policies
and procedures, (iii) the implementation of review and monitoring of transactions to ensure compliance with the new policies and procedures,
(iv) improvements in the design and implementation of enhanced monitoring of ITGC controls, and (v) the enhanced training of personnel.
Changes in Internal Controls Over Financial Reporting
There were no changes in our internal controls over financial
reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal
controls that occurred during the fiscal quarter ended June 30, 2023 that materially affected, or are reasonably likely to materially
affect our internal controls over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
There are no legal proceedings that have occurred within
the past year concerning our directors, or control persons which involved a criminal conviction, a criminal proceeding, an administrative
or civil proceeding limiting one’s participation in the securities or banking industries, or a finding of securities or commodities
law violations.
On August 17, 2022, the SEC issued an Order Instituting Administrative
Proceedings and Notice of Hearing pursuant to Section 12(j) of the Exchange Act. The stated purpose of the administrative proceeding is
for the Commission to determine whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding
twelve months, or revoke the registration of each class of securities registered pursuant to Section 12 of the Exchange Act of the Company.
The Company filed an Answer in the proceeding on October 3, 2022 and on October 13, 2022 we conducted a prehearing conference with SEC
staff in the Division of Enforcement. On March 1, 2023 the SEC’s Division of Enforcement filed a Motion for Summary Disposition,
on March 15, 2023, IEH filed an opposition brief to the SEC Division of Enforcement’s Motion for Summary Disposition, and on March
29, 2023, the SEC’s Division of Enforcement filed a Reply in Support of its Motion for Summary Disposition. The Commission will
issue a decision on the basis of the record in the proceeding.
Item 1A. Risk Factors
Our operations and financial results are subject to various
risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for
the year ended March 30, 2023 which could adversely affect our business, financial condition, results of operations, cash flows, and the
trading price of our common and capital stock. Except as set forth below, as of the date of this Quarterly Report on Form 10-Q, there
have been no material changes to our risk factors previously disclosed in our Exchange Act Reports.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
None.
Item 6. Exhibits
The exhibits filed as part of this Quarterly Report on Form
10-Q are set forth on the Exhibit Index, which Exhibit Index is incorporated herein by reference.
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
|
|
3.1 |
|
Amended and Restated Certificate of Incorporation of the Company (filed as Exhibit C-4 to Current Report on Form 8-K, dated February 27, 1991). |
|
|
|
3.2 |
|
By-Laws of the Company (filed as Exhibit 3.2 on Annual Report on Form 10-KSB for the fiscal year ended March 27, 1994). |
|
|
|
4.1 |
|
Form of Common Stock Certificate of the Company (filed as Exhibit 4.1 on Annual Report on Form 10-KSB for the fiscal year ended March 27, 1994). |
|
|
|
4.2 |
|
Description of Securities (filed as Exhibit 4.2 on Annual Report on Form 10-K for the fiscal year ended March 31, 2022 on June 22, 2023). |
|
|
|
10.1(†)* |
|
Employment Agreement between the Company and Subrata Purkayastha dated as of June 1, 2023. |
|
|
|
10.2(†) |
|
Employment Agreement between the Company and Subrata Purkayastha made as of October 26, 2023 and effective as of November 1, 2023 (previously filed as Exhibit 10.1 to the Current Report on Form 8-K filed on November 7, 2023) |
|
|
|
31.1* |
|
Certification of Chief Executive Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2* |
|
Certification of Principal Financial Officer pursuant to Section 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
32.1** |
|
Certifications by Chief Executive Officer and Principal Financial Officer, pursuant to 17 CFR 240.13a-14(b) or 17 CFR 240.15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.1* |
|
The following information from IEH Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in Inline XBRL (Extensible Business Reporting language) and filed electronically herewith: (i) the Balance Sheets; (ii) the Statements of Operations; (iii) the Statements of Stockholders’ Equity; (iv) the Statements of Cash Flow; and (v) the Notes to Financial Statements. |
|
|
|
101.INS* |
|
Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”) |
|
|
|
101.SCH* |
|
Inline XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL* |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF* |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB* |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE* |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
104 |
|
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
* |
Exhibits filed herewith. |
** |
Exhibits furnished herewith. |
† |
Indicates management contract or compensatory plan or arrangement. |
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.
|
IEH CORPORATION |
|
|
|
Dated: November 30, 2023 |
By: |
/s/ David Offerman |
|
|
David Offerman |
|
|
Chairman of the Board, President and
Chief Executive Officer (Principal Executive Officer) |
|
|
|
|
|
/s/ Subrata Purkayastha |
|
|
Subrata Purkayastha, Chief Financial Officer |
|
|
(Principal Financial Officer) |
22
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Exhibit 10.1
EMPLOYMENT AGREEMENT
THIS AGREEMENT (this “Agreement”)
is made as of the 1st day of June, 2023 (the “Effective Date”) by and between Subrata Purkayastha (the “Employee”)
and IEH Corporation, a New York corporation (the “Company”).
W I T N E S S E T H:
WHEREAS, the Company and its
subsidiaries, if any, are engaged in the business of designing, developing and manufacturing printed circuit and plastic circular connectors
for high performance applications utilizing the HYPERBOLOID contact design; and
WHEREAS, the Employee desires
to be employed by the Company as the Interim Chief Financial Officer and Interim Treasurer of the Company, and the Company desires to
employ the Employee and secure for the Company the experience, ability and services of the Employee;
WHEREAS, the Employee desires
to become employed by the Company, pursuant to the terms and conditions herein set forth, superseding all prior oral and written employment
agreements, and term sheets and letters between the Company, its subsidiaries (if any) and/or predecessors and Employee; and
WHEREAS, this Agreement supersedes
any and all prior oral and written agreements and writings between the Employee and the Company.
NOW, THEREFORE, it is mutually
agreed by and between the parties hereto as follows:
ARTICLE I
DEFINITIONS
1.1 Accrued Compensation.
“Accrued Compensation” shall mean an amount which shall include all amounts earned or accrued through the Termination
Date (as defined below) but not paid as of the Termination Date, including: (a) Base Salary; (b) reimbursement for business expenses
incurred by the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at such time;
(c) vacation pay; and (d) unpaid bonuses and incentive compensation earned and awarded prior to the Termination Date.
1.2 Cause. “Cause”
shall mean: (a) willful disobedience by the Employee of a material and lawful instruction of the Chief Executive Officer or Board of
Directors of the Company (the “Board”); (b) formal charge, indictment or conviction of the Employee of any misdemeanor
involving fraud or embezzlement or similar crime, or any felony; (c) conduct amounting to fraud, dishonesty, gross negligence, willful
misconduct or recurring insubordination; or (d) excessive absences from work, other than for illness or Disability; provided that the
Company shall not have the right to terminate the employment of Employee pursuant to the foregoing clauses (a), (c), and (d) above unless
written notice specifying such breach shall have been given to the Employee and, in the case of breach which is capable of being cured,
the Employee shall have failed to cure such breach within 30 days after her receipt of such notice.
1.3 Continuation Benefits.
“Continuation Benefits” shall be the continuation of the Benefits, as defined in Section 5.1, for the period
commencing on the Termination Date and terminating six (6) months thereafter, or such other period as specifically stated by this agreement
(the “Continuation Period”) at the Company’s expense on behalf of the Employee and her dependents; provided,
however, that: (a) in no event shall the Continuation Period exceed six (6) months from the Termination Date; and (b) the level and availability
of benefits provided during the Continuation Period shall at all times be subject to the post-employment conversion or portability provisions
of the benefit plans. The Company’s obligation hereunder with respect to the foregoing benefits shall also be limited to the extent
that if the Employee obtains any such benefits pursuant to a subsequent employer's benefit plans, the Company may reduce the coverage
of any benefits it is required to provide the Employee hereunder as long as the aggregate coverage and benefits of the combined benefit
plans is no less favorable to the Employee than the coverage and benefits required to be provided hereunder. This definition of Continuation
Benefits shall not be interpreted so as to limit any benefits to which the Employee, her dependents or beneficiaries may be entitled
under any of the Company’s employee benefit plans, programs or practices following the Employee’s termination of employment,
including, without limitation, retiree medical and life insurance benefits.
1.4 Disability. “Disability”
shall mean a physical or mental infirmity which impairs the Employee’s ability to substantially perform her duties with the Company
for a period of sixty (60) consecutive days and the Employee has not returned to her full time employment prior to the Termination Date
as stated in the “Notice of Termination” (as defined below).
1.5 Notice of Termination.
A “Notice of Termination” shall mean a written notice from the Company, or the Employee, of termination of the
Employee’s employment which indicates the provision in this Agreement relied upon, if any and which sets forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated.
A Notice of Termination served by the Company shall specify the effective date of termination.
1.6 Pro Rata Bonus.
“Pro Rata Bonus” shall mean an amount equal to the maximum bonus Employee had an opportunity to earn pursuant to Section
4.2 multiplied by a fraction, the numerator of which shall be the number of days from the commencement of the fiscal year to the
Termination Date, and the denominator of which shall be the number of days in the fiscal year in which Employee was terminated.
1.7 Severance Payment.
“Severance Payment” shall mean an amount equal to the sum of six (6) months of Employee’s Base Salary in
effect on the Termination Date. The Severance Payment shall be payable in equal installments on each of the Company’s regular pay
dates for executives during the six (6) months commencing on the first regular executive pay date following the Termination Date. The
Severance Payment is conditioned on the Employee executing a termination agreement and release in a form reasonably acceptable to the
Employee and the Company.
1.8 Termination Date.
“Termination Date” shall mean: (a) in the case of the Employee’s death, her date of death; (b) in the case
of termination of employment on or after the Expiration Date, the last day of employment; and (c) in all other cases, the date specified
in the Notice of Termination; provided, however, if the Employee’s employment is terminated by the Company for any reason
except Cause, the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of Termination is given
to the Employee, and provided further that in the case of Disability, the Employee shall not have returned to the full-time performance
of her duties during such period of at least 30 days.
ARTICLE
II
EMPLOYMENT
2.1 Upon
the terms and subject to the conditions of this Agreement, the Company hereby agrees to employ the Employee, and the Employee hereby agrees
to become employed, as Interim Treasurer and Interim Chief Financial Officer of the Company. The Employee’s position includes acting
as an officer and/or director of any of the Company’s subsidiaries, if any, as determined by the Board of Directors.
ARTICLE
III
DUTIES
3.1 The
Employee shall, during the term of her employment with the Company, and subject to the direction and control of the Company’s Chief
Executive Officer and the Board of Directors, report directly to the Board of Directors and shall exercise such authority, perform such
executive duties and functions and discharge such responsibilities as are reasonably associated with his executive position or as may
be reasonably assigned or delegated to her from time to time by the Company’s Chief Executive Officer and the Board of Directors,
consistent with her position as Interim Treasurer and Interim Chief Financial Officer.
3.2 The
Employee shall perform, in conjunction with the Company’s executive management, to the best of her ability the following services
and duties for the Company and its subsidiary corporations (by way of example, and not by way of limitation):
(a) Those
duties attendant to the position of Interim Treasurer and Interim Chief Financial Officer:
(b) Establish
and implement current and long-range objectives, plans, and policies, subject to the approval of the Company’s Chief Executive Officer
and the Board of Directors;
(c) Financial
planning including the development of, liaison with, financing sources and investment bankers;
(d) Managerial
oversight of the Company’s accounting department;
(e) Primary
responsibility for the preparation and filing of all financial activity reports with federal and state regulatory authorities;
(f) Acquiring
appropriate insurance coverage to safeguard Company’s assets (excluding workers’ compensation coverage and medical benefits);
(g) Evaluation
and integration of acquisitions, joint ventures, and other opportunities;
(h) Promotion
of the relationships of the Company with its respective employees, customers, suppliers and others in the business community;
(i) Shareholder
relations; and
(j) Compliance
with local, state and federal regulations and laws governing business operations.
3.3 The
Employee agrees to devote full business time and her best efforts in the performance of her duties for the Company.
3.4 Employee
shall undertake regular travel to the Company’s executive and operational offices, and such other occasional travel within or outside
the United States as is or may be reasonably necessary in the interests of the Company.
ARTICLE
IV
COMPENSATION AND BENEFITS
4.1 During
the term of this Agreement, Employee shall be compensated initially at the rate of $200,000 per annum, subject to such increases, if any,
as determined by the Chief Executive Officer and the Compensation Committee of the Board of Directors (the “Committee”),
in its discretion, at the commencement of each of the Company’s fiscal years during the term of this Agreement (the “Base
Salary”). The Base Salary shall be paid to the Employee in accordance with the Company’s regular executive payroll periods.
4.2 Employee
may receive a bonus (the “Bonus”) in the sole discretion of the Committee in accordance with the following parameters:
(a) Employee
will have an opportunity to earn a cash Bonus during her employment. The Bonus will be based on performance targets and other key objectives
established by the Committee, and the determination of whether the performance criteria shall have been attained shall be solely in the
discretion of the Committee.
4.3 The
Company shall deduct from Employee’s compensation all federal, state, and local taxes which it may now or hereafter be required
to deduct.
4.4 Employee
may receive such other additional compensation as may be determined from time to time by the Committee, including bonuses and other long
term compensation plans. Nothing herein shall be deemed or construed to require the Committee, to award any bonus or additional compensation.
4.5 Notwithstanding
any other provisions in this Agreement to the contrary, the Employee agrees and acknowledges that any incentive-based compensation, or
any other compensation, paid or payable to Employee pursuant to this Agreement or any other agreement or arrangement with the Company
which is subject to recoupment or clawback under any applicable law, government regulation, or stock exchange listing requirement, including
without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and such regulations as may be promulgated thereunder
by the Securities and Exchange Commission, will be subject to such deductions and clawback (recovery) as may be required to be made pursuant
to applicable law, government regulation, stock exchange listing requirement or any policy of the Company adopted pursuant to any such
law, government regulation, or stock exchange listing requirement. This section shall survive the termination of this Agreement for
a period of three (3) years.
4.6 During
the term hereof, the Company shall provide Employee with the following benefits (the “Benefits”): (a) group health
care and insurance benefits as generally made available to the Company’s senior management; (b) travel expenses, including a gas
allowance and payment of an EZ Pass during the term of this Agreement and (c) such other insurance benefits obtained by the Company and
made generally available to the Company’s senior management. The Company shall reimburse Employee, upon presentation of appropriate
vouchers, for all reasonable business expenses incurred by Employee on behalf of the Company upon presentation of suitable documentation.
4.7 For
the term of this Agreement, Employee shall be entitled to paid vacation (paid time off) at the rate of three (3) weeks per annum plus
five (5) sick days in accordance with the laws of the State of New York.
ARTICLE
V
NON-DISCLOSURE
5.1 The
Employee shall not, at any time during or after the termination of her employment hereunder, except when acting on behalf of and with
the authorization of the Company, make use of or disclose to any person, corporation, or other entity, for any purpose whatsoever, any
trade secret or other confidential information concerning the Company’s business, finances, marketing, accounting, personnel and/or
staffing business of the Company and its subsidiaries, including information relating to any customer of the Company or pool of temporary
or permanent employees, governmental customer or any other nonpublic business information of the Company and/or its subsidiaries learned
as a consequence of Employee’s employment with the Company (collectively referred to as the “Proprietary Information”).
For the purposes of this Agreement, trade secrets and confidential information shall mean information disclosed to the Employee or known
by him as a consequence of her employment by the Company, whether or not pursuant to this Agreement, and not generally known in the industry.
The Employee acknowledges that Proprietary Information, trade secrets and other items of confidential information, as they may exist from
time to time, are valuable and unique assets of the Company, and that disclosure of any such information would cause substantial injury
to the Company. Trade secrets and confidential information shall cease to be trade secrets or confidential information, as applicable,
at such time as such information becomes public other than through disclosure, directly or indirectly, by Employee in violation of this
Agreement.
5.2 If
Employee is requested or required (by oral questions, interrogatories, requests for information or document subpoenas, civil investigative
demands, or similar process) to disclose any Proprietary Information, Employee shall, unless prohibited by law, promptly notify the Company
of such request(s) so that the Company may seek an appropriate protective order. Notwithstanding the foregoing, Employee understands that
nothing contained in this Agreement limits Employee’s ability from reporting possible violations of federal law or regulation to
any federal, state or local governmental agency or entity, including but not limited to the Department of Justice, the Securities and
Exchange Commission, or any agency Inspector General (“Government Agencies”), or making other disclosures that are
protected under the whistleblower provisions of federal law or regulation. Employee further understands that this Agreement does not limit
Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that
may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement
does not limit Employee’s right to receive an award for information provided to any Government Agencies.
5.3 Except
as otherwise may be agreed by the Company in writing, in consideration of the employment of Employee by the Company, and free of any additional
obligations of the Company to make additional payment to Employee, Employee hereby agrees to irrevocably assign to the Company any and
all of Employee’s rights (including patent rights, copyrights, trade secret rights and other rights, throughout the world), title
and interest in and to all inventions, software, manuscripts, documentation, improvements or other intellectual property whether or not
protectable by any state or federal laws relating to the protection of intellectual property, relating to the present or future business
of the Company that are developed by Employee during the term of his/her employment with the Company, either alone or jointly with others,
and whether or not developed during normal business hours or arising within the scope of his/her duties of employment. Employee agrees
that all such inventions, software, manuscripts, documentation, improvement or other intellectual property shall be and remain the sole
and exclusive property of the Company and shall be deemed the product of work for hire. Employee hereby agrees to execute such assignments
and other documents as the Company may consider appropriate to vest all right, title and interest therein to the Company and hereby appoints
the Company as Employee’s attorney-in-fact with full powers to execute such document itself in the event employee fails or is unable
to provide the Company with such signed documents. Employee shall also assign to, or as directed by, the Company, all of her right, title
and interest in and to any and all inventions and other intellectual property, the full title to which is required to be in the United
States government of any of its agencies. The Company shall have all right, title and interest in all research and work product produced
by Employee as an employee of the Company, including, but not limited to, all research materials. Notwithstanding the foregoing, this
provision does not apply to an invention for which no equipment, supplies, facility, or trade secret information of the Company was used
and which was developed entirely on Employee’s own time unless: (a) the invention relates: (i) to the business of the Company; or
(ii) to the Company’s actual or demonstrably anticipated research or development; or (b) the invention results from any work performed
by Employee for the Company.
ARTICLE
VI
RESTRICTIVE COVENANT
6.1 During
the term of Employment with the Company, and for a period of two (2) years following termination of employment for any reason, Employee
agrees that she will not, directly or indirectly, enter into or become associated with or engage in any other business (whether as a partner,
officer, director, shareholder, employee, consultant, or otherwise), which is involved in the business of: (a) designing, developing and
manufacturing printed circuit connectors and plastic circular connectors for high performance applications utilizing the HYPERBOLOID contact
design; or (b) is otherwise engaged in the same or similar business as the Company in direct competition with the Company, or which the
Company was in the process of developing, during the tenure of Employee’s employment by the Company (collectively, a “Competitive
Business”). Notwithstanding the foregoing, the ownership by Employee of less than five (5%) percent of the shares of any publicly
held corporation shall not violate the provisions of this Article VI.
6.2 In
furtherance of, and in addition to, Section 6.1, during the period of non-competition specified in Section 6.1 (the “Restricted
Period”), Employee shall not during the Restricted Period, directly or indirectly, whether as a principal, agent, employee,
independent contractor, employer, partner or shareholder, in connection with or related to any Competitive Business, solicit: (a) any
actual customers, partners or contracts addressed by the Company during the tenure of Employee’s employment; or (b) any customers,
partners or contracts that were within the Company’s business development pipeline within the 24-month period ending on the effective
date of the termination of employment. In addition, Employee will not during the Restricted Period, either directly or indirectly, whether
as a principal, agent, employee, independent contractor, employer, partner or shareholder, solicit, hire, attempt to solicit or hire,
or participate in any attempt to solicit or hire, any person who is employed by the Company or retained as a consultant by the Company
(or who was employed or retained by the Company within 24 months of the Termination Date or who was being actively recruited by the Company)
to: (A) terminate his employment or engagement with the Company; (B) accept employment or engagement with anyone other than the Company;
or (C) in any manner interfere with the business of the Company.
6.3 Employee
hereby acknowledges that the covenants and agreements contained in Article V and Article VI of this Agreement (the “Restrictive
Covenants”) are reasonable and valid in all respects and that the Company is entering into this Agreement, inter alia,
on such acknowledgement. If Employee breaches, or threatens to commit a breach, of any of the Restrictive Covenants, the Company shall
have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable,
and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company
under law or in equity: (a) the right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction,
it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money
damages will not provide an adequate remedy to the Company; (b) the right and remedy to require Employee to account for and pay over to
the Company such damages as are recoverable at law as the result of any transactions constituting a breach of any of the Restrictive Covenants;
(c) if any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of
the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions; and (d)
if any court construes any of the Restrictive Covenants, or any part thereof, to be unenforceable because of the duration of such provision
or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form,
such provision shall then be enforceable and shall be enforced. The parties intend to and hereby confer jurisdiction to enforce the Restrictive
Covenants upon the courts of any jurisdiction within the geographical scope of such Restrictive Covenants. If the courts of any one or
more such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is
the intention of the parties that such determination not bar or in any way affect the Company’s right to the relief provided above
in the courts of any other jurisdiction, within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive
Covenants in such other respective jurisdiction such Restrictive Covenants as they relate to each jurisdiction being, for this purpose,
severable into diverse and independent covenants.
ARTICLE
VII
TERM
7.1 This
Agreement shall be for a term (the “Initial Term”) commencing on the Effective Date as set forth above (the “Commencement
Date”) and terminating on November 30, 2023 (the “Expiration Date”), unless sooner terminated upon the death
of the Employee, or as otherwise provided herein.
7.2 Unless
this Agreement is earlier terminated pursuant to the terms hereof, the Company agrees to use its best efforts to notify Employee in writing
of the Company’s intention to continue Employee’s employment after the Expiration Date no less than sixty (60) days prior
to the Expiration Date. In the event the Company either: (a) fails to notify the Employee in accordance with this Section 7.2;
(b) notifies Employee that it does not intend to continue the Employee’s employment after the Expiration Date; or (c) after notifying
the Employee pursuant to Section 7.2, fails to reach an agreement on a new employment agreement prior to the Expiration Date, then
upon termination of the Employee’s employment on or after the Expiration Date for any reason except Cause, the Company shall pay
Employee any Accrued Compensation and the Continuation Benefits.
ARTICLE
VIII
TERMINATION
8.1 The
Company may terminate this Agreement by giving a Notice of Termination to the Employee in accordance with this Agreement:
(a) for
Cause;
(b) without
Cause; and
(c) for
Disability.
8.2 Employee
may terminate this Agreement by giving a Notice of Termination to the Company in accordance with this Agreement, at any time, with or
without any specified reason.
8.3 If
the Employee’s employment with the Company shall be terminated, the Company shall pay and/or provide to the Employee (or in the
case of her death, to her heirs and beneficiaries) the following compensation and benefits in lieu of any other compensation or benefits
arising under this Agreement or otherwise:
(a) if
the Employee was terminated by the Company for Cause: the Accrued Compensation;
(b) if
the Employee was terminated by the Company for Disability: (i) the Continuation Benefits; and (ii) the Accrued Compensation;
(c) if
termination was due to the Employee’s death: (i) the Accrued Compensation; and (ii) the Continuation Benefits;
(d) if
the Employee was terminated by the Company without Cause:(i) the Accrued Compensation; (ii) the Severance Payment; and (iii) the Continuation
Benefits; or
(e) if
the Employees terminates her employment with the Company for any reason or no reason, the Employee shall be entitled to the Accrued Compensation.
8.4 The
amounts payable under this Section 8, shall be paid as follows:
(a) Accrued
Compensation shall be paid to the Employee (or in the case of her death, to her heirs and beneficiaries) within five (5) business days
after the Employee’s Termination Date (or earlier, if required by applicable law);
(b) If
the Continuation Benefits are paid in cash, the payments shall be made to the Employee (or in the case of her death, to her heirs and
beneficiaries) on the first day of each month during the Continuation Period (or earlier, if required by applicable law); and
(c) The
Severance Payment shall be payable to the Employee in equal installments on each of the Company’s regular pay dates for executives
(or earlier, if required by applicable law) during the six 9month period for which Employee is entitled to the Severance Payment, commencing
on the first regular executive pay date following the Termination Date.
8.5 The
Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise
and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent
employment except as provided in Section 1.4.
ARTICLE
IX
ARBITRATION AND INDEMNIFICATION
9.1 Any
controversy, dispute or claim arising out of or relating to this Agreement or breach thereof, with the sole exception of any claim, breach,
or violation arising under Articles V or VI hereof, shall be shall first be settled through good faith negotiation. If the dispute
cannot be settled through negotiation, the parties agree to attempt in good faith to settle the dispute by mediation administered by JAMS.
If the parties are unsuccessful at resolving the dispute through mediation, the parties agree to final and binding arbitration before
a three-member arbitration panel in the State of New York, Kings County, in accordance with the Rules of the American Arbitration Association
(the “Association”) then in effect. The arbitrators shall be selected by the Association and each shall be an attorney-at-law
experienced in the field of corporate and/or employment law. However, the parties explicitly agree to appellate review of any such award
by a court of competent jurisdiction. Thus, any arbitration award may be entered in any court of competent jurisdiction in the State of
New York, Kings County, provided that in the event that a party moves to confirm or vacate the arbitration award, the parties agree that
the applicable standard of review shall be de novo.
9.2 The
Company hereby agrees to indemnify, defend, and hold harmless the Employee for any and all claims arising from or related to her employment
by the Company at any time asserted, at any place asserted, to the fullest extent permitted by law, except for claims based on Employee’s
fraud, deceit or willfulness. The Company shall maintain such insurance as is necessary and reasonable to protect the Employee from any
and all claims arising from or in connection with her employment by the Company during the term of Employee’s employment with the
Company and for a period of six (6) years after the date of termination of employment for any reason. The provisions of this Section
9.2 are in addition to and not in lieu of any indemnification, defense or other benefit to which Employee may be entitled by statute,
regulation, common law or otherwise.
ARTICLE
X
SEVERABILITY
10.1 If
any provision of this Agreement shall be held invalid and unenforceable, the remainder of this Agreement shall remain in full force and
effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall remain in full force and
effect in all other circumstances.
ARTICLE
XI
NOTICE
11.1 For
the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed
to have been duly given when: (a) personally delivered; or (b) sent by: (i) a nationally recognized overnight courier service; or (ii)
certified mail, return receipt requested, postage prepaid and in each case addressed to the respective addresses as set forth below or
to any such other address as the party to receive the notice shall advise by due notice given in accordance with this paragraph. All notices
and communications shall be deemed to have been received on: (A) if delivered by personal service, the date of delivery thereof; (B) if
delivered by a nationally recognized overnight courier service, on the first (1st) business day following deposit with such
courier service; or (C) on the third business day after the mailing thereof via certified mail. Notwithstanding the foregoing, any notice
of change of address shall be effective only upon receipt.
The current addresses of the
parties are as follows:
|
IF TO THE COMPANY: |
IEH Corporation |
|
|
|
140 58th Street |
|
|
|
Suite 8E |
|
|
|
Brooklyn, New York 11220 |
|
|
|
Attention: Chief Executive Officer |
|
|
|
|
|
|
WITH A COPY TO: |
Steven L. Glauberman, Esq. |
|
|
|
Becker & Poliakoff, LLP |
|
|
|
45 Broadway, 17th Floor |
|
|
|
New York, New York 10006 |
|
|
|
|
|
|
IF TO THE EMPLOYEE: |
Subrata Purkayastha |
|
|
|
82 Laurel Hollow Ct. |
|
|
|
Edison, NJ 08820 |
|
ARTICLE XII
BENEFIT
12.1 This
Agreement shall inure to, and shall be binding upon, the parties hereto, the successors and assigns of the Company, and the heirs and
personal representatives of the Employee. The respective rights and obligations of the parties hereunder
shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.
ARTICLE XIII
AMENDMENTS AND WAIVERS
13.1 No
supplement, modification, amendment or waiver of the terms of this Agreement shall be binding on the parties hereto unless executed in
writing by the parties to this Agreement. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute
a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise
expressly provided. Any failure to insist upon strict compliance with any of the terms and conditions of this Agreement shall not be deemed
a waiver of any such terms or conditions and the waiver by either party of any breach or violation of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach of construction and validity.
ARTICLE XIV
GOVERNING LAW
14.1 This
Agreement has been negotiated and executed in the State of New York which shall govern its construction, validity and enforceability.
ARTICLE XV
JURISDICTION
15.1 Any
or all actions or proceedings which may be brought by the Company or Employee under this Agreement shall be brought in courts having a
situs within the State of New York, and Employee and the Company each hereby consent to the jurisdiction of any local, state, or federal
court located within the State of New York.
ARTICLE XVI
ENTIRE AGREEMENT
16.1 This
Agreement sets forth the entire agreement between the parties and supersedes all prior agreements, letters and understandings between
the parties, whether oral or written prior to the Effective Date of this Agreement, except for the terms of employee stock option plans,
restricted stock grants and option certificates (unless otherwise expressly stated herein).
ARTICLE XVII
INTERPRETATION AND INDEPENDENT REPRESENTATION
17.1 The
parties agree that they have both had the opportunity to review and negotiate this Agreement, and that any inconsistency or dispute related
to the interpretation of any of the provisions of this Agreement shall not be construed against either party. The headings used in this
Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. The Employee has been advised
and had the opportunity to consult with an attorney or other advisor prior to executing this agreement. The Employee understands, confirms
and agrees that counsel to the Company (Becker & Poliakoff, LLP) has not acted and is not acting as counsel to the Employee and that
Employee has not relied upon any legal advice except as provided by its own counsel.
ARTICLE XVIII
EXECUTION
18.1 This
Agreement may be executed in two (2) or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page was an original
thereof.
Remainder of page intentionally
left blank; signature page follows.
IN WITNESS WHEREOF,
the parties hereto have executed this Agreement and affixed their hands and seals the day and year first above written.
|
IEH CORPORATION |
|
|
|
|
By: |
/s/ David Offerman |
|
|
David Offerman |
|
|
Chief Executive Officer |
|
|
|
|
EMPLOYEE |
|
|
|
|
By: |
/s/ Subrata Purkayastha |
|
|
Subrata Purkayastha |
|
|
Employee |
Exhibit 31.1
CERTIFICATIONS
I, David Offerman, certify that:
| 1. | I
have reviewed this report on Form 10-Q for the quarter ended June 30, 2023 of IEH Corporation; |
| 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. | The
registrant’s other certifying officer and I are 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, is made known to us 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 our 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. | The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the 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: November 30, 2023
/s/ David Offerman |
|
David Offerman
Chairman of the Board
President and Chief Executive Officer
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATIONS
I, Subrata Purkayastha, certify that:
| 1. | I
have reviewed this report on Form 10-Q for the quarter ended June 30, 2023 of IEH Corporation; |
| 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. | The
registrant’s other certifying officer and I are 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, is made known to us 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 our 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. | The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the 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: November 30, 2023 |
|
|
|
/s/ Subrata Purkayastha |
|
Subrata Purkayastha
Chief Financial Officer
(Principal Financial Officer) |
|
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 Quarterly Report of IEH Corporation (the “Company”)
on Form 10-Q for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”),
the undersigned, being, David Offerman, President and Chief Executive Officer (Principal Executive Officer), and Subrata Purkayastha, Chief Financial Officer (Principal Financial Officer), of the Company, respectfully certify, pursuant to 18 U.S.C. ss.1350, as
adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | This
Report on Form 10-Q fully complies with the requirements of the 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 and results of operations of the
Company. |
Dated: November 30, 2023
/s/ David Offerman |
|
/s/ Subrata Purkayastha |
David Offerman |
|
Subrata Purkayastha |
Chairman of the Board, President and
Chief Executive Officer |
|
Chief Financial Officer
(Principal Financial Officer) |
(Principal Executive Officer) |
|
|
This Certification is being furnished solely to accompany the Report
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed
“filed” by the Company for purposes of Section 18 of the Securities Act of 1933, as amended, or the Securities Exchange
Act of 1934, as amended, whether made before or after the date of the Report, irrespective of any general incorporation language contained
in such filing. A signed original of the written statement required by Section 906 has been provided to the Company and will be retained
by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Document And Entity Information - shares
|
3 Months Ended |
|
Jun. 30, 2023 |
Nov. 30, 2023 |
Document Information Line Items |
|
|
Entity Registrant Name |
IEH Corporation
|
|
Trading Symbol |
IEHC
|
|
Document Type |
10-Q
|
|
Current Fiscal Year End Date |
--03-31
|
|
Entity Common Stock, Shares Outstanding |
|
2,380,251
|
Amendment Flag |
false
|
|
Entity Central Index Key |
0000050292
|
|
Entity Current Reporting Status |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Entity File Number |
0-5278
|
|
Entity Incorporation, State or Country Code |
NY
|
|
Entity Tax Identification Number |
13-5549348
|
|
Entity Address, Address Line One |
140 58th Street
|
|
Entity Address, Address Line Two |
Suite 8E
|
|
Entity Address, City or Town |
Brooklyn
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
11220
|
|
City Area Code |
(718)
|
|
Local Phone Number |
492-4440
|
|
Title of 12(g) Security |
Shares of common stock, $0.01 par value
|
|
Security Exchange Name |
NONE
|
|
Entity Interactive Data Current |
No
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v3.23.3
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Current assets: |
|
|
Cash |
$ 6,939,727
|
$ 8,344,706
|
Accounts receivable |
2,945,986
|
2,985,936
|
Inventories |
9,483,885
|
9,446,392
|
Corporate income taxes receivable |
1,493,894
|
1,723,473
|
Prepaid expenses and other current assets |
106,871
|
96,783
|
Total current assets |
20,970,363
|
22,597,290
|
Non-current assets: |
|
|
Property, plant and equipment, net |
3,678,143
|
3,865,066
|
Operating lease right-of-use assets |
2,579,279
|
2,661,779
|
Security deposit |
75,756
|
75,756
|
Total assets |
27,303,541
|
29,199,891
|
Current liabilities: |
|
|
Accounts payable |
768,717
|
1,054,078
|
Customer advance payments |
44,169
|
20,639
|
Operating lease liabilities |
325,707
|
317,334
|
Other current liabilities |
529,777
|
902,149
|
Total current liabilities |
1,668,370
|
2,294,200
|
Non-current liabilities: |
|
|
Operating lease liabilities, non-current |
2,504,903
|
2,589,121
|
Total liabilities |
4,173,273
|
4,883,321
|
Commitments and Contingencies (Note 9) |
|
|
Stockholders’ Equity |
|
|
Common Stock, $0.01 par value; 10,000,000 shares authorized; 2,370,251 shares issued and outstanding at June 30, 2023 and March 31, 2023 |
23,703
|
23,703
|
Additional paid-in capital |
7,695,924
|
7,566,324
|
Retained earnings |
15,410,641
|
16,726,543
|
Total Stockholders’ Equity |
23,130,268
|
24,316,570
|
Total Liabilities and Stockholders’ Equity |
$ 27,303,541
|
$ 29,199,891
|
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v3.23.3
Condensed Balance Sheets (Parentheticals) - $ / shares
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in Dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares issued |
2,370,251
|
2,370,251
|
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2,370,251
|
2,370,251
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Revenue |
$ 4,679,845
|
$ 4,078,584
|
Costs and expenses: |
|
|
Cost of products sold |
4,241,432
|
4,918,939
|
Selling, general and administrative |
1,557,569
|
1,009,007
|
Depreciation and amortization |
215,236
|
248,483
|
Total operating expenses |
6,014,237
|
6,176,429
|
Operating loss |
(1,334,392)
|
(2,097,845)
|
Other income (expense): |
|
|
Other income |
|
76
|
Interest income (expense), net |
18,490
|
373
|
Total other income (expense), net |
18,490
|
449
|
Loss before provision for income taxes |
(1,315,902)
|
(2,097,396)
|
Provision for income taxes |
|
(806,380)
|
Net loss |
$ (1,315,902)
|
$ (2,903,776)
|
Net loss per common share: |
|
|
Basic (in Dollars per share) |
$ (0.56)
|
$ (1.23)
|
Diluted (in Dollars per share) |
$ (0.56)
|
$ (1.23)
|
Weighted-average number of common and common equivalent shares (in thousands): |
|
|
Basic (in Shares) |
2,370
|
2,370
|
Diluted (in Shares) |
2,370
|
2,370
|
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v3.23.3
Condensed Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($)
|
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Total |
Balances at Mar. 31, 2022 |
$ 23,703
|
$ 7,566,324
|
$ 23,229,467
|
$ 30,819,494
|
Balances (in Shares) at Mar. 31, 2022 |
2,370,251
|
|
|
|
Net loss |
|
|
(2,903,776)
|
(2,903,776)
|
Balances at Jun. 30, 2022 |
$ 23,703
|
7,566,324
|
20,325,691
|
27,915,718
|
Balances (in Shares) at Jun. 30, 2022 |
2,370,251
|
|
|
|
Balances at Mar. 31, 2023 |
$ 23,703
|
7,566,324
|
16,726,543
|
$ 24,316,570
|
Balances (in Shares) at Mar. 31, 2023 |
2,370,251
|
|
|
2,370,251
|
Stock-based compensation |
|
129,600
|
|
$ 129,600
|
Net loss |
|
|
(1,315,902)
|
(1,315,902)
|
Balances at Jun. 30, 2023 |
$ 23,703
|
$ 7,695,924
|
$ 15,410,641
|
$ 23,130,268
|
Balances (in Shares) at Jun. 30, 2023 |
2,370,251
|
|
|
2,370,251
|
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- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
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v3.23.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (1,315,902)
|
$ (2,903,776)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
215,236
|
248,483
|
Stock-based compensation |
129,600
|
|
Inventory obsolescence provision |
54,000
|
60,000
|
Deferred income taxes, net |
|
806,380
|
Operating lease right-of-use assets |
125,719
|
125,719
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
39,950
|
645,733
|
Inventories |
(91,493)
|
212,807
|
Corporate income taxes receivable |
229,579
|
47,050
|
Prepaid expenses and other current assets |
(10,088)
|
(143,743)
|
Accounts payable |
(285,361)
|
(138,888)
|
Customer advance payments |
23,530
|
(88,276)
|
Operating lease liabilities |
(119,064)
|
(115,596)
|
Other current liabilities |
(372,372)
|
88,862
|
Net cash used in operating activities |
(1,376,666)
|
(1,155,245)
|
Cash flows from investing activities: |
|
|
Acquisition of property, plant and equipment |
(28,313)
|
(57,136)
|
Net cash used in investing activities |
(28,313)
|
(57,136)
|
Net decrease in cash |
(1,404,979)
|
(1,212,381)
|
Cash - beginning of period |
8,344,706
|
12,675,271
|
Cash - end of period |
6,939,727
|
11,462,890
|
Cash paid during the period for: |
|
|
Interest |
28
|
7
|
Income taxes |
$ 2,251
|
|
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v3.23.3
Description of Business
|
3 Months Ended |
Jun. 30, 2023 |
Description of Business [Abstract] |
|
DESCRIPTION OF BUSINESS |
Note 1 |
DESCRIPTION OF BUSINESS: |
Overview
IEH Corporation (hereinafter referred to as “IEH”
or the “Company”) began in New York, New York in 1941. IEH was incorporated in New York in March, 1943.
The Company designs and manufactures HYPERBOLOID connectors
that not only accommodate, but exceed military and aerospace specification standards.
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v3.23.3
Summary of Significant Accounting Policies
|
3 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Note 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
Basis of Presentation
The accompanying condensed financial statements and the
related disclosures as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited and have been prepared in
accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the SEC
for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete
financial statements. These interim condensed financial statements should be read in conjunction with the March 31, 2023 audited financial
statements and notes included in the Annual Report on Form 10-K filed with the SEC on October 6, 2023. The March 31, 2023 balance sheet
included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes
required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed financial statements reflect all
adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position
and results of operations for the three months ended June 30, 2023 and 2022. The results of operations for the interim periods are not
necessarily indicative of the results to be expected for the fiscal year ended March 31, 2024 or any other interim period or future year
or period.
Revenue Recognition
The core principle underlying Accounting Standards Codification
ASC 606 “Revenue from Contracts with Customers” (“ASC 606”), is to recognize revenue to depict the transfer of
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue
generating transactions:
|
● |
Identify the contract with a customer |
|
|
|
|
● |
Identify the performance obligations in the contract
|
|
|
|
|
● |
Determine the transaction price |
|
|
|
|
● |
Allocate the transaction price to the performance obligations
|
|
|
|
|
● |
Recognize revenue when (or as) each performance obligation
is satisfied |
The Company recognizes revenue and the related cost of
products sold when the performance obligations are satisfied. The performance obligations are typically satisfied upon shipment of
physical goods. In addition to the satisfaction of the performance obligations, the following conditions are required for revenue
recognition: an arrangement exists, there is a fixed price, and collectability is reasonably assured.
The Company does not offer any discounts, credits or other
sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable.
The Company will accept a return of defective products within
one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own
cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost. Historically,
returns and repairs have not been material.
The Company’s disaggregated revenue by geographical
location is as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Domestic | |
$ | 4,243,431 | | |
$ | 3,012,794 | |
International | |
| 436,414 | | |
| 1,065,790 | |
Total | |
$ | 4,679,845 | | |
$ | 4,078,584 | |
Approximately 11.5% and 64.7% of the international net sales
for the three months ended June 30, 2023 and 2022, respectively represent sales to customers located in China.
The Company’s disaggregated revenue by industry as
a percentage of total revenue is provided below:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Industry | |
% | | |
% | |
Defense | |
| 60.8 | | |
| 55.9 | |
Commercial Aerospace | |
| 20.2 | | |
| 20.4 | |
Space | |
| 12.9 | | |
| 17.0 | |
Other | |
| 6.1 | | |
| 6.7 | |
| |
| 100.0 | | |
| 100.0 | |
Inventories
Inventories are comprised of raw materials, work-in-process
and finished goods, and are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures
products pursuant to specific technical and contractual requirements.
The Company reviews its purchase and usage activity of its
inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the
framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process
or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition
of this impairment. The Company’s allowance for obsolete inventory was $487,000 and $433,000 as of June 30, 2023 and March 31,
2023, respectively, and was reflected as a reduction of inventory. Concentration of Credit Risk
Financial instruments which potentially subject the Company
to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.
At times, the Company’s cash in banks was in excess
of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits.
Net Loss Per Share
The Company accounts for earnings per share pursuant to
ASC Topic 260, “Earnings per Share”, which requires disclosure on the financial statements of “basic” and “diluted”
earnings per share. Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares
outstanding for the reporting period. Diluted net loss per common share is computed by dividing net loss by the weighted average number
of common shares outstanding plus common stock equivalents (if dilutive) for the reporting period.
Basic and diluted net loss per common share is calculated
as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding- basic and fully diluted (in thousands) | |
| 2,370 | | |
| 2,370 | |
Potentially dilutive securities outlined in the table below
have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Potentially dilutive options to purchase common shares | |
| 507,217 | | |
| 472,217 | |
Fair Value of Financial Instruments
The carrying value of the Company’s financial instruments,
consisting of accounts receivable and accounts payable, approximate their fair value due to the relatively short maturity of these instruments.
The Company is exposed to credit risk through its cash but mitigates this risk by keeping these deposits at major financial institutions.
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).
Fair value is defined as an exit price, representing the
amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants.
Fair value is a market-based measurement that is determined
based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to
prioritize the inputs in measuring fair value as follows:
Level 1 - Quoted prices in active markets for identical
assets or liabilities.
Level 2 - Quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that
are observable, either directly or indirectly.
Level 3 - Significant unobservable inputs that cannot be
corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by
other means.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial
statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock-based
instruments, an incremental borrowing rate for determining for its leases the present value of lease payments, the calculation of inventory
obsolescence, as well as determining the amount of the valuation allowance for deferred income tax assets, net. Actual amounts could
differ from those estimates.
Segment Information
The Company identifies its operating segments in accordance
with ASC 280, Segment Reporting (“ASC 280”). Operating segments are defined as components of an enterprise about which separate
discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding
how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its Chief Executive Officer,
manages the Company’s operations on a combined basis for the purposes of allocating resources. Accordingly, the Company has determined
it operates and manages its business as a single reportable operating segment. Depreciation and Amortization
The Company provides for depreciation and amortization on
a straight-line basis over the estimated useful lives (5-7 years) of the related assets. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $215,236 and $248,483 respectively.
Stock-Based Compensation
Compensation expense for stock options granted to directors,
officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense
is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation
model. The fair value of any other stock awards is generally the market price of the Company’s common stock on the date
of the grant.
Recent Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13 – Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which
was subsequently revised by ASU 2018-19 and ASU 2020-02. ASU 2016-13 introduces a new model for assessing impairment on most financial
assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which
will result in earlier recognition of allowance for losses. ASU 2016-13 was adopted by the Company on April 1, 2023, which is the beginning
of the first interim period of the fiscal year ended March 31, 2024. The Company has evaluated the impact of the adoption of ASU 2016-13,
and related updates, and has determined that the impact was not material to its financial statements and disclosures.
The Company has evaluated other recently issued accounting
pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact
on the Company’s financial position or results of operations upon adoption.
Subsequent Events
The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the financial statements were issued. The Company did not identify any
subsequent events that would have required adjustment or disclosure in the financial statements.
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v3.23.3
Inventories
|
3 Months Ended |
Jun. 30, 2023 |
Inventories [Abstract] |
|
INVENTORIES |
Inventories are comprised of the following:
| |
As of | |
| |
June 30, 2023 | | |
March 31, 2023 | |
Raw materials | |
$ | 8,234,110 | | |
$ | 8,332,522 | |
Work in progress | |
| 1,300,998 | | |
| 1,048,097 | |
Finished goods | |
| 435,777 | | |
| 498,773 | |
Allowance for obsolete inventory | |
| (487,000 | ) | |
| (433,000 | ) |
| |
$ | 9,483,885 | | |
$ | 9,446,392 | |
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v3.23.3
Other Current Liabilities
|
3 Months Ended |
Jun. 30, 2023 |
Other Current Liabilities [Abstract] |
|
OTHER CURRENT LIABILITIES |
Note 4 |
OTHER CURRENT LIABILITIES: |
Other current liabilities are comprised of the following:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Payroll and vacation accruals | |
$ | 414,896 | | |
$ | 788,136 | |
Sales commissions | |
| 51,858 | | |
| 58,685 | |
Other current liabilities | |
| 63,023 | | |
| 55,328 | |
| |
$ | 529,777 | | |
$ | 902,149 | |
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v3.23.3
Leases
|
3 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
LEASES |
Operating leases
Leases classified as operating leases are included in operating
lease right-of use, or ROU, assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s
condensed balance sheets.
Condensed balance sheet information related
to our leases is presented below:
| |
| |
As of | |
| |
Condensed Balance Sheet Location | |
June 30, 2023 | | |
March 31, 2023 | |
Operating leases: | |
| |
| | |
| |
| |
| |
| | |
| |
Right-of-use assets | |
Operating lease right-of-use assets | |
$ | 2,579,279 | | |
$ | 2,661,779 | |
| |
| |
| | | |
| | |
Right-of-use liability, current | |
Operating lease liabilities, current | |
$ | 325,707 | | |
$ | 317,334 | |
| |
| |
| | | |
| | |
Right-of-use lease liability, long-term | |
Operating lease liabilities, non-current | |
$ | 2,504,903 | | |
$ | 2,589,121 | |
The lease expense for the three months ended June 30, 2023
and 2022 was $140,307 and $138,722, respectively, which was included in cost of products sold on the Company’s condensed statement
of operations. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises.
The Company considers its present facilities to be adequate for its present and anticipated future needs.
The basic minimum annual rental remaining on these leases
is $3,462,518 as of June 30, 2023.
The weighted-average remaining lease term and the weighted
average discount rate for operating leases were:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Other information: | |
| | |
| |
Weighted-average discount rate – operating leases | |
| 6.00 | % | |
| 6.00 | % |
Weighted-average remaining lease term – operating lease (in years) | |
| 6.6 | | |
| 6.8 | |
The total remaining operating lease payments included in
the measurement of lease liabilities on the Company’s condensed balance sheet as of June 30, 2023 was as follows:
For the years ended March 31: | |
Operating Lease Payments | |
(Nine months ending) March 31, 2024 | |
$ | 364,119 | |
2025 | |
| 497,684 | |
2026 | |
| 519,036 | |
2027 | |
| 547,460 | |
2028 | |
| 563,891 | |
Thereafter | |
| 970,328 | |
Total gross operating lease payments | |
| 3,462,518 | |
Less: imputed interest | |
| (631,908 | ) |
Total lease liabilities, reflecting present value of future minimum lease payments | |
$ | 2,830,610 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
Income Taxes
|
3 Months Ended |
Jun. 30, 2023 |
Income Tax [Abstract] |
|
INCOME TAXES |
The effective income tax rates for the three months ended
June 30, 2023 and 2022 were a provision of 0% on a loss before provision for income taxes of $1,315,902 and a provision of 38.4% on a
loss before provision for income taxes of $2,097,396, respectively. The provision for income taxes of $0 for the three months ended June
30, 2023 was attributable to the loss before provision for income taxes incurred for the period and the impact of recording a full valuation
allowance on the Company’s deferred tax assets, net. The provision for income taxes of $806,380 for the three months ended
June 30, 2022 represents a charge to record a full valuation allowance of the Company’s deferred income tax assets, net as of April
1, 2022.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Equity Incentive Plans
|
3 Months Ended |
Jun. 30, 2023 |
Equity Incentive Plans [Abstract] |
|
EQUITY INCENTIVE PLANS |
Note 7 |
EQUITY INCENTIVE PLANS: |
2011 Equity Incentive Plan
On August 31, 2011, the Company’s stockholders approved
the adoption of the Company’s 2011 Equity Incentive Plan (“2011 Plan”) to provide for the grant of stock options and
restricted stock awards to purchase up to 750,000 shares of the Company’s common stock to all employees, consultants and other
eligible participants including senior management and members of the Board of Directors of the Company. The 2011 Equity Incentive Plan
expired on August 31, 2021 after which no further awards will be granted under such plan.
2020 Equity Incentive Plan
On November 18, 2020, the Board of Directors approved the
Company’s 2020 Equity Incentive Plan (the “2020 Plan”) for submission to stockholders at the next annual meeting. On
December 16, 2020, the Company’s stockholders approved the adoption of the 2020 Plan, which provides for options and restricted
stock awards to purchase up to 750,000 shares of common stock to award in the future as incentive compensation to employees,
management and directors of the Company.
Options granted to employees under the 2020 Plan may be
designated as options which qualify for incentive stock option treatment under Section 422A of the Internal Revenue Code, or options
which do not qualify (non-qualified stock options).
Under the 2020 Plan, the exercise price of an option designated
as an incentive stock option shall not be less than the fair market value of the Company’s common stock on the day the option is
granted. In the event an option designated as an incentive stock option is granted to a ten percent (10%) or greater stockholder, such
exercise price shall be at least 110 percent (110%) of the fair market value of the Company’s common stock and the option must
not be exercisable after the expiration of ten years from the day of the grant. The 2020 Plan also provides that holders of options that
wish to pay for the exercise price of their options with shares of the Company’s common stock must have beneficially owned such
stock for at least six months prior to the exercise date.
Exercise prices of stock options may not be less than the
fair market value of the Company’s common stock on the grant date.
The aggregate fair market value of shares subject to options
granted to a participant(s), which are designated as incentive stock options, and which become exercisable in any calendar year, shall
not exceed $100,000. Stock-based compensation expense
Stock-based compensation expense is recorded in selling,
general and administrative expenses included in the condensed statements of operations. For the three months ended June 30, 2023 and
2022, stock-based compensation expense was $129,600 and $0, respectively.
As of June 30, 2023 there was no unrecognized compensation
expense related to unamortized stock options. It is the Company’s policy that any unrecognized stock-based compensation cost would
be adjusted for actual forfeitures as they occur.
There were no options granted during the three months ended
June 30, 2022.
The following table provides the stock option activity:
| |
Shares | | |
Weighted Avg. Grant Date Fair Value | | |
Weighted Avg. Exercise Price | | |
Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (in thousands) | |
Balance as of April 1, 2023 | |
| 467,217 | | |
$ | 7.94 | | |
$ | 14.72 | | |
| 5.51 | | |
$ | 105 | |
Granted | |
| 40,000 | | |
| 3.24 | | |
| 6.10 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
Exercisable as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
The aggregate intrinsic value in the table above represents
the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the
period and the exercise price, times the number of shares) that would have been received by the option holders had all option holders
exercised their in-the-money options on those dates.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Cash Bonus Plan
|
3 Months Ended |
Jun. 30, 2023 |
Cash Bonus Plan [Abstract] |
|
CASH BONUS PLAN |
In 1987, the Company adopted a cash bonus plan (the “Cash
Bonus Plan”) for non-union, management and administration staff. Unless otherwise approved by the Compensation Committee of the
Board of Directors or the full Board of Directors, the Cash Bonus Plan will only be funded by the Company for payment of bonuses with
respect to any fiscal year, when the Company is profitable for such applicable fiscal year. As of June 30, 2023 and March 31, 2023, the
Company’s accrued bonus was $100,181 and $354,250, respectively. Bonus expense recorded for each of the three months ended June
30, 2023 and 2022 was $100,500.
|
X |
- DefinitionThe entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
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v3.23.3
Commitments and Contingencies
|
3 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
Note 9 |
COMMITMENTS AND CONTINGENCIES: |
The Company maintains its operations in facilities located
in both New York and Pennsylvania.
On December 1, 2020, the Company entered into a 120 month
extension of its lease agreement for an industrial building in Brooklyn, NY, expiring December 1, 2030. Monthly rent at inception was
$20,400, and thereafter, such monthly rent escalates annually to a monthly rent of $28,426 for the final year of the lease term. The
Company maintains a security deposit of $40,800, which is included in other assets on the accompanying condensed balance sheet.
On January 29, 2021, the Company entered into an 87 month
lease agreement for an industrial building in Allentown, Pennsylvania, expiring March 30, 2028. Monthly rent at inception was $18,046,
and thereafter such monthly rent escalates annually to a monthly rent of $20,920 for the final year of the lease term. The Company maintains
a security deposit of $35,040, which is included in other assets on the accompanying condensed balance sheet.
The Company has a collective bargaining multi-employer pension
plan (“Multi-Employer Plan”) with the United Auto Workers of America, Local 259 (ID No. 136115077). The Multi-Employer Plan
is covered by a collective bargaining agreement with the Company, which expires on March 31, 2024. Contributions are made in accordance
with a negotiated labor contract and are based on the number of covered employees employed per month. With the passage of the Multi-Employer
Pension Plan Amendments Act of 1990 (the “1990 Act”), the Company may become subject to liabilities in excess of contributions
made under the collective bargaining agreement. Generally, these liabilities are contingent upon the termination, withdrawal, or partial
withdrawal from the Multi-Employer Plan. The risks of participating in a multiemployer plan are different from single-employer plans,
for example, assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating
employers, if a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become
the obligation of the remaining participating employers, and if a participating employer chooses to stop participating in these multiemployer
plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan.
The total contributions charged to operations under the
provisions of the Multi-Employer Plan were $14,790 and $9,528 for the three months ended June 30, 2023 and 2022, respectively, and were
reflected within cost of products sold included in the condensed statements of operations.
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v3.23.3
Concentrations
|
3 Months Ended |
Jun. 30, 2023 |
Concentrations [Abstract] |
|
CONCENTRATIONS |
During the three months ended June 30, 2023 and June 30,
2022, one customer accounted for 12% and 10.8%, respectively, of the Company’s net sales.
As of June 30, 2023, no customer accounted for 10% or more
of accounts receivable. As of March 31, 2023, three customers accounted for 44.5% of accounts receivable, each represented 23.2%, 11.0%
and 10.3%, respectively.
During the three months ended June 30, 2023, two vendors
accounted for 23.4% of the Company’s purchases, each represented 12.7% and 10.7%, respectively. During the three months ended June
30, 2022, one vendor accounted for 15.4% of the Company’s purchases.
As of June 30, 2023 and March 31, 2023, two vendors accounted
for 22.1% of accounts payable and one vendor accounted for 20.9% of accounts payable, respectively.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.3
Accounting Policies, by Policy (Policies)
|
3 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying condensed financial statements and the
related disclosures as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited and have been prepared in
accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the SEC
for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete
financial statements. These interim condensed financial statements should be read in conjunction with the March 31, 2023 audited financial
statements and notes included in the Annual Report on Form 10-K filed with the SEC on October 6, 2023. The March 31, 2023 balance sheet
included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes
required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed financial statements reflect all
adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position
and results of operations for the three months ended June 30, 2023 and 2022. The results of operations for the interim periods are not
necessarily indicative of the results to be expected for the fiscal year ended March 31, 2024 or any other interim period or future year
or period.
|
Revenue Recognition |
Revenue Recognition The core principle underlying Accounting Standards Codification
ASC 606 “Revenue from Contracts with Customers” (“ASC 606”), is to recognize revenue to depict the transfer of
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods or services. ASC 606 sets out the following steps for an entity to follow when applying the core principle to its revenue
generating transactions:
|
● |
Identify the contract with a customer |
|
|
|
|
● |
Identify the performance obligations in the contract
|
|
|
|
|
● |
Determine the transaction price |
|
|
|
|
● |
Allocate the transaction price to the performance obligations
|
|
|
|
|
● |
Recognize revenue when (or as) each performance obligation
is satisfied |
The Company recognizes revenue and the related cost of
products sold when the performance obligations are satisfied. The performance obligations are typically satisfied upon shipment of
physical goods. In addition to the satisfaction of the performance obligations, the following conditions are required for revenue
recognition: an arrangement exists, there is a fixed price, and collectability is reasonably assured. The Company does not offer any discounts, credits or other
sales incentives. Historically, the Company has not had an issue with uncollectible accounts receivable. The Company will accept a return of defective products within
one year from shipment for repair or replacement at the Company’s option. If the product is repairable, the Company at its own
cost, will repair and return it to the customer. If unrepairable, the Company will provide a replacement at its own cost. Historically,
returns and repairs have not been material. The Company’s disaggregated revenue by geographical
location is as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Domestic | |
$ | 4,243,431 | | |
$ | 3,012,794 | |
International | |
| 436,414 | | |
| 1,065,790 | |
Total | |
$ | 4,679,845 | | |
$ | 4,078,584 | |
Approximately 11.5% and 64.7% of the international net sales
for the three months ended June 30, 2023 and 2022, respectively represent sales to customers located in China. The Company’s disaggregated revenue by industry as
a percentage of total revenue is provided below:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Industry | |
% | | |
% | |
Defense | |
| 60.8 | | |
| 55.9 | |
Commercial Aerospace | |
| 20.2 | | |
| 20.4 | |
Space | |
| 12.9 | | |
| 17.0 | |
Other | |
| 6.1 | | |
| 6.7 | |
| |
| 100.0 | | |
| 100.0 | |
|
Inventories |
Inventories Inventories are comprised of raw materials, work-in-process
and finished goods, and are stated at cost, on an average basis, which does not exceed net realizable value. The Company manufactures
products pursuant to specific technical and contractual requirements. The Company reviews its purchase and usage activity of its
inventory of parts as well as work in process and finished goods to determine which items of inventory have become obsolete within the
framework of current and anticipated orders. The Company estimates which materials may be obsolete and which products in work in process
or finished goods may be sold at less than cost. A periodic adjustment, based upon historical experience is made to inventory in recognition
of this impairment. The Company’s allowance for obsolete inventory was $487,000 and $433,000 as of June 30, 2023 and March 31,
2023, respectively, and was reflected as a reduction of inventory.
|
Concentration of Credit Risk |
Concentration of Credit Risk Financial instruments which potentially subject the Company
to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. At times, the Company’s cash in banks was in excess
of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any loss as a result of these deposits.
|
Net Loss Per Share |
Net Loss Per Share The Company accounts for earnings per share pursuant to
ASC Topic 260, “Earnings per Share”, which requires disclosure on the financial statements of “basic” and “diluted”
earnings per share. Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares
outstanding for the reporting period. Diluted net loss per common share is computed by dividing net loss by the weighted average number
of common shares outstanding plus common stock equivalents (if dilutive) for the reporting period. Basic and diluted net loss per common share is calculated
as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding- basic and fully diluted (in thousands) | |
| 2,370 | | |
| 2,370 | |
Potentially dilutive securities outlined in the table below
have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Potentially dilutive options to purchase common shares | |
| 507,217 | | |
| 472,217 | |
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The carrying value of the Company’s financial instruments,
consisting of accounts receivable and accounts payable, approximate their fair value due to the relatively short maturity of these instruments.
The Company is exposed to credit risk through its cash but mitigates this risk by keeping these deposits at major financial institutions. 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). Fair value is defined as an exit price, representing the
amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined
based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to
prioritize the inputs in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical
assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that
are observable, either directly or indirectly. Level 3 - Significant unobservable inputs that cannot be
corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by
other means.
|
Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with
generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial
statements. The Company utilizes estimates with respect to determining the useful lives of fixed assets, the fair value of stock-based
instruments, an incremental borrowing rate for determining for its leases the present value of lease payments, the calculation of inventory
obsolescence, as well as determining the amount of the valuation allowance for deferred income tax assets, net. Actual amounts could
differ from those estimates.
|
Segment Information |
Segment Information The Company identifies its operating segments in accordance
with ASC 280, Segment Reporting (“ASC 280”). Operating segments are defined as components of an enterprise about which separate
discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding
how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its Chief Executive Officer,
manages the Company’s operations on a combined basis for the purposes of allocating resources. Accordingly, the Company has determined
it operates and manages its business as a single reportable operating segment.
|
Depreciation and Amortization |
Depreciation and Amortization The Company provides for depreciation and amortization on
a straight-line basis over the estimated useful lives (5-7 years) of the related assets. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $215,236 and $248,483 respectively.
|
Stock-Based Compensation |
Stock-Based Compensation Compensation expense for stock options granted to directors,
officers and key employees is based on the fair value of the award on the measurement date, which is the date of the grant. The expense
is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation
model. The fair value of any other stock awards is generally the market price of the Company’s common stock on the date
of the grant.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 – Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which
was subsequently revised by ASU 2018-19 and ASU 2020-02. ASU 2016-13 introduces a new model for assessing impairment on most financial
assets. Entities will be required to use a forward-looking expected loss model, which will replace the current incurred loss model, which
will result in earlier recognition of allowance for losses. ASU 2016-13 was adopted by the Company on April 1, 2023, which is the beginning
of the first interim period of the fiscal year ended March 31, 2024. The Company has evaluated the impact of the adoption of ASU 2016-13,
and related updates, and has determined that the impact was not material to its financial statements and disclosures. The Company has evaluated other recently issued accounting
pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact
on the Company’s financial position or results of operations upon adoption.
|
Subsequent Events |
Subsequent Events The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the financial statements were issued. The Company did not identify any
subsequent events that would have required adjustment or disclosure in the financial statements.
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Summary of Significant Accounting Policies [Abstract] |
|
Schedule of Disaggregated Revenue by Geographical Location |
The Company’s disaggregated revenue by geographical
location is as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Domestic | |
$ | 4,243,431 | | |
$ | 3,012,794 | |
International | |
| 436,414 | | |
| 1,065,790 | |
Total | |
$ | 4,679,845 | | |
$ | 4,078,584 | |
|
Schedule of Disaggregated Revenue by Industry as a Percentage of Total Revenue |
The Company’s disaggregated revenue by industry as
a percentage of total revenue is provided below:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Industry | |
% | | |
% | |
Defense | |
| 60.8 | | |
| 55.9 | |
Commercial Aerospace | |
| 20.2 | | |
| 20.4 | |
Space | |
| 12.9 | | |
| 17.0 | |
Other | |
| 6.1 | | |
| 6.7 | |
| |
| 100.0 | | |
| 100.0 | |
|
Schedule of Basic and Diluted Net Loss Per Common Share |
Basic and diluted net loss per common share is calculated
as follows:
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Net loss | |
$ | (1,315,902 | ) | |
$ | (2,903,776 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.56 | ) | |
$ | (1.23 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding- basic and fully diluted (in thousands) | |
| 2,370 | | |
| 2,370 | |
| |
For the Three Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Potentially dilutive options to purchase common shares | |
| 507,217 | | |
| 472,217 | |
|
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v3.23.3
Inventories (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Inventories [Abstract] |
|
Schedule of inventories |
Inventories are comprised of the following:
| |
As of | |
| |
June 30, 2023 | | |
March 31, 2023 | |
Raw materials | |
$ | 8,234,110 | | |
$ | 8,332,522 | |
Work in progress | |
| 1,300,998 | | |
| 1,048,097 | |
Finished goods | |
| 435,777 | | |
| 498,773 | |
Allowance for obsolete inventory | |
| (487,000 | ) | |
| (433,000 | ) |
| |
$ | 9,483,885 | | |
$ | 9,446,392 | |
|
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v3.23.3
Other Current Liabilities (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Other Current Liabilities [Abstract] |
|
Schedule of Other Current Liabilities |
Other current liabilities are comprised of the following:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Payroll and vacation accruals | |
$ | 414,896 | | |
$ | 788,136 | |
Sales commissions | |
| 51,858 | | |
| 58,685 | |
Other current liabilities | |
| 63,023 | | |
| 55,328 | |
| |
$ | 529,777 | | |
$ | 902,149 | |
|
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v3.23.3
Leases (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Schedule of Balance Sheet Information Related to our Leases |
Condensed balance sheet information related
to our leases is presented below:
| |
| |
As of | |
| |
Condensed Balance Sheet Location | |
June 30, 2023 | | |
March 31, 2023 | |
Operating leases: | |
| |
| | |
| |
| |
| |
| | |
| |
Right-of-use assets | |
Operating lease right-of-use assets | |
$ | 2,579,279 | | |
$ | 2,661,779 | |
| |
| |
| | | |
| | |
Right-of-use liability, current | |
Operating lease liabilities, current | |
$ | 325,707 | | |
$ | 317,334 | |
| |
| |
| | | |
| | |
Right-of-use lease liability, long-term | |
Operating lease liabilities, non-current | |
$ | 2,504,903 | | |
$ | 2,589,121 | |
|
Schedule of Lease Term and the Weighted Average Discount Rate |
The weighted-average remaining lease term and the weighted
average discount rate for operating leases were:
| |
As of | |
| |
June 30, | | |
March 31, | |
| |
2023 | | |
2023 | |
Other information: | |
| | |
| |
Weighted-average discount rate – operating leases | |
| 6.00 | % | |
| 6.00 | % |
Weighted-average remaining lease term – operating lease (in years) | |
| 6.6 | | |
| 6.8 | |
|
Schedule of Remaining Operating Lease Payments |
The total remaining operating lease payments included in
the measurement of lease liabilities on the Company’s condensed balance sheet as of June 30, 2023 was as follows:
For the years ended March 31: | |
Operating Lease Payments | |
(Nine months ending) March 31, 2024 | |
$ | 364,119 | |
2025 | |
| 497,684 | |
2026 | |
| 519,036 | |
2027 | |
| 547,460 | |
2028 | |
| 563,891 | |
Thereafter | |
| 970,328 | |
Total gross operating lease payments | |
| 3,462,518 | |
Less: imputed interest | |
| (631,908 | ) |
Total lease liabilities, reflecting present value of future minimum lease payments | |
$ | 2,830,610 | |
|
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v3.23.3
Equity Incentive Plans (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Equity Incentive Plans [Abstract] |
|
Schedule of Stock Option Activity |
The following table provides the stock option activity:
| |
Shares | | |
Weighted Avg. Grant Date Fair Value | | |
Weighted Avg. Exercise Price | | |
Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (in thousands) | |
Balance as of April 1, 2023 | |
| 467,217 | | |
$ | 7.94 | | |
$ | 14.72 | | |
| 5.51 | | |
$ | 105 | |
Granted | |
| 40,000 | | |
| 3.24 | | |
| 6.10 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
Exercisable as of June 30, 2023 | |
| 507,217 | | |
$ | 7.57 | | |
$ | 14.04 | | |
| 5.63 | | |
$ | 210 | |
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregated Revenue by Geographical Location - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 4,679,845
|
$ 4,078,584
|
Domestic [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
4,243,431
|
3,012,794
|
International [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 436,414
|
$ 1,065,790
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Loss Per Common Share - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Basic and Diluted Net Income Per Share [Abstract] |
|
|
Net loss (in Dollars) |
$ (1,315,902)
|
$ (2,903,776)
|
Net loss per common share, basic (in Dollars per share) |
$ (0.56)
|
$ (1.23)
|
Weighted average number of common shares outstanding- basic |
2,370,000
|
2,370,000
|
Potentially dilutive options to purchase common shares |
507,217
|
472,217
|
X |
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v3.23.3
Inventories (Details) - Schedule of Inventories - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Schedule of Inventories [Abstract] |
|
|
Raw materials |
$ 8,234,110
|
$ 8,332,522
|
Work in progress |
1,300,998
|
1,048,097
|
Finished goods |
435,777
|
498,773
|
Allowance for obsolete inventory |
(487,000)
|
(433,000)
|
Total |
$ 9,483,885
|
$ 9,446,392
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v3.23.3
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Schedule of Other Current Liabilities [Abstract] |
|
|
Payroll and vacation accruals |
$ 414,896
|
$ 788,136
|
Sales commissions |
51,858
|
58,685
|
Other current liabilities |
63,023
|
55,328
|
Total |
$ 529,777
|
$ 902,149
|
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v3.23.3
Leases (Details) - Schedule of Balance Sheet Information Related to Our Leases - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Leases (Details) - Schedule of Balance Sheet Information Related to Our Leases [Line Items] |
|
|
Right-of-use assets |
$ 2,579,279
|
$ 2,661,779
|
Right-of-use liability, current |
325,707
|
317,334
|
Right-of-use lease liability, long-term |
$ 2,504,903
|
$ 2,589,121
|
X |
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v3.23.3
Leases (Details) - Schedule of Remaining Operating Lease Payments
|
Jun. 30, 2023
USD ($)
|
Schedule of Remaining Operating Lease Payments [Abstract] |
|
(Nine months ending) March 31, 2024 |
$ 364,119
|
2025 |
497,684
|
2026 |
519,036
|
2027 |
547,460
|
2028 |
563,891
|
Thereafter |
970,328
|
Total gross operating lease payments |
3,462,518
|
Less: imputed interest |
(631,908)
|
Total lease liabilities, reflecting present value of future minimum lease payments |
$ 2,830,610
|
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v3.23.3
v3.23.3
Equity Incentive Plans (Details) - USD ($)
|
3 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 16, 2020 |
Aug. 31, 2011 |
Equity Incentive Plans (Details) [Line Items] |
|
|
|
|
Exercise price percentage |
110.00%
|
|
|
|
Aggregate fair market value |
$ 100,000
|
|
|
|
Stock-based compensation expense |
$ 129,600
|
|
|
|
2011 Equity Incentive Plan [Member] |
|
|
|
|
Equity Incentive Plans (Details) [Line Items] |
|
|
|
|
Common stock, shares issued (in Shares) |
|
|
|
750,000
|
2020 Equity Incentive Plan [Member] |
|
|
|
|
Equity Incentive Plans (Details) [Line Items] |
|
|
|
|
Common stock, shares issued (in Shares) |
|
|
750,000
|
|
2020 Equity Incentive Plan [Member] |
|
|
|
|
Equity Incentive Plans (Details) [Line Items] |
|
|
|
|
Stockholder percentage |
10.00%
|
|
|
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
Equity Incentive Plans (Details) [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 129,600
|
$ 0
|
|
|
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v3.23.3
Equity Incentive Plans (Details) - Schedule of Stock Option Activity - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
Apr. 01, 2023 |
Jun. 30, 2023 |
Schedule of Stock Option Activity [Abstract] |
|
|
Shares, Ending balance (in Shares) |
467,217
|
507,217
|
Weighted Avg.Grant Date Fair Value, Ending balance |
$ 7.94
|
$ 7.57
|
Weighted Avg. Exercise Price, Ending balance |
$ 14.72
|
$ 14.04
|
Remaining Contractual Term (Years), Ending balance |
5 years 6 months 3 days
|
5 years 7 months 17 days
|
Aggregate Intrinsic Value, Ending balance (in Dollars) |
$ 105
|
$ 210
|
Shares, Granted (in Shares) |
|
40,000
|
Weighted Avg.Grant Date Fair Value, Granted |
|
$ 3.24
|
Weighted Avg. Exercise Price, Granted |
|
$ 6.1
|
Shares, Exercised (in Shares) |
|
|
Weighted Avg.Grant Date Fair Value, Exercised |
|
|
Weighted Avg. Exercise Price, Exercised |
|
|
Shares, Forfeited or Expired (in Shares) |
|
|
Weighted Avg.Grant Date Fair Value, Forfeited or Expired |
|
|
Weighted Avg. Exercise Price, Forfeited or Expired |
|
|
Shares, Exercisable (in Shares) |
|
507,217
|
Weighted Avg.Grant Date Fair Value, Exercisable |
|
$ 7.57
|
Weighted Avg. Exercise Price, Exercisable |
|
$ 14.04
|
Remaining Contractual Term (Years), Exercisable |
|
5 years 7 months 17 days
|
Aggregate Intrinsic Value, Exercisable (in Dollars) |
|
$ 210
|
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v3.23.3
Commitments and Contingencies (Details) - USD ($)
|
|
|
|
|
3 Months Ended |
Dec. 01, 2030 |
Mar. 30, 2028 |
Jan. 29, 2021 |
Dec. 01, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Commitments and Contingencies (Details) [Line Items] |
|
|
|
|
|
|
Monthly inception rent |
|
|
$ 18,046
|
$ 20,400
|
|
|
Security deposit |
|
|
|
|
$ 35,040
|
|
Multi employer plan of contributions cost |
|
|
|
|
14,790
|
$ 9,528
|
Other Assets [Member] |
|
|
|
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
|
|
|
Security deposit |
|
|
|
|
$ 40,800
|
|
Forecast [Member] |
|
|
|
|
|
|
Commitments and Contingencies (Details) [Line Items] |
|
|
|
|
|
|
Escalated monthly rent |
$ 28,426
|
$ 20,920
|
|
|
|
|
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