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Discontinued Operations in India | 9 Months Ended
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Oct. 31, 2012
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 17. Discontinued Operations in India The Company decided to discontinue operations in its India glove manufacturing facility and put the assets and business up for sale. The Company decided to sell this division primarily because it has incurred significant operating losses since inception, and the Company has been unsuccessful in developing sufficient sales to reach at least break even. The Company was attempting to sell the operations as an ongoing operation but shut down its operations in December 2011. Prior year financial statements for the three and nine months ended October 31, 2011 have been restated to present the operations of the India glove manufacturing subsidiary as a discontinued operation. In conjunction with the discontinuance of operations in FY12, the Company recognized a pretax loss on disposal of $1.4 million, primarily consisting of $0.9 million in fixed asset write-downs, $0.4 million in inventory write-downs and $0.1 million in professional fees relating to the sale and $0.3 million in shutdown expenses. The assets and liabilities of the discontinued operations are presented separately under the captions “Assets of discontinued operations in India” and “Liabilities of discontinued operations in India,” respectively, in the accompanying Balance Sheets at October 31, 2012 and January 31, 2012, and consist of the following:
|  | October 31, 2012 |  |  | January 31, 2012 |
Cash |  | $ | 219,949 |  |  | $ | 230,502 |
Accounts receivable |  |  | 16,494 |  |  |  | 6,772 |
Inventory |  |  | 220,603 |  |  |  | 200,000 |
Other current asset |  |  | 11,246 |  |  |  | 27,262 |
Property and equipment |  |  | 1,521,771 |  |  |  | 1,534,034 |
Total assets of discontinued operations |  |  | 1,990,063 |  |  |  | 1,998,570 |
Liabilities of discontinued operations: |  |  |  |  |  |  |  |
Accounts payable |  |  | 14,668 |  |  |  | 5,715 |
Other liabilities |  |  | 4,983 |  |  |  | 59,065 |
Total liabilities of discontinued operations |  |  | 19,651 |  |  |  | 64,780 |
Net assets of discontinued operations |  | $ | 1,970,412 |  |  | $ | 1,933,790 |
The following table illustrates the reporting of the discontinued operations reclassified on the face of the Statements of Operations for the nine months ended October 31, 2012 and 2011:
|  | Three Months Ended October 31, |  |  | Nine Months Ended October 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net sales |  |  | — |  |  | $ | 225,307 |  |  |  | — |  |  | $ | 742,055 |
Cost of goods sold |  |  | — |  |  |  | 372,691 |  |  |  | — |  |  |  | 1,056,757 |
Gross profit |  |  | — |  |  |  | (147,384 | ) |  |  | — |  |  |  | (314,702 | )
Operating expense |  |  | — |  |  |  | 100,312 |  |  |  | — |  |  |  | 249,630 |
Operating profit (loss) |  |  | — |  |  |  | (247,696 | ) |  |  | — |  |  |  | (564,332 | )
Shutdown expense accrual |  |  | — |  |  |  | 880,694 |  |  |  | — |  |  |  | 880,694 |
Loss from discontinued operations before income taxes |  |  | — |  |  |  | (1,128,390 | ) |  |  | — |  |  |  | (1,445,026 | )
Benefit from income taxes from discontinued operations |  |  | — |  |  |  | 406,120 |  |  |  | — |  |  |  | 520,210 |
Net loss from discontinued operations |  |  | — |  |  |  | (722,270 | ) |  |  | — |  |  |  | (924,816 | )
The above amounts presented for the previous fiscal year have been reclassified to conform to the current presentation.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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