XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (benefit) | The income tax provision for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2018 and 2017:
|  | 2018 |  |  | 2017 |
Income tax provision: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | 87,751 |
State |  |  | - |  |  |  | - |
Total current Federal and State |  | $ | - |  |  | $ | 87,751 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | 587,995 |  |  | $ | 849,983 |
State |  |  | (43,118 | ) |  |  | 79,339 |
Total Deferred Federal and State |  | $ | 544,877 |  |  | $ | 929,322 |
Total income tax provision |  | $ | 544,877 |  |  | $ | 1,017,073 |
Schedule of Income Before Income Tax | The United States and foreign components of income before income taxes are as follows:
|  | 2018 |  |  | 2017 |
United States |  | $ | 469,182 |  |  | $ | 2,507,010 |
Foreign |  |  | 228,181 |  |  |  | 216,261 |
|  | $ | 697,363 |  |  | $ | 2,723,271 |
Schedule of Difference Between Actual Tax Expenses and Expected Tax Expenses | The actual tax provision differs from the “expected” tax expense for the years ended March 31, 2018 and 2017 (computed by applying the U.S. Federal Corporate tax rate of 34 percent to income before taxes) as follows:
|  | 2018 |  |  | 2017 |
Expected tax expense |  | $ | 212,657 |  |  | $ | 925,912 |
State income taxes, net of Federal income tax benefit |  |  | 10,341 |  |  |  | 36,195 |
Permanent differences |  |  | 12,716 |  |  |  | 11,559 |
Deemed Dividend |  |  | 70,267 |  |  |  | 73,521 |
Change in income tax rate |  |  | 346,062 |  |  |  | - |
Tax rate differential on foreign earnings |  |  | (70,267 | ) |  |  | (73,529 | )
Other |  |  | (36,899 | ) |  |  | 43,415 |
Actual tax provision |  | $ | 544,877 |  |  | $ | 1,017,073 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows:
|  | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Federal net operating loss carryforward |  | $ | 263,231 |  |  | $ | 476,003 |
State net operating loss carryforward |  |  | 289,584 |  |  |  | 242,418 |
AMT credit carryforward |  |  | 92,723 |  |  |  | 139,754 |
Inventory differences |  |  | 190,327 |  |  |  | 436,695 |
Allowance for doubtful accounts |  |  | 18,462 |  |  |  | 46,837 |
Reserve for sales returns |  |  | 55,505 |  |  |  | 79,026 |
Stock option compensation expense |  |  | 104,676 |  |  |  | 93,178 |
Accrued expenses |  |  | 30,017 |  |  |  | 46,589 |
Total deferred tax assets |  |  | 1,044,525 |  |  |  | 1,560,500 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (76,364 | ) |  |  | (81,291 | )
Prepaid expenses |  |  | (31,024 | ) |  |  | - |
Net deferred tax assets |  | $ | 937,137 |  |  | $ | 1,479,209 |

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 income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration