XML 68 R54.htm IDEA: XBRL DOCUMENT v3.19.2

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Taxes [Abstract]

Income Tax Expense

The income tax expense is as follows:

		Years Ended March 31,
		2019				2018				2017
Current tax expense						(As Adjusted)				(As Adjusted)
Federal		$	680,000			$	12,187,000			$	10,085,000
State			647,000				1,425,000				395,000
Foreign			1,723,000				1,194,000				1,455,000
Total current tax expense			3,050,000				14,806,000				11,935,000
Deferred tax (benefit) expense
Federal			(2,087,000	)			949,000				4,261,000
State			(295,000	)			393,000				2,174,000
Foreign			(400,000	)			(23,000	)			(384,000	)
Total deferred tax (benefit) expense			(2,782,000	)			1,319,000				6,051,000
Total income tax expense		$	268,000			$	16,125,000			$	17,986,000

Deferred Income Taxes

Deferred income taxes consist of the following at March 31:

		2019				2018
Assets						(As Adjusted)
Allowance for bad debts		$	1,005,000			$	1,044,000
Customer allowances earned			3,177,000				2,871,000
Allowance for stock adjustment returns			2,073,000				2,038,000
Inventory obsolescence reserve			3,701,000				1,666,000
Stock options			2,221,000				1,728,000
Estimate for returns			2,107,000				876,000
Accrued compensation			1,578,000				1,152,000
Net operating losses			2,088,000				1,079,000
Tax credits			1,495,000				1,363,000
Other			5,776,000				2,091,000
Total deferred tax assets		$	25,221,000			$	15,908,000
Liabilities
Plant and equipment, net			(3,316,000	)			(1,025,000	)
Intangibles, net			(5,390,000	)			(3,560,000	)
Other			(3,278,000	)			(3,072,000	)
Total deferred tax liabilities		$	(11,984,000	)		$	(7,657,000	)
Less valuation allowance		$	(3,748,000	)		$	(1,779,000	)
Net deferred tax assets		$	9,489,000			$	6,472,000
Net long-term deferred income tax liability			(257,000	)			(226,000	)
Net long-term deferred income tax asset			9,746,000				6,698,000
Total		$	9,489,000			$	6,472,000

Difference Between Income Tax Expense at the Federal Statutory Rate and Effective Tax Rate

The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate is as follows:

		Years Ended March 31,
		2019				2018				2017
						(As Adjusted)				(As Adjusted)
Statutory federal income tax rate			21.0	%			31.5	%			35.0	%
State income tax rate, net of federal benefit			(3.7	)%			3.6	%			2.3	%
Excess tax benefit from stock compensation			0.7	%			(0.7	)%			(1.4	)%
Foreign income taxed at different rates			-	%			(2.6	)%			(0.7	)%
Warrants			-	%			(2.1	)%			(2.4	)%
Non-deductible executive compensation			(7.3	)%			1.0	%			0.8	%
Change in valuation allowance			(15.3	)%			4.8	%			-	%
Effects of mandatory redeemed repatriation			-	%			1.5	%			-	%
Effects of U.S. tax rate changes			0.3	%			8.0	%			-	%
Uncertain tax positions			1.8	%			0.6	%			(0.2	)%
Research and development credit			1.3	%			(0.2	)%			-	%
Non-deductible transaction costs			(2.1	)%			-	%			-	%
Other income tax			(0.2	)%			0.2	%			(1.7	)%
			(3.5	)%			45.6	%			31.7	%

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		Years Ended March 31,
		2019				2018				2017
Balance at beginning of period		$	1,219,000			$	1,092,000			$	1,181,000
Additions based on tax positions related to the current year			91,000				234,000				141,000
Additions for tax positions of prior year			-				-				106,000
Reductions for tax positions of prior year			(227,000	)			(107,000	)			-
Settlements			-				-				(336,000	)
Balance at end of period		$	1,083,000			$	1,219,000			$	1,092,000

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration