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Basis of Presentation (Tables)

6 Months Ended

Sep. 30, 2013

Schedule of error corrections and prior period adjustments


Consolidated Balance Sheet	September 30, 2012 as Reported		Correction			September 30, 2012 as Corrected
Finance receivables, net	$	249,072,304	$	(1,059,253	)	$	248,013,051
Deferred income taxes		8,089,112		405,483			8,494,595
Retained earnings, September 30, 2012		115,399,320		(653,770	)		114,745,550


Consolidated Statements of Income – Three months ended September 30, 2012	Three months ended September 30, 2012 as Reported		Correction			Three months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	17,761,998	$	2,934,243		$	20,696,241
Provision for credit losses		308,340		2,953,381			3,261,721
Operating income		8,407,734		(19,138	)		8,388,596
Income tax expense		3,245,784		(7,326	)		3,238,458
Net income		5,161,950		(11,812	)		5,150,138
Earnings per share – basic		0.43		—			0.43
Earnings per share – diluted		0.42		—			0.42


Consolidated Statements of Income – Six months ended September 30, 2012	Six months ended September 30, 2012 as Reported		Correction		Six months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	35,032,086	$	6,082,112	$	41,114,198
Provision for credit losses		318,712		6,046,275		6,364,987
Operating income		17,141,976		35,837		17,177,813
Income tax expense		6,606,501		13,718		6,620,219
Net income		10,535,475		22,119		10,557,594
Earnings per share – basic		0.88		—		0.88
Earnings per share – diluted		0.86		0.01		0.87


Consolidated Statements of Cash Flows (Operating Activities)	Six months ended September 30, 2012 as Reported		Correction			Six months ended September 30, 2012 as Corrected
Net income	$	10,535,475	$	22,119		$	10,557,594
Provision for credit losses		318,712		6,046,275			6,364,987
Deferred income taxes		614,987		13,718			628,705
Amortization of dealer discounts		—		(6,082,112	)		(6,082,112	)
Net cash provided by operating activities		12,736,379		—			12,736,379

Reconciliation Allowance For Credit Loss | Contracts

Schedule of error corrections and prior period adjustments


	Three months ended September 30, 2012 as Reported			Correction			Three months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,645,655		$	(16,003,999	)	$	19,641,656
Discounts acquired on new volume		2,843,382			(2,843,382	)		—
Provision for credit losses		293,618			2,953,380			3,246,998
Losses absorbed		(5,295,524	)		—			(5,295,524	)
Recoveries		763,687			—			763,687
Discounts accreted		(150,157	)		150,157			—

Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817


	Six months ended September 30, 2012 as Reported			Correction			Six months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
Discounts acquired on new volume		5,944,320			(5,944,320	)		—
Provision for credit losses		214,400			6,046,274			6,260,674
Losses absorbed		(8,955,368	)		—			(8,955,368	)
Recoveries		1,552,303			—			1,552,303
Discounts accreted		(150,678	)		150,678			—

Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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