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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision (Benefit) | The income tax(benefit) provision for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2020 and 2019:
|  | 2020 |  |  | 2019 |
Income tax benefit: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | (104,437 | ) |  | $ | (19,289 | )
State |  |  | - |  |  |  | - |
Total current Federal and State tax benefit |  | $ | (104,437 | ) |  | $ | (19,289 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | (521,776 | ) |  | $ | 159,881 |
State |  | $ | (15,601 | ) |  | $ | 18,888 |
Total Deferred Federal and State |  | $ | (537,377 | ) |  | $ | 178,769 |
Total income tax (benefit) provision |  | $ | (641,814 | ) |  | $ | 159,480 |
Schedule of Income (Loss) Before Income Tax | The United States and foreign components of income (loss) before income taxes are as follows:
|  | 2020 |  |  | 2019 |
United States |  | $ | (3,765,272 | ) |  | $ | 607,652 |
Foreign |  |  | 266,458 |  |  |  | 183,375 |
|  | $ | (3,498,814 | ) |  | $ | 791,027 |
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, 2020 and 2019 (computed by applying the U.S. Federal Corporate tax rate of 21 percent to income before taxes) as follows:
|  | 2020 |  |  | 2019 |
Expected tax (benefit) expense |  | $ | (734,751 | ) |  | $ | 166,506 |
State income taxes, net of Federal income tax (benefit) provision |  |  | (175,245 | ) |  |  | 13,478 |
Permanent differences |  |  | 9,977 |  |  |  | 8,282 |
Deemed dividend from foreign subsidiary |  |  | - |  |  |  | 20,813 |
Tax rate differential on foreign earnings |  |  | - |  |  |  | (20,813 | )
Change in valuation allowance |  |  | 87,842 |  |  |  | - |
Effect of IRC §382 on NOL |  |  | 100,966 |  |  |  | - |
Tax rate differential on NOL carryback |  |  | 16,263 |  |  |  | - |
Correction of state rate |  |  | 83,803 |  |  |  | - |
Other |  |  | (30,669 | ) |  |  | (28,786 | )
Actual tax (benefit) provision |  | $ | (641,814 | ) |  | $ | 159,480 |
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:
|  | 2020 |  |  | 2019 |
NOL Federal Carryforward |  | $ | 312,430 |  |  | $ | 236,476 |
State NOL Carryforward |  |  | 157,967 |  |  |  | 272,758 |
AMT credit carryforward |  |  | - |  |  |  | 19,289 |
General business credit |  |  | 14,196 |  |  |  | - |
Inventory differences |  |  | 303,529 |  |  |  | 176,967 |
Stock option compensation expense |  |  | 128,220 |  |  |  | 109,464 |
Stock warrants |  |  | - |  |  |  | 23,018 |
Allowance for doubtful accounts |  |  | 143,748 |  |  |  | 11,599 |
Insurance contingency |  |  | 220,425 |  |  |  | - |
Reserve for estimated returns |  |  | 112,537 |  |  |  | 67,439 |
Accrued vacation |  |  | 42,928 |  |  |  | 7,945 |
Business interest deduction |  |  | 55,978 |  |  |  | - |
|  |  | 1,491,958 |  |  |  | 924,955 |
Less: valuation allowance |  |  | (87,842 | ) |  |  | - |
|  | $ | 1,404,116 |  |  | $ | 924,955 |
Depreciable and amortizable assets |  |  | (82,512 | ) |  |  | (108,707 | )
Prepaid expenses |  |  | (35,883 | ) |  |  | (57,882 | )
Net deferred tax liability |  |  | (118,395 | ) |  |  | (166,589 | )
Net deferred tax asset |  | $ | 1,285,721 |  |  | $ | 758,366 |

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- 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
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