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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended June 30, 2024

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from________ to________

 

Commission File No. 000-49990

 

PCS EDVENTURES!, INC.

(Exact name of Registrant as specified in its charter)

 

Idaho   82-0475383
(State or Other Jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

11915 West Executive Drive, Suite 101

Boise, Idaho 83713

(Address of Principal Executive Offices)

 

(208) 343-3110

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year,

if changed since last report)

 

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐ 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 ☒

 

 

 

 
 

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

 

Indicate by check mark whether the Registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

Not applicable.

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date:

August 14, 2024: 124,483,494 shares of Common Stock

 

Forward-Looking Statements

 

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Quarterly Report. We cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate, and therefore, prospective investors are encouraged not to place undue reliance on forward-looking statements. You should carefully read this Quarterly Report completely, and it should be read and considered with all other reports filed by us with the United States Securities and Exchange Commission (the “SEC”) that are contained in the SEC Edgar Archives. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, even though our situation may change in the future.

 

Documents Incorporated by Reference

 

See Part II, Other Information, Item 6, Exhibits.

 

 
 

 

PCS EDVENTURES!, Inc.

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

 

INDEX

 

      Page
PART I – FINANCIAL INFORMATION   3
       
ITEM 1. Condensed Financial Statements (unaudited)   3
       
  Condensed Balance Sheets as of June 30, 2024 (unaudited), and March 31, 2024   4
  Condensed Statements of Operations for the Three Months ended June 30, 2024, and 2023 (unaudited)   5
  Condensed Statement of Stockholders’ Equity for the Three Months ended June 30, 2024, and 2023 (unaudited)   6
  Condensed Statements of Cash Flows for the Three Months ended June 30, 2024, and 2023 (unaudited)   7
  Notes to the Condensed Financial Statements (unaudited)   8
       
ITEM 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations   12
       
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk   16
       
ITEM 4. Controls and Procedures   16
       
PART II - OTHER INFORMATION   16
       
ITEM 1. Legal Proceedings   16
       
ITEM 1A. Risk Factors   16
       
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds   17
       
ITEM 3. Defaults Upon Senior Securities   17
       
ITEM 4. Mine Safety Disclosures   17
       
ITEM 5. Other Information   17
       
ITEM 6. EXHIBIT INDEX   17
       
SIGNATURES   18

 

2
 

 

PART I –FINANCIAL INFORMATION

 

PART I – FINANCIAL INFORMATION

 

Item 1. Condensed Financial Statements

 

The Condensed Financial Statements of the Registrant required to be filed with this 10-Q Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Condensed Financial Statements fairly present the financial condition of the Registrant.

 

(This space intentionally left blank.)

 

3
 

 

PCS EDVENTURES!, INC.

Condensed Balance Sheets

 

  

June 30, 2024

(Unaudited)

  

March 31, 2024

(Audited)

 
CURRENT ASSETS          
Cash  $2,652,716   $1,329,708 
Accounts receivable, net of allowance for doubtful accounts of $34,204   1,598,556    1,675,859 
Prepaid expenses   490,852    394,091 
Inventory, net   2,040,338    2,025,483 
Total Current Assets   6,782,462    5,425,141 
           
NONCURRENT ASSETS          
Lease Right-of-Use Asset   245,557    273,905 
Deposits   6,300    6,300 
Property and equipment, net   69,211    43,739 
Deferred tax asset   2,541,259    2,541,259 
Total Noncurrent Assets   2,862,327    2,865,203 
           
TOTAL ASSETS  $9,644,789   $8,290,344 
           
CURRENT LIABILITIES          
Accounts payable  $219,332   $100,853 
Payroll liabilities and accrued expenses   282,553    229,970 
Deferred revenue   82,870    14,549 
Lease Liability, current portion   63,321    70,782 
Total Current Liabilities   648,076    416,154 
           
Lease Liability, net of current portion   196,205    218,373 
Total Noncurrent Liabilities   196,205    218,373 
           
TOTAL LIABILITIES   844,281    634,527 
           
STOCKHOLDERS’ EQUITY (DEFICIT)          
Preferred stock, no par value, 20,000,000 authorized shares, no shares issued and outstanding   -    - 
Common stock, no par value, 150,000,000 authorized shares, 124,733,494 and 124,733,494 shares issued and outstanding   -    - 
Additional Paid-in Capital   40,570,459    40,570,459 
Accumulated deficit   (31,769,951)   (32,914,642)
Total Stockholders’ Equity   8,800,508    7,655,817 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $9,644,789   $8,290,344 

 

The accompanying notes are an integral part of these condensed financial statements.

 

4
 

 

PCS EDVENTURES!, INC.

Condensed Statements of Operations (unaudited)

 

   2024   2023 
   For the three months ended June 30, 
   2024   2023 
REVENUE  $3,159,923   $2,605,281 
           
COST OF SALES   1,198,435    1,004,070 
           
GROSS PROFIT   1,961,488    1,601,211 
           
OPERATING EXPENSES          
Salaries and wages   518,287    446,276 
General and administrative expenses   320,019    294,834 
Total Operating Expenses   838,306    741,110 
OPERATING INCOME   1,123,182    860,101 
           
OTHER INCOME          
Interest income   21,509    277 
Net Other Income   21,509    277 
           
NET INCOME BEFORE TAXES   1,144,691    860,378 
Provision for income taxes   -    - 
NET INCOME  $1,144,691   $860,378 
           
Net Income per common share:          
Basic  $0.01   $0.01 
Fully Diluted  $0.01   $0.01 
           
Weighted Average number of shares outstanding          
Basic   124,733,494    125,732,479 
Fully diluted   124,733,494    125,732,479 

 

The accompanying notes are an integral part of these condensed financial statements.

 

5
 

 

PCS EDVENTURES!, INC.

Condensed Statement of Stockholders’ Equity

(Unaudited)

 

  

# of

Common Shares O/S

  

Common

Stock

   Additional Paid-in Capital  

Accumulated

Deficit

   Stockholders’ Equity 
                     
Balance at 3/31/2023   125,732,479    -   $40,635,392   ($37,355,830)  $3,279,562 
Net Income   -    -    -   $860,378   $860,378 
Balance at 6/30/2023   125,732,479    -   $40,635,392   ($36,495,452)  $4,139,940 
                          
Balance at 3/31/2024   124,733,494    -   $40,570,459   ($32,914,642)  $7,655,817 
Net Income   -    -    -   $1,144,691    1,144,691 
Balance at 6/30/2024   124,733,494        $40,570,459   ($31,769,951)  $8,800,508 

 

The accompanying notes are an integral part of these condensed financial statements.

 

6
 

 

PCS EDVENTURES!, INC.

Condensed Statements of Cash Flows

(Unaudited)

 

   2024   2023 
   For the three months ended June 30, 
   2024   2023 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Income  $1,144,691    860,378 
Depreciation and amortization   4,360    2,367 
Amortization of right of use asset   28,348    24,803 
Changes in operating assets and liabilities          
(Increase) decrease in accounts receivable   77,303    (553,329)
(Increase) decrease in prepaid expenses   (96,761)   (341,901)
(Increase) decrease in inventories   (14,855)   154,653 
(Increase) decrease in other current assets   -    (3)
(Decrease) increase in accounts payable and accrued liabilities   171,062    133,014 
Increase (decrease) in lease liability   (29,629)   (24,802)
Increase (decrease) in unearned revenue   68,321    354,032 
Net Cash Provided by Operating Activities   1,352,840    609,212 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Cash paid for purchase of fixed assets   (29,832)   (7,687)
Net Cash Used by Investing Activities   (29,832)   (7,687)
           
CASH FLOWS FROM FINANCING ACTIVITIES   -    - 
Net Cash Used by Financing Activities   -    - 
           
Net Increase (Decrease) in Cash   1,323,008    601,525 
Cash at Beginning of Period   1,329,708    442,657 
Cash at End of Period   2,652,716    1,044,182 
           
Cash paid for taxes  $10,963   $2,696 
Cash paid for interest  $-   $- 

 

The accompanying notes are an integral part of these condensed financial statements.

 

7
 

 

PCS EDVENTURES!, INC.

Notes to the Condensed Financial Statements

June 30, 2024

(Unaudited)

 

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

 

Description of Business

 

The condensed financial statements presented are those of PCS Edventures!, Inc., an Idaho corporation (the “Company,” “PCS,” “PCSV,” “we,” “our,” “us” or similar words), incorporated in 1994, in the State of Idaho. PCS specializes in experiential, hands-on, K12 education and drone technology. PCS has extensive experience and intellectual property (“IP”) that includes drone hardware, product designs, and K-12 curriculum content. PCS continually develops new educational products based upon market needs that the Company identifies through its sales and customer networks.

 

Our products facilitate STEM (Science, Technology, Engineering, and Math) education by providing engaging activities that demonstrate STEM concepts and inspire further STEM studies, with the goal of ultimately leading students to pursue STEM career pathways. Due to our exceptionally detailed curriculum, our products are easy to teach and do not require a teaching degree or experience to administer.

 

Our educational products are developed from both in-house efforts and contracted services. They are marketed through reseller channels, direct sales efforts, partner networks, and web-based channels.

 

PCS has developed and sells a variety of STEM education products into the K12 market, which can be categorized as follows:

 

  1. Enrichment Programs

 

These camps are for the informal learning market and are designed to be highly engaging for students while easily administered by the instructor. The Company offers approximately thirty (30) different enrichment programs and typically develops at least two (2) new programs each year. Some of the more popular programs include Rockin’ Robots; Build a Better World; Summer Camp Classics; Pirate Camp; Flight and Aerodynamics; Science of the Human Body; and Claymation.

 

  2. Discover Series Products

 

These products are designed for the makerspace environment and include engaging STEM activities that motivate students to pursue educational pathways toward STEM careers. The Discover Series includes Discover Engineering; Discover Robotics & Physics; Discover Robotics & Programming; and Discover STEM.

 

  3. BrickLAB Products

 

These products are designed for the grade school market and use the Company’s proprietary bricks (which are Lego compatible) and curriculum to engage students to explore, imagine, and create within a STEM education framework. The Company offers a variety of grade-specific BrickLAB products.

 

  4. Discover Drones, Add-on Drone Packages and Ala Carte Drone Items

 

These products are designed around using drones as a platform for STEM education and career exploration. These titles include the Discover Drones series of Products; Discover Drones Indoor Coding Bundle; Discover Drones Indoor Racing Add-On; Discover Drones Outdoor Practice Add-on; and all the spare parts and ala carte drone items offered in the Company’s comprehensive drone packages.

 

8
 

 

  5. STEAMventures BUILD Activity Book

 

These series of activity books are designed for the K-3 market and ideal for a distance-learning environment. The series includes twelve (12) different issues. Instructor guides and/or family engagement guides are included. The Company also provides the necessary bricks for the builds in the activity books as a separate, but related product.

 

  6. Professional Development Training

 

The Company offers professional development trainings, for a fee, to educators who are implementing the Company’s products in their classroom.

 

The Company intends to continue developing STEM education products that address demand from large markets.

 

Interim Financial Information

 

The accompanying unaudited condensed financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending March 31, 2024, or any future periods. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, filed with the SEC on June, 28, 2024.

 

Use of Estimates

 

The preparation of these condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include reserves related to accounts receivable and inventory, the valuation allowance related to deferred tax assets, the valuation of equity instruments, and debt discounts.

 

Revenue Recognition

 

The Company accounts for revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers,” which we adopted on April 1, 2018. Revenue amounts presented in our condensed financial statements are recognized net of sales tax, value-added taxes, and other taxes. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped, or service performed.

 

The Company had deferred revenue of $82,870 as of June 30, 2024, related to contractual commitments with customers where the performance obligation will be satisfied within the fiscal year ended March 31, 2025. The revenue associated with these performance obligations is recognized as the obligation is satisfied. The Company had $14,549 of deferred revenue as of March 31, 2024.

 

Most of our contracts with customers contain transaction prices with fixed consideration; however, some contracts may contain variable consideration in the form of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, and other similar items. When a contract includes variable consideration, we evaluate the estimate of variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. This can result in recognition of revenue over time as we perform services or at a point in time when the deliverable is transferred to the customer, depending on an evaluation of the criteria for over time recognition in FASB ASC 606. For certain fixed-fee per transaction contracts, such as delivering training courses or conducting workshops, revenue is recognized during the period in which services are delivered in accordance with the pricing outlined in the contracts.

 

9
 

 

Net Earnings (Loss) Per Share of Common Stock

 

The Company calculates net income (loss) per share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Under ASC 260, basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. The weighted average number of shares of common stock outstanding includes vested restricted stock awards. Diluted net income (loss) per share (“EPS”) reflects the potential dilution that could occur assuming exercise of all dilutive unexercised stock options and warrants. The dilutive effect of these instruments was determined using the treasury stock method. Under the treasury stock method, the proceeds received from the exercise of stock options and restricted stock awards, the amount of compensation cost for future service not yet recognized by the Company, and the amount of tax benefits that would be recorded as income tax expense when the stock options become deductible for income tax purposes are all assumed to be used to repurchase shares of the Company’s common stock.

 

Common stock outstanding reflected in the Company’s balance sheets includes restricted stock awards outstanding. Securities that may participate in undistributed net income with common stock are considered participating securities. The computation of diluted earnings per share does not assume exercise or conversion of securities that would have an anti-dilutive effect. The following schedules presents the calculation of basic and diluted net income per share:

 

 

   2024   2023 
   For the Three Months ended June 30, 
   2024   2023 
Net Income per common Share:          
Basic  $0.01   $0.01 
Diluted  $0.01   $0.01 
           
Weighted average number of common shares outstanding Basic   124,733,494    125,732,479 
           
Weighted average number of common shares outstanding Fully Diluted   124,733,494    125,732,479 

 

Net income for the three (3) months ended June 30, 2024, and 2023, was $1,144,691 and $860,378, respectively.

 

Recently Issued Accounting Pronouncements

 

The Company has reviewed recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

 

NOTE 2 – BUSINESS CONDITION

 

As of June 30, 2024, the Company had $2.65 million in cash; $2.04 million in inventory; $0.43 million in prepaid inventory; and $1.60 million in accounts receivable, with no debt. Management strongly believes that the Company can sustain its operations over the course of the next twelve (12) months with the cash it has on hand, and with the revenue and associated profit generated from the sales expected over the course of the next twelve (12) months, especially given the Company’s relatively large inventory, accounts receivable, and prepaid inventory balances.

 

NOTE 3 – ACCOUNTS RECEIVABLE

 

In the Company’s normal course of business, the Company provides credit terms to its customers, which generally range from net fifteen (15) to thirty (30) days. The Company performs ongoing credit evaluations of its customers. The Company established an allowance for doubtful accounts of $34,204 at June 30, 2024, and March 31, 2024.

 

10
 

 

NOTE 4 - PREPAID EXPENSES

 

Prepaid expenses for the periods are as follows:

 

 SCHEDULE OF PREPAID EXPENSES

   June 30, 2024   March 31, 2024 
Prepaid insurance  $4,366   $10,915 
Prepaid tradeshows   14,615    25,046 
Prepaid inventory   429,596    319,977 
Prepaid software   25,314    17,254 
Prepaid other   16,961    20,899 
Total Prepaid Expenses  $490,852   $394,091 

 

NOTE 5 - COMMON AND PREFERRED STOCK TRANSACTIONS

 

  a. Common Stock

 

The Company has 150,000,000 authorized shares of common stock, no par value. At June 30, 2024, and March 31, 2024, the total common shares issued and outstanding was 124,733,494.

 

During the three (3) months ended June 30, 2024, the Company had no option expense.

 

During the three (3) months ended June 30, 2024, the Company did not issue any shares of common stock.

 

During the three (3) months ended June 30, 2024, the Company entered into an agreement to repurchase 250,000 shares common stock at $0.195 per share for total consideration of $48,750. At June 30, 2024, this transaction had not yet been finalized; however, see NOTE 8 – SUBSEQUENT EVENTS, below.

 

  b. Preferred Stock

 

The Company has 20,000,000 authorized shares of preferred stock. As of June 30, 2024, and March 31, 2024, there were no preferred shares issued or outstanding.

 

NOTE 6 – PAYROLL LIABILITIES & ACCRUED EXPENSES

 

Accrued expenses for the periods are as follows:

  

   June 30, 2024   March 31, 2024 
Payroll liabilities  $203,405   $165,087 
Sales tax payable   31,402    9,969 
State income tax payable   32,761    39,929 
Production printer accrued expenses   14,985    14,985 
Total  $282,553   $229,970 

 

NOTE 7 - RELATED PARTY TRANSACTIONS

 

The Company had no related party transactions during the fiscal year ended March 31, 2024, nor during the quarter ended June 30, 2024.

 

NOTE 8 - SUBSEQUENT EVENTS

 

On March 17, 2023, Michelle Fisher, our Director of Curriculum, exercised 250,000 performance options and purchased 250,000 shares of “restricted” Rule 144 common stock at $0.02 per share, for total consideration of $5,000. In April of 2024, Ms. Fisher approached the Company about selling her shares back to the Company. On May 7, 2024, an agreement was reached in which the Company committed to purchase 250,000 shares of “restricted” Rule 144 stock from Ms. Fisher at $0.195 per share in a private transaction. This transaction was finalized on July 12, 2024, and the shares have been cancelled subsequent to June 30, 2024.

 

11
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Cautionary Statements for Purposes of “Safe Harbor Provisions” of the Private Securities Litigation Reform Act of 1995:

 

Except for historical facts, all matters discussed in this Annual Report, which are forward-looking, involve a high degree of risk and uncertainty. Certain statements in this Annual Report set forth management’s intentions, plans, beliefs, expectations, or predictions of the future based on current facts and analyses. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” or similar expressions, we intend to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated in such statements, due to a variety of factors, risks, and uncertainties. Potential risks and uncertainties include, but are not limited to, competitive pressures from other companies within the Educational Industries, economic conditions in the Company’s primary markets, exchange rate fluctuation, reduced product demand, increased competition, inability to produce required capacity, unavailability of financing, government action, weather conditions and other uncertainties, including those detailed in our SEC filings. We assume no duty to update forward-looking statements to reflect events or circumstances after the date of such statements.

 

The following discussion should be read in conjunction with Item 1, Condensed Financial Statements, in Part I of this Quarterly Report.

 

Overview of Current and Planned Operations

 

PCS Edventures!, Inc. sells STEM / STEAM products to educational and recreational entities serving youth. At this time, we do not attempt to align our products to fit in the classroom setting although we are aware that some of our customers use our products to fill enrichment time blocks in the classroom during formal school time. Classroom curriculum must align with specific state standards to be considered for use. Each state has their own unique set of standards, making classroom curriculum development a state by-state endeavor.

 

On the other hand, out of school programs are not subject to a state governmental standard alignments, although these programs often require that educational programs align with various sets of state or national educational standards. This difference makes it easier to penetrate out-of-school programs, as more freedoms exist for curriculum development. We focus our efforts on these out-of-school programs, which include summer school, summer camps, YMCA programs, Boys and Girls club programs, and various other programs offered outside of the classroom, at all times of the year, that are too numerous to list. Oftentimes, these programs are sponsored, administered, and/or supported by local school districts, and we employ considerable efforts to build relationships with these types of school districts to provide desired programing for their out-of-school programs. The majority of the time, the out-of-school programs offered are funded with grants; however, some programs are run on a for-profit basis. The Company sells to all of these types of entities.

 

We offer professional development training for instructors using our products; and typically charge a fee for this service, with the fee primarily covering our expenses. Management does not view this service as a profit center, but rather as a customer service component of our products that adds to its uniqueness and value in the marketplace, and as a market development endeavor to build out the Company’s addressable market.

 

The nature of our target market produces considerable seasonality for the Company’s revenue. The quarters ended June 30 and September 30 tend to be the peak of this seasonality (with the quarter ended March 31 being close to these quarters), while the quarter ended December 31 tends to be the low point of our seasonality. The Table below reflects this seasonality.

 

   Quarterly Revenue $ 
Quarter Ended  2021   2022   2023   2024 
                 
March 31   648,743    1,445,594    2,521,470    2,262,772 
June 30   1,062,127    1,391,785    2,605,281    3,159,923 
September 30   993,458    1,243,662    3,767,326      
December 31   566,473    1,847,659    459,087      

 

12
 

 

The Company, through winning a competitive “Request For Proposal,” added the Air Force Junior Reserve Officers’ Training Corp (“AFJROTC”) as a customer in the second half of calendar year 2022. The Company experienced elevated sales due to the fulfillment of the AFJROTC orders for the quarters ended December 31, 2022, March 31, 2023, and September 30, 2023. One of the AFJROTC revenue quarters was December 31, 2022, which corresponds with the lowest seasonal revenue quarter, so the effects of seasonality in 2022 was not as readily apparent as in other calendar years. The table below removes the AFJROTC revenue to highlight the seasonality that the Company experiences.

 

   Quarterly Revenue Less Air Force JROTC Revenue 
Quarter Ended  2021   2022   2023   2024 
                 
March 31   648,743    1,445,594    1,247,835    2,262,772 
June 30   1,062,127    1,391,785    2,605,281    3,159,923 
September 30   993,458    1,243,662    2,501,410      
December 31   566,473    458,239    459,087      

 

During the quarter ended December 31, the Company focuses on product development, restocking inventory, and general planning for the next year. Sales and marketing activities remain fairly constant throughout the year.

 

Results of Operations

 

Revenue

 

For the quarter ended June 30, 2024, our revenue was $3,159,923. For the quarter ended June 30, 2023, our revenue was $2,605,281. The increase in revenue was due to our strategy of soliciting larger customers. The table below shows customer transactions by size for the periods indicated.

 

Number of Customer Transactions by size

 

  

>$1

million

   >$500,000   > $100,000   > $50,000   > $25,000   > $10,000 
Three months ended June 30, 2022   0    0    3    7    12    24 
Three months ended June 30, 2023   0    0    6    12    19    42 
Three months ended June 30, 2024   0    0    8    13    26    50 

 

We believe that we can continue to experience success in soliciting larger customers, but we can offer no assurances that success will be certain, nor can we offer any numerical framework in describing the success that may occur. Risk factors include anything that would negatively affect educational funding in the United States; finding and retaining employees that meet our high standards; and anything that would negatively affect our supply chain of critical components.

 

Cost of Sales

 

We strive to have a cost of sales that is less than 40% of revenue. We price our products once per year, at the beginning of the calendar year, and maintain that pricing level throughout the year. During inflationary environments, when the price level of the Company’s raw materials is increasing, the Company must absorb that negative impact to gross margins until it can reprice its products at the beginning of the next calendar year. This repricing analysis considers the current pricing level of materials, as well as the likely increase in those levels in the year ahead. We attempt to incorporate shipping costs into the cost of raw materials, but oftentimes during the course of the year, we are compelled to ship in a more expedient manner, which is more expensive than our baseline assumptions.

 

For the quarter ended June 30, 2024, our cost of sales was $1,198,435, or 37.9% of revenue. For the quarter ended June 30, 2023, our cost of sales was $1,004,070, or 38.5% of revenue. For any given quarter, and especially in low revenue quarters, the cost of sales can vary significantly from our desired 40% or less of revenue. However, for any given year, the calculation is relevant and desired to be 40% or less of revenue.

 

13
 

 

Factors affecting cost of sales include:

 

Helps sub 40% cost of sales Impedes sub 40% cost of sales
Higher revenue Higher inflation
Larger order size Expedited shipping
Ability to take advantage of volume discounts Quality issues with raw materials

 

Operating Expenses

 

Operating expenses are divided into two (2) categories – salary + wages, and general + administrative. Salary and wages tend to increase over time as the Company has been increasing its number of employees, and we expect to continue to do so in the future. Also, the Company desires to retain employees over the long term, which requires periodic increases in compensation as their value to the Company increases.

 

The Company also has a discretionary quarterly bonus program based on qualified revenue. Qualified revenue is defined as revenue where there are no reseller fees or other price adjustments associated with that revenue. Thus, all reseller sales are disqualified from the discretionary quarterly bonus calculation, as are other miscellaneous transactions where the Company did not receive a full margin. During quarters with higher revenue, salaries and wages will increase all other things equal.

 

Salary and wages were $518,287 for the quarter ended June 30, 2024. For the quarter ended June 30, 2023, salaries and wages were $446,276. Salaries and wages increased during the quarter ended June 30, 2024, as compared to the quarter ended June 30, 2023, due to the facts that i) the Company had two (2) more employees as of June 30, 2024, versus June 30, 2023; ii) inflation has been elevated; and iii) the Company’s overall performance has been improving, thus increasing employee bonus amounts.

 

General and administrative expenses include all operating expenses outside of salaries and wages. These include the following categories:

 

  1. Advertising and marketing expenses
  2. Trade show and travel expenses
  3. Product development expenses
  4. Finance charges
  5. Contract labor expenses
  6. Lease expenses
  7. Insurance premiums
  8. Workers’ compensation expenses
  9. Office supplies and repairs
  10. Professional expenses
  11. Licenses
  12. State sales tax expenses
  13. Office and warehouse infrastructure expenses

 

Most of these expenses are not correlated with changes in revenue, but they tend to increase over time. General and administrative expenses were $320,019 for the quarter ended June 30, 2024. For the quarter ended June 30, 2023, general and administrative expenses were $294,834.

 

The Company currently leases a 10,000 square foot facility which ends in October of 2024. We are currently looking for new space, with the expectation that we need approximately double the amount of space we currently occupy to accommodate our needs in achieving our growth expectations. This will cause general and administrative expenses to increase noticeably, as will the additional expenses associated with being an SEC “reporting company” under the Exchange Act.

 

14
 

 

Other Income

 

Interest income was the sole source of other income for the quarters ending June 30, 2024, and 2023. For the quarter ended June 30, 2024, other income was $21,509. For the quarter ended June 30, 2023, other income was $277. The Company’s surplus cash is invested in a “Vanguard” money market fund that invests exclusively in repurchase agreements and short-term U.S. government securities. The ticker symbol of this fund is “VMFXX.”

 

Net Income Before Tax

 

For the three (3) months ended June 30, 2024, net income before tax was $1,144,691 versus $860,378 for the three (3) months ended June 30, 2023. Higher revenue and higher gross margin during the quarter ended June 30, 2024, versus those for the quarter ended June 30, 2023, were responsible for the variance in net income before taxes.

 

Taxes

 

The Company has a significant tax-loss carry-forward asset, which arose due to past losses. At March 31, 2024, the Company had net operating losses of approximately $9.2 million that may be offset against future taxable income. The federal and state net operating losses and tax credits expire in years beginning in 2026.

Prior to fiscal year 2023, the Company offset its potential tax benefit from the operating loss carry-forwards with a valuation allowance in the same amount. As it became clear that the Company will more likely than not use its tax loss carry-forward amounts, the valuation allowance was partially removed for the fiscal year ended March 31, 2023, such that the tax benefit recognized by us in fiscal year 2023 was $1,011,466. The valuation allowance was fully removed as of March 31, 2024, resulting in a tax benefit of $1,529,793 for fiscal year 2024.

 

Net Income

 

With the large net operating losses that can be used to offset taxable income, net income is the same as net income before tax for the reporting periods shown.

 

Liquidity and Capital Resources

 

Cash Flow from Operations

 

For the three (3) months ended June 30, 2024, cash provided by operations was $1,352,840 compared to cash provided by operations of $609,211 for the three (3) months ended June 30, 2023.

 

As of June 30, 2024, total current assets were $6,782,462 and total current liabilities were $648,076, resulting in working capital of 6,134,386. As of March 31, 2024, total current assets were $5,425,141 and total current liabilities were $416,154, resulting in working capital of $5,008,987. The Company had a current ratio as of June 30, 2024, of 10.5 compared to a current ratio of 13.0 as of March 31, 2024.

 

As of June 30, 2024, we had $2,652,716 in cash and cash equivalents compared to $1,329,708 in cash as of March 31, 2024. The improvements in working capital and cash on hand are due to a significant increase in net income during the quarter ending June 30, 2024.

 

Cash Flow from Investing Activities

 

For the three (3) months ended June 30, 2024, cash used by investing activities was $29,832 compared to cash used by investing activities of $7,687 for the three (3) months ended June 30, 2023. We purchased a forklift for the warehouse for $26,829 during the quarter ended June 30, 2024, which accounts for the majority of the difference between the two (2) periods.

 

15
 

 

Cash Flow from Financing Activities

 

For the three (3) months ended June 30, 2024, and 2023, we did not have any cash flows from financing activities.

 

Off-Balance Sheet Arrangements

 

We had no Off-Balance Sheet Arrangements during the three (3) month periods ended June 30, 2024, and 2023.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and is not required to provide the information required under this item.

 

Item 4. Controls and Procedures.

 

We maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that material information relating to us is made known to the officers who certify our financial reports and to other members of senior management and the Board of Directors. These disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports that are filed or submitted under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

 

Management, with the participation of our Chief Executive Officer and our President who acts as our Principal Financial Officer, have evaluated the effectiveness, as of June 30, 2024, of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2024, because of inadequate control and expertise over preparation of the preliminary financial statements and schedules for our auditor’s review, resulting in some minor errors in applying “Accounting Standards Codifications” used in the United States to organize and present accounting standards and principles. Management has concluded that we will take appropriate action to add additional expertise to assist us in the preparation of our future interim financial statements for our auditor’s review to ameliorate this weakness. Management acknowledges that as a smaller reporting entity, it is difficult to have adequate accounting staff to perform appropriate additional reviews of the financial statements.

 

Changes in Internal Control over Financial Reporting

 

Management has contracted with additional expertise to assist us in the preparation of our future interim financial statements to ameliorate any internal control weakness and to assist us in designing and implementing a system of adequate controls over the preparation of our financial statements and schedules. There have been no other actions or changes in our internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and is not required to provide the information required under this Item.

 

16
 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

None; not applicable.

 

Item 5. Other Information.

 

No director or Section 16 officer adopted or terminated a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a “non-Rule 10b5–1” trading arrangement during the periods reported in this Quarterly Report.

 

Item 6. Exhibits.

 

(a) Index of Exhibits

 

Exhibit No.   Identification of Exhibit   Location if other than attached hereto
3.1   Second Amended and Restated Articles of Incorporation dated October 2, 2006   Attached to our Form 10 filed October 3, 2023
3.2   Articles of Amendment dated April 12, 2012   Attached to our Form 10 filed October 3, 2023
3.3   Articles of Amendment dated September 25, 2014   Attached to our Form 10 filed October 3, 2023
3.4   Articles of Amendment dated September 25, 2015   Attached to our Form 10 filed October 3, 2023
3.5   Articles of Amendment dated September 23, 2016   Attached to our Form 10 filed October 3, 2023
3.6   Third Amended Bylaws   Attached to our Form 10 filed October 3, 2023
31.1   Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Todd R. Hackett, Chief Executive Officer and Chairman   Attached hereto
31.2   Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Michael J. Bledsoe, President, Principal Financial Officer   Attached hereto
32   Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 provided by Todd R. Hackett, Chief Executive Officer and Chairman of the Board of Directors, and Mike J. Bledsoe, President and Principal Financial Officer   Attached hereto
         
101.INS   XBRL Instance Document    
101.PRE   XBRL Taxonomy Extension Presentation Linkbase    
101.LAB   XBRL Taxonomy Extension Label Linkbase    
101.DEF   XBRL Taxonomy Extension Definition Linkbase    
101.CAL   XBRL Taxonomy Extension Calculation Linkbase    
101.SCH   XBRL Taxonomy Extension Schema    

 

Form 10A-1 Registration Statement filed with the SEC on November 15, 2023.

 

17
 

 

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.

 

PCS EDVENTURES!, INC.

 

Dated: August 14, 2024 By: /s/ Todd R. Hackett
    Todd R. Hackett
    Chief Executive Officer and
    Chairman of the Board of Directors
     
Dated: August 14, 2024 By: /s/ Michael J. Bledsoe
    Michael J. Bledsoe
    President, Principal Financial Officer and Director

 

18

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Todd R. Hackett, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of PCS Edventures!, Inc.;

 

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

 

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

 

4. The Registrant other certifying officer(s) 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 Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to 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(s) 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: August 14, 2024   By: /s/ Todd R. Hackett
        Todd R. Hackett, Chief Executive Officer and Chairman

 

 

 

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Michael J. Bledsoe, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of PCS Edventures!, Inc.;

 

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

 

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

 

4. The Registrant other certifying officer(s) 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 Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to 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(s) 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: August 14, 2024   By: /s/ Michael J. Bledsoe
        Michael J. Bledsoe, President and Principal Financial Officer

 

 

 

 

Exhibit 32

 

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 PCS Edventures!, Inc. (the “Registrant”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), we, Todd R. Hackett, Chief Executive Officer, and Michael J. Bledsoe, President and Principal Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.

 

Date: August 14, 2024   By: /s/ Todd R. Hackett
        Todd R. Hackett, Chief Executive Officer and Chairman

 

Date: August 14, 2024   By: /s/ Michael J. Bledsoe
        Michael J. Bledsoe, President and Principal Financial Officer

 

 

 

v3.24.2.u1
Cover - shares
 3 Months Ended
Jun. 30, 2024
Aug. 14, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2024  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --03-31  
Entity File Number 000-49990  
Entity Registrant Name PCS EDVENTURES!, INC.  
Entity Central Index Key 0001122020  
Entity Tax Identification Number 82-0475383  
Entity Incorporation, State or Country Code ID  
Entity Address, Address Line One 11915 West Executive Drive  
Entity Address, Address Line Two Suite 101  
Entity Address, City or Town Boise  
Entity Address, State or Province ID  
Entity Address, Postal Zip Code 83713  
City Area Code (208)  
Local Phone Number 343-3110  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   124,483,494
v3.24.2.u1
Condensed Balance Sheets - USD ($)
Jun. 30, 2024
Mar. 31, 2024
CURRENT ASSETS    
Cash $ 2,652,716 $ 1,329,708
Accounts receivable, net of allowance for doubtful accounts of $34,204 1,598,556 1,675,859
Prepaid expenses 490,852 394,091
Inventory, net 2,040,338 2,025,483
Total Current Assets 6,782,462 5,425,141
NONCURRENT ASSETS    
Lease Right-of-Use Asset 245,557 273,905
Deposits 6,300 6,300
Property and equipment, net 69,211 43,739
Deferred tax asset 2,541,259 2,541,259
Total Noncurrent Assets 2,862,327 2,865,203
TOTAL ASSETS 9,644,789 8,290,344
CURRENT LIABILITIES    
Accounts payable 219,332 100,853
Payroll liabilities and accrued expenses 282,553 229,970
Deferred revenue 82,870 14,549
Lease Liability, current portion 63,321 70,782
Total Current Liabilities 648,076 416,154
Lease Liability, net of current portion 196,205 218,373
Total Noncurrent Liabilities 196,205 218,373
TOTAL LIABILITIES 844,281 634,527
STOCKHOLDERS’ EQUITY (DEFICIT)    
Preferred stock, no par value, 20,000,000 authorized shares, no shares issued and outstanding
Common stock, no par value, 150,000,000 authorized shares, 124,733,494 and 124,733,494 shares issued and outstanding
Additional Paid-in Capital 40,570,459 40,570,459
Accumulated deficit (31,769,951) (32,914,642)
Total Stockholders’ Equity 8,800,508 7,655,817
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,644,789 $ 8,290,344
v3.24.2.u1
Condensed Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 34,204 $ 34,204
Preferred stock, par value $ 0 $ 0
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0 $ 0
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 124,733,494 124,733,494
Common stock, shares outstanding 124,733,494 124,733,494
v3.24.2.u1
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]    
REVENUE $ 3,159,923 $ 2,605,281
COST OF SALES 1,198,435 1,004,070
GROSS PROFIT 1,961,488 1,601,211
OPERATING EXPENSES    
Salaries and wages 518,287 446,276
General and administrative expenses 320,019 294,834
Total Operating Expenses 838,306 741,110
OPERATING INCOME 1,123,182 860,101
OTHER INCOME    
Interest income 21,509 277
Net Other Income 21,509 277
NET INCOME BEFORE TAXES 1,144,691 860,378
Provision for income taxes
NET INCOME $ 1,144,691 $ 860,378
Net Income per common share:    
Basic $ 0.01 $ 0.01
Fully Diluted $ 0.01 $ 0.01
Weighted Average number of shares outstanding    
Basic 124,733,494 125,732,479
Fully diluted 124,733,494 125,732,479
v3.24.2.u1
Condensed Statement of Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Mar. 31, 2023 $ 40,635,392 $ 37,355,830 $ 3,279,562
Balance, shares at Mar. 31, 2023 125,732,479      
Net Income 860,378 860,378
Balance at Jun. 30, 2023 40,635,392 36,495,452 4,139,940
Balance, shares at Jun. 30, 2023 125,732,479      
Balance at Mar. 31, 2024 40,570,459 32,914,642 7,655,817
Balance, shares at Mar. 31, 2024 124,733,494      
Net Income 1,144,691 1,144,691
Balance at Jun. 30, 2024   $ 40,570,459 $ 31,769,951 $ 8,800,508
Balance, shares at Jun. 30, 2024 124,733,494      
v3.24.2.u1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 1,144,691 $ 860,378
Depreciation and amortization 4,360 2,367
Amortization of right of use asset 28,348 24,803
Changes in operating assets and liabilities    
(Increase) decrease in accounts receivable 77,303 (553,329)
(Increase) decrease in prepaid expenses (96,761) (341,901)
(Increase) decrease in inventories (14,855) 154,653
(Increase) decrease in other current assets (3)
(Decrease) increase in accounts payable and accrued liabilities 171,062 133,014
Increase (decrease) in lease liability (29,629) (24,802)
Increase (decrease) in unearned revenue 68,321 354,032
Net Cash Provided by Operating Activities 1,352,840 609,212
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for purchase of fixed assets (29,832) (7,687)
Net Cash Used by Investing Activities (29,832) (7,687)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Cash Used by Financing Activities
Net Increase (Decrease) in Cash 1,323,008 601,525
Cash at Beginning of Period 1,329,708 442,657
Cash at End of Period 2,652,716 1,044,182
Cash paid for taxes 10,963 2,696
Cash paid for interest
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure [Table]    
Net Income (Loss) $ 1,144,691 $ 860,378
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

 

Description of Business

 

The condensed financial statements presented are those of PCS Edventures!, Inc., an Idaho corporation (the “Company,” “PCS,” “PCSV,” “we,” “our,” “us” or similar words), incorporated in 1994, in the State of Idaho. PCS specializes in experiential, hands-on, K12 education and drone technology. PCS has extensive experience and intellectual property (“IP”) that includes drone hardware, product designs, and K-12 curriculum content. PCS continually develops new educational products based upon market needs that the Company identifies through its sales and customer networks.

 

Our products facilitate STEM (Science, Technology, Engineering, and Math) education by providing engaging activities that demonstrate STEM concepts and inspire further STEM studies, with the goal of ultimately leading students to pursue STEM career pathways. Due to our exceptionally detailed curriculum, our products are easy to teach and do not require a teaching degree or experience to administer.

 

Our educational products are developed from both in-house efforts and contracted services. They are marketed through reseller channels, direct sales efforts, partner networks, and web-based channels.

 

PCS has developed and sells a variety of STEM education products into the K12 market, which can be categorized as follows:

 

  1. Enrichment Programs

 

These camps are for the informal learning market and are designed to be highly engaging for students while easily administered by the instructor. The Company offers approximately thirty (30) different enrichment programs and typically develops at least two (2) new programs each year. Some of the more popular programs include Rockin’ Robots; Build a Better World; Summer Camp Classics; Pirate Camp; Flight and Aerodynamics; Science of the Human Body; and Claymation.

 

  2. Discover Series Products

 

These products are designed for the makerspace environment and include engaging STEM activities that motivate students to pursue educational pathways toward STEM careers. The Discover Series includes Discover Engineering; Discover Robotics & Physics; Discover Robotics & Programming; and Discover STEM.

 

  3. BrickLAB Products

 

These products are designed for the grade school market and use the Company’s proprietary bricks (which are Lego compatible) and curriculum to engage students to explore, imagine, and create within a STEM education framework. The Company offers a variety of grade-specific BrickLAB products.

 

  4. Discover Drones, Add-on Drone Packages and Ala Carte Drone Items

 

These products are designed around using drones as a platform for STEM education and career exploration. These titles include the Discover Drones series of Products; Discover Drones Indoor Coding Bundle; Discover Drones Indoor Racing Add-On; Discover Drones Outdoor Practice Add-on; and all the spare parts and ala carte drone items offered in the Company’s comprehensive drone packages.

 

 

  5. STEAMventures BUILD Activity Book

 

These series of activity books are designed for the K-3 market and ideal for a distance-learning environment. The series includes twelve (12) different issues. Instructor guides and/or family engagement guides are included. The Company also provides the necessary bricks for the builds in the activity books as a separate, but related product.

 

  6. Professional Development Training

 

The Company offers professional development trainings, for a fee, to educators who are implementing the Company’s products in their classroom.

 

The Company intends to continue developing STEM education products that address demand from large markets.

 

Interim Financial Information

 

The accompanying unaudited condensed financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending March 31, 2024, or any future periods. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, filed with the SEC on June, 28, 2024.

 

Use of Estimates

 

The preparation of these condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include reserves related to accounts receivable and inventory, the valuation allowance related to deferred tax assets, the valuation of equity instruments, and debt discounts.

 

Revenue Recognition

 

The Company accounts for revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers,” which we adopted on April 1, 2018. Revenue amounts presented in our condensed financial statements are recognized net of sales tax, value-added taxes, and other taxes. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped, or service performed.

 

The Company had deferred revenue of $82,870 as of June 30, 2024, related to contractual commitments with customers where the performance obligation will be satisfied within the fiscal year ended March 31, 2025. The revenue associated with these performance obligations is recognized as the obligation is satisfied. The Company had $14,549 of deferred revenue as of March 31, 2024.

 

Most of our contracts with customers contain transaction prices with fixed consideration; however, some contracts may contain variable consideration in the form of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, and other similar items. When a contract includes variable consideration, we evaluate the estimate of variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. This can result in recognition of revenue over time as we perform services or at a point in time when the deliverable is transferred to the customer, depending on an evaluation of the criteria for over time recognition in FASB ASC 606. For certain fixed-fee per transaction contracts, such as delivering training courses or conducting workshops, revenue is recognized during the period in which services are delivered in accordance with the pricing outlined in the contracts.

 

 

Net Earnings (Loss) Per Share of Common Stock

 

The Company calculates net income (loss) per share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Under ASC 260, basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. The weighted average number of shares of common stock outstanding includes vested restricted stock awards. Diluted net income (loss) per share (“EPS”) reflects the potential dilution that could occur assuming exercise of all dilutive unexercised stock options and warrants. The dilutive effect of these instruments was determined using the treasury stock method. Under the treasury stock method, the proceeds received from the exercise of stock options and restricted stock awards, the amount of compensation cost for future service not yet recognized by the Company, and the amount of tax benefits that would be recorded as income tax expense when the stock options become deductible for income tax purposes are all assumed to be used to repurchase shares of the Company’s common stock.

 

Common stock outstanding reflected in the Company’s balance sheets includes restricted stock awards outstanding. Securities that may participate in undistributed net income with common stock are considered participating securities. The computation of diluted earnings per share does not assume exercise or conversion of securities that would have an anti-dilutive effect. The following schedules presents the calculation of basic and diluted net income per share:

 

 

   2024   2023 
   For the Three Months ended June 30, 
   2024   2023 
Net Income per common Share:          
Basic  $0.01   $0.01 
Diluted  $0.01   $0.01 
           
Weighted average number of common shares outstanding Basic   124,733,494    125,732,479 
           
Weighted average number of common shares outstanding Fully Diluted   124,733,494    125,732,479 

 

Net income for the three (3) months ended June 30, 2024, and 2023, was $1,144,691 and $860,378, respectively.

 

Recently Issued Accounting Pronouncements

 

The Company has reviewed recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.

 
v3.24.2.u1
BUSINESS CONDITION
 3 Months Ended
Jun. 30, 2024
Business Condition  
BUSINESS CONDITION

NOTE 2 – BUSINESS CONDITION

 

As of June 30, 2024, the Company had $2.65 million in cash; $2.04 million in inventory; $0.43 million in prepaid inventory; and $1.60 million in accounts receivable, with no debt. Management strongly believes that the Company can sustain its operations over the course of the next twelve (12) months with the cash it has on hand, and with the revenue and associated profit generated from the sales expected over the course of the next twelve (12) months, especially given the Company’s relatively large inventory, accounts receivable, and prepaid inventory balances.

 
v3.24.2.u1
ACCOUNTS RECEIVABLE
 3 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE

NOTE 3 – ACCOUNTS RECEIVABLE

 

In the Company’s normal course of business, the Company provides credit terms to its customers, which generally range from net fifteen (15) to thirty (30) days. The Company performs ongoing credit evaluations of its customers. The Company established an allowance for doubtful accounts of $34,204 at June 30, 2024, and March 31, 2024.

 

 
v3.24.2.u1
PREPAID EXPENSES
 3 Months Ended
Jun. 30, 2024
Prepaid Expenses  
PREPAID EXPENSES

NOTE 4 - PREPAID EXPENSES

 

Prepaid expenses for the periods are as follows:

 

 SCHEDULE OF PREPAID EXPENSES

   June 30, 2024   March 31, 2024 
Prepaid insurance  $4,366   $10,915 
Prepaid tradeshows   14,615    25,046 
Prepaid inventory   429,596    319,977 
Prepaid software   25,314    17,254 
Prepaid other   16,961    20,899 
Total Prepaid Expenses  $490,852   $394,091 

 
v3.24.2.u1
COMMON AND PREFERRED STOCK TRANSACTIONS
 3 Months Ended
Jun. 30, 2024
Equity [Abstract]  
COMMON AND PREFERRED STOCK TRANSACTIONS

NOTE 5 - COMMON AND PREFERRED STOCK TRANSACTIONS

 

  a. Common Stock

 

The Company has 150,000,000 authorized shares of common stock, no par value. At June 30, 2024, and March 31, 2024, the total common shares issued and outstanding was 124,733,494.

 

During the three (3) months ended June 30, 2024, the Company had no option expense.

 

During the three (3) months ended June 30, 2024, the Company did not issue any shares of common stock.

 

During the three (3) months ended June 30, 2024, the Company entered into an agreement to repurchase 250,000 shares common stock at $0.195 per share for total consideration of $48,750. At June 30, 2024, this transaction had not yet been finalized; however, see NOTE 8 – SUBSEQUENT EVENTS, below.

 

  b. Preferred Stock

 

The Company has 20,000,000 authorized shares of preferred stock. As of June 30, 2024, and March 31, 2024, there were no preferred shares issued or outstanding.

 
v3.24.2.u1
PAYROLL LIABILITIES & ACCRUED EXPENSES
 3 Months Ended
Jun. 30, 2024
Payroll Liabilities Accrued Expenses  
PAYROLL LIABILITIES & ACCRUED EXPENSES

NOTE 6 – PAYROLL LIABILITIES & ACCRUED EXPENSES

 

Accrued expenses for the periods are as follows:

  

   June 30, 2024   March 31, 2024 
Payroll liabilities  $203,405   $165,087 
Sales tax payable   31,402    9,969 
State income tax payable   32,761    39,929 
Production printer accrued expenses   14,985    14,985 
Total  $282,553   $229,970 

 
v3.24.2.u1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

The Company had no related party transactions during the fiscal year ended March 31, 2024, nor during the quarter ended June 30, 2024.

 
v3.24.2.u1
SUBSEQUENT EVENTS
 3 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

 

On March 17, 2023, Michelle Fisher, our Director of Curriculum, exercised 250,000 performance options and purchased 250,000 shares of “restricted” Rule 144 common stock at $0.02 per share, for total consideration of $5,000. In April of 2024, Ms. Fisher approached the Company about selling her shares back to the Company. On May 7, 2024, an agreement was reached in which the Company committed to purchase 250,000 shares of “restricted” Rule 144 stock from Ms. Fisher at $0.195 per share in a private transaction. This transaction was finalized on July 12, 2024, and the shares have been cancelled subsequent to June 30, 2024.
v3.24.2.u1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Interim Financial Information

Interim Financial Information

 

The accompanying unaudited condensed financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending March 31, 2024, or any future periods. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, filed with the SEC on June, 28, 2024.

 
Use of Estimates

Use of Estimates

 

The preparation of these condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include reserves related to accounts receivable and inventory, the valuation allowance related to deferred tax assets, the valuation of equity instruments, and debt discounts.

 
Revenue Recognition

Revenue Recognition

 

The Company accounts for revenue in accordance with FASB ASC 606, “Revenue from Contracts with Customers,” which we adopted on April 1, 2018. Revenue amounts presented in our condensed financial statements are recognized net of sales tax, value-added taxes, and other taxes. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped, or service performed.

 

The Company had deferred revenue of $82,870 as of June 30, 2024, related to contractual commitments with customers where the performance obligation will be satisfied within the fiscal year ended March 31, 2025. The revenue associated with these performance obligations is recognized as the obligation is satisfied. The Company had $14,549 of deferred revenue as of March 31, 2024.

 

Most of our contracts with customers contain transaction prices with fixed consideration; however, some contracts may contain variable consideration in the form of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, and other similar items. When a contract includes variable consideration, we evaluate the estimate of variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. This can result in recognition of revenue over time as we perform services or at a point in time when the deliverable is transferred to the customer, depending on an evaluation of the criteria for over time recognition in FASB ASC 606. For certain fixed-fee per transaction contracts, such as delivering training courses or conducting workshops, revenue is recognized during the period in which services are delivered in accordance with the pricing outlined in the contracts.

 

 
Net Earnings (Loss) Per Share of Common Stock

Net Earnings (Loss) Per Share of Common Stock

 

The Company calculates net income (loss) per share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Under ASC 260, basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. The weighted average number of shares of common stock outstanding includes vested restricted stock awards. Diluted net income (loss) per share (“EPS”) reflects the potential dilution that could occur assuming exercise of all dilutive unexercised stock options and warrants. The dilutive effect of these instruments was determined using the treasury stock method. Under the treasury stock method, the proceeds received from the exercise of stock options and restricted stock awards, the amount of compensation cost for future service not yet recognized by the Company, and the amount of tax benefits that would be recorded as income tax expense when the stock options become deductible for income tax purposes are all assumed to be used to repurchase shares of the Company’s common stock.

 

Common stock outstanding reflected in the Company’s balance sheets includes restricted stock awards outstanding. Securities that may participate in undistributed net income with common stock are considered participating securities. The computation of diluted earnings per share does not assume exercise or conversion of securities that would have an anti-dilutive effect. The following schedules presents the calculation of basic and diluted net income per share:

 

 

   2024   2023 
   For the Three Months ended June 30, 
   2024   2023 
Net Income per common Share:          
Basic  $0.01   $0.01 
Diluted  $0.01   $0.01 
           
Weighted average number of common shares outstanding Basic   124,733,494    125,732,479 
           
Weighted average number of common shares outstanding Fully Diluted   124,733,494    125,732,479 

 

Net income for the three (3) months ended June 30, 2024, and 2023, was $1,144,691 and $860,378, respectively.

 
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

The Company has reviewed recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position.
v3.24.2.u1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF BASIC AND DILUTED NET INCOME

 

   2024   2023 
   For the Three Months ended June 30, 
   2024   2023 
Net Income per common Share:          
Basic  $0.01   $0.01 
Diluted  $0.01   $0.01 
           
Weighted average number of common shares outstanding Basic   124,733,494    125,732,479 
           
Weighted average number of common shares outstanding Fully Diluted   124,733,494    125,732,479 
v3.24.2.u1
PREPAID EXPENSES (Tables)
 3 Months Ended
Jun. 30, 2024
Prepaid Expenses  
SCHEDULE OF PREPAID EXPENSES

Prepaid expenses for the periods are as follows:

 

 SCHEDULE OF PREPAID EXPENSES

   June 30, 2024   March 31, 2024 
Prepaid insurance  $4,366   $10,915 
Prepaid tradeshows   14,615    25,046 
Prepaid inventory   429,596    319,977 
Prepaid software   25,314    17,254 
Prepaid other   16,961    20,899 
Total Prepaid Expenses  $490,852   $394,091 
v3.24.2.u1
PAYROLL LIABILITIES & ACCRUED EXPENSES (Tables)
 3 Months Ended
Jun. 30, 2024
Payroll Liabilities Accrued Expenses  
SCHEDULE OF ACCRUED EXPENSES

Accrued expenses for the periods are as follows:

  

   June 30, 2024   March 31, 2024 
Payroll liabilities  $203,405   $165,087 
Sales tax payable   31,402    9,969 
State income tax payable   32,761    39,929 
Production printer accrued expenses   14,985    14,985 
Total  $282,553   $229,970 
v3.24.2.u1
SCHEDULE OF BASIC AND DILUTED NET INCOME (Details) - $ / shares
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net Income per common Share:    
Basic $ 0.01 $ 0.01
Diluted $ 0.01 $ 0.01
Weighted average number of common shares outstanding Basic 124,733,494 125,732,479
Weighted average number of common shares outstanding Fully Diluted 124,733,494 125,732,479
v3.24.2.u1
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Accounting Policies [Abstract]      
Deferred revenue $ 82,870   $ 14,549
Net income $ 1,144,691 $ 860,378  
v3.24.2.u1
BUSINESS CONDITION (Details Narrative) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Business Condition    
Cash $ 2,652,716 $ 1,329,708
Inventory 2,040,338 2,025,483
Prepaid inventory 430,000  
Accounts receivable $ 1,598,556 $ 1,675,859
v3.24.2.u1
ACCOUNTS RECEIVABLE (Details Narrative) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Credit Loss [Abstract]    
Allowance for doubtful accounts $ 34,204 $ 34,204
v3.24.2.u1
SCHEDULE OF PREPAID EXPENSES (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Prepaid Expenses    
Prepaid insurance $ 4,366 $ 10,915
Prepaid tradeshows 14,615 25,046
Prepaid inventory 429,596 319,977
Prepaid software 25,314 17,254
Prepaid other 16,961 20,899
Total Prepaid Expenses $ 490,852 $ 394,091
v3.24.2.u1
COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Common stock, shares authorized 150,000,000 150,000,000
Common stock, par value $ 0 $ 0
Common stock, shares issued 124,733,494 124,733,494
Common stock, shares outstanding 124,733,494 124,733,494
Stock option plan expense $ 0  
Repurchased shares 250,000  
Share price $ 0.195  
Repurchased value $ 48,750  
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common Stock [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Issuance of stock, shares 0  
v3.24.2.u1
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Payroll Liabilities Accrued Expenses    
Payroll liabilities $ 203,405 $ 165,087
Sales tax payable 31,402 9,969
State income tax payable 32,761 39,929
Production printer accrued expenses 14,985 14,985
Total $ 282,553 $ 229,970
v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 3 Months Ended
May 07, 2024
Mar. 17, 2023
Jun. 30, 2024
Repurchased shares     250,000
Share price     $ 0.195
Repurchased value     $ 48,750
Michelle Fisher [Member]      
Number of exercised shares issued   250,000  
Repurchased shares 250,000 250,000  
Share price $ 0.195 $ 0.02  
Repurchased value   $ 5,000  
PCS Edventures Com (PK) (USOTC:PCSV)
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