COMMAND SECURITY CORP

CIK:0000864509|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 41,053,671	$ 49,180,261	$ 126,077,784	$ 143,496,876
Cost of revenues	36,193,497	43,640,504	110,991,369	127,437,129
Gross profit	4,860,174	5,539,757	15,086,415	16,059,747
Operating expenses
General and administrative	4,701,985	4,508,240	13,654,384	14,094,801
Provision for (recoveries of) doubtful accounts, net	8,665	(14,284)	37,348	(131,902)
Total operating expenses	4,710,650	4,493,956	13,691,732	13,962,899
Operating income	149,524	1,045,801	1,394,683	2,096,848
Other expenses
Interest expense	128,900	147,617	420,279	370,025
Income before income taxes and equity loss in minority investment of unconsolidated affiliate	20,624	898,184	974,404	1,726,823
Equity loss in minority investment of unconsolidated affiliate		(68,500)		(123,400)
Income before income taxes	20,624	829,684	974,404	1,603,423
Provision for income taxes	11,000	1,613,000	421,000	1,973,000
Net income (loss)	$ 9,624	$ (783,316)	$ 553,404	$ (369,577)
Income (loss) per share of common stock
Basic	$ 0.00	$ (0.08)	$ 0.05	$ (0.04)
Diluted	$ 0.00	$ (0.08)	$ 0.05	$ (0.04)
Weighted average number of common shares outstanding
Basic	10,260,538	9,941,909	10,229,663	9,881,595
Diluted	10,733,592	9,941,909	10,479,169	9,881,595

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 553,404	$ (369,577)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	187,224	164,006
Provision for (recoveries of) doubtful accounts	37,348	(131,902)
Equity loss in minority investment of unconsolidated affiliate		123,400
Rent expense	(34,967)	3,208
Stock based compensation costs	253,397	235,576
Insurance reserves	(96,857)	123,364
Deferred income taxes	400,000	1,850,322
Change in receivables, prepaid expenses and other current assets	8,533,692	(11,143,242)
Change in accounts payable and other liabilities	(4,227,439)	(815,438)
Change in other long term liabilities	(13,530)	51,110
Net cash provided by (used in) operating activities	5,592,272	(9,909,173)
Cash flows from investing activities:
Purchases of equipment	(305,748)	(504,868)
Net cash used in investing activities	(305,748)	(504,868)
Cash flows from financing activities:
Net (repayments) advances on short-term borrowings	(4,406,323)	9,310,174
Change in checks issued in advance of deposits	(743,150)	379,056
Proceeds from option exercises, net		394,761
Tax withholding related to net share settlements of restricted stock units	(12,476)
Net cash provided by (used in) financing activities	(5,161,949)	10,083,991
Net change in cash and cash equivalents	124,575	(330,050)
Cash and cash equivalents, beginning of period	1,211,915	1,042,291
Cash and cash equivalents, end of period	1,336,490	712,241
Supplemental Disclosures of Cash Flow Information
Interest	436,546	329,086
Income taxes	$ 3,128	$ 7,802

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,336,490	$ 1,211,915
Accounts receivable, net of allowance for doubtful accounts of $200,101 and $335,192, respectively	29,976,239	36,831,394
Prepaid expenses	1,450,368	1,933,500
Other assets	2,080,880	3,321,345
Total current assets	34,843,977	43,298,154
Furniture and equipment at cost, net	705,144	559,976
Other assets:
Intangible assets, net	895,258	921,902
Other assets	3,116,181	3,508,469
Total other assets	4,011,439	4,430,371
Total assets	39,560,560	48,288,501
Current liabilities:
Checks issued in advance of deposits	423,947	1,167,097
Short-term borrowings	13,827,766	18,234,089
Accounts payable	1,509,003	1,354,817
Accrued and other liabilities	7,336,831	11,753,423
Total current liabilities	23,097,547	32,509,426
Insurance reserves	485,624	582,481
Other non-current liabilities	33,071	46,601
Total liabilities	23,616,242	33,138,508
Stockholders' equity:
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value	1,172	1,172
Treasury stock, at cost, 1,579,646 shares and 1,584,418 shares, respectively	(2,599,610)	(2,609,881)
Additional paid-in capital	19,189,103	18,958,453
Accumulated deficit	(646,347)	(1,199,751)
Total stockholders' equity	15,944,318	15,149,993
Total liabilities and stockholders' equity	$ 39,560,560	$ 48,288,501