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Reserve for Sales Returns | 12 Months Ended
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Mar. 31, 2020
First Priority Lien Percentage |
Reserve for Sales Returns | NOTE 15– RESERVE FOR SALES RETURNS A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company does make occasional exceptions to this return policy and accordingly records a sales return reserve based on historic return amounts, specific exceptions as identified and management estimates. The Company records a sales reserve for its return goods programs at the time of sale for estimated sales returns that may occur. The liability for defective goods is included in the reserve for sales returns on the consolidated balance sheets. Changes in the Company’s reserve for sales returns are presented in the following table:
|  | Fiscal Year Ended |
|  | March 31, 2020 |  |  | March 31, 2019 |
Reserve for sales returns at beginning of the fiscal year |  | $ | 896,154 |  |  | $ | 726,000 |
Provision for estimated sales returns |  |  | 5,770,436 |  |  |  | 3,997,946 |
Sales returns received |  |  | (5,442,590 | ) |  |  | (3,827,792 | )
Reserve for sales returns at end of the year |  | $ | 1,224,000 |  |  | $ | 896,154 |

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