TEL INSTRUMENT ELECTRONICS CORP

CIK:0000096885|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales	$ 9,296,392	$ 8,809,087
Cost of sales	7,293,677	4,791,734
Gross margin	2,002,715	4,017,353
Operating expenses:
Selling, general and administrative	2,292,000	2,124,815
Engineering, research, and development	2,056,977	1,155,750
Total operating expenses	4,348,977	3,280,565
(Loss) income from operations	(2,346,262)	736,788
Other income (expense):
Interest income	13	24,642
Interest expense	(103,755)	(70,086)
Interest expense – judgment	0	(198,535)
Other income, net	318	27,025
Total other expenses, net	(103,424)	(216,954)
(Loss) income before income taxes	(2,449,686)	519,834
Income tax expense	2,451,407	177,943
Net (loss) income	(4,901,093)	341,891
Preferred dividends	(377,680)	(351,549)
Net loss attributable to common shareholders	$ (5,278,773)	$ (9,658)
Basic loss per common share (in Dollars per share)	$ (1.62)	$ 0
Diluted loss per common share (in Dollars per share)	$ (1.62)	$ 0
Weighted average number of shares outstanding
Basic (in Shares)	3,255,887	3,255,887
Diluted (in Shares)	3,255,887	3,255,887

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Statement of Cash Flows [Abstract]
Net (loss) income	$ (4,901,093)	$ 341,891
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Deferred income taxes	2,450,657	177,278
Depreciation and amortization	31,087	45,823
Non-cash lease expense	210,111	202,088
Recovery of inventory obsolescence	(6,338)	(75,271)
Non-cash stock-based compensation	35,227	9,099
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	465,202	(209,667)
Decrease (increase) in inventories	1,390,746	(1,750,308)
Decrease in prepaid expenses and other assets	55,472	603,464
(Decrease) increase in accounts payable	(486,382)	954,353
Decrease in accrued legal damages	0	(6,360,698)
Decrease in other long term liabilities	(7,912)	(7,915)
Increase (decrease) in deferred revenues	374,052	(104,476)
Increase in accrued payroll, vacation pay & withholdings	39,591	8,679
Decrease in operating lease liabilities	(210,111)	(202,088)
Increase (decrease) in accrued expenses - other	118,765	(37,869)
Net cash used in operating activities	(440,926)	(6,405,617)
Cash flows from investing activities:
Acquisition of equipment	0	(33,851)
Net cash used in investing activities	0	(33,851)
Cash flows from financing activities:
Proceeds from issuance of Preferred Stock	0	721,000
Proceeds from promissory note – Related Party	120,500	0
Draw from line of credit	310,000	0
Net cash provided by financing activities	430,500	721,000
Net decrease in cash	(10,426)	(5,718,468)
Cash at beginning of year	132,013	5,850,481
Cash at end of year	121,587	132,013
End of year
Cash	121,587	132,013
Beginning of year
Cash	132,013	5,850,481
Supplemental cash flow information:
Taxes paid	0	0
Interest paid	$ 88,907	$ 1,728,593

Consolidated Balance Sheets - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Current assets:
Cash	$ 121,587	$ 132,013
Accounts receivable, net	645,346	1,110,548
Inventories, net	4,027,236	5,411,644
Prepaid expenses and other current assets	158,689	214,161
Total current assets	4,952,858	6,868,366
Equipment and leasehold improvements, net	42,108	73,195
Operating lease right-of-use assets	1,114,352	1,324,463
Deferred tax asset, net	0	2,450,657
Other assets	35,109	35,109
Total assets	6,144,427	10,751,790
Current liabilities:
Line of credit	1,000,000	690,000
Promissory Notes – Related Parties	120,500	0
Operating lease liabilities - current portion	229,624	210,111
Accounts payable – Accounts payable, related party of $102,710 and $140,511, respectively	790,553	1,276,935
Deferred revenues - current portion	443,659	72,803
Accrued expenses - vacation pay, payroll and payroll withholdings	288,304	248,713
Accrued expenses - other	238,792	120,027
Total current liabilities	3,111,432	2,618,589
Operating lease liabilities – long-term	884,728	1,114,352
Other long term liabilities	37,589	45,501
Deferred revenues – long-term	122,917	119,721
Total liabilities	4,156,666	3,898,163
Commitments and contingencies (Note 20)
Stockholders’ equity
Common stock, 7,000,000 shares authorized, par value $.10 per share, 3,255,887 and 3,255,887 shares issued and outstanding, respectively	325,586	325,586
Additional paid-in capital	6,036,632	6,379,085
Accumulated deficit	(10,908,051)	(6,006,958)
Total stockholders’ equity	1,987,761	6,853,627
Total liabilities and stockholders’ equity	6,144,427	10,751,790
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred stock	4,355,998	4,115,998
Series B Preferred Stock [Member]
Stockholders’ equity
Preferred stock	1,816,701	1,704,701
Series C Preferred Stock [Member]
Stockholders’ equity
Preferred stock	$ 360,895	$ 335,215