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COMMITMENTS | 12 Months Ended
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Mar. 31, 2014
COMMITMENTS |
COMMITMENTS | NOTE 16 — COMMITMENTS Leases On November 17, 2010, we entered into a lease agreement to lease approximately 3,200 square feet of office space in Center Valley, Pennsylvania to be used as our corporate headquarters. We took possession of the office space on April 1, 2011. Under the Lease, our payment obligations were deferred until the fifth month after it takes possession, at which time we began to pay annual rent in equal monthly installments, subject to upward adjustments during each subsequent year of the term of the Lease. In addition to Base Rent, we will pay to the Landlord certain operating expenses and other fees in accordance with the terms of the Lease. Payment of Base Rent and other fees under the Lease may be accelerated if we fail to satisfy our payment obligations in a timely manner, or otherwise default on our obligations under the Lease. The Lease expires sixty-four months after the date of the Lease. We may elect to renew the lease for an additional five-year term. The Lease contains customary representations and covenants regarding occupancy, maintenance and care of the Property. At March 31, 2014 we recorded a liability for deferred rent of $12,778 reflecting the difference between the expense recorded in the consolidated statement of operations and the monthly rent cash payments paid to the lessor. On November 15, 2013 we entered into a new lease agreement for approximately 1,000 sq. ft. of office space in Wuxi, China. The annual rental cost is approximately $4,000 and the lease expires on November 26, 2014. The lease can be renewed thereafter on an annual basis. Rent expense for all operating leases for the fiscal years ended March 31, 2014 and 2013 was $104,047 and $138,765, respectively. Future minimum lease payments required under non-cancellable operating leases in the aggregate, at March 31, 2014, totaled $150,314. The totals for each annual period ended on March 31 were: 2015- $64,954, 2016- $63,624 and 2017- $21,736. As of March 31, 2014, we had $0.7 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase raw materials and supplies at fixed prices. Employment Agreements We have employment agreements with our executive officers. Such agreements provide for minimum salary levels, adjusted annually, as well as for incentive bonuses that are payable if specified company goals are attained. The aggregate annual commitment at March 31, 2014 for future salaries during the next fiscal year 2015, excluding bonuses, was approximately $0.9 million.

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