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Restatement of Previously Issued Condensed Consolidated Financial Statements | 9 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Condensed Consolidated Financial Statements | NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Company has determined that in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, “Revenue from Contract with Customers,” the Company incorrectly accounted for the cost of its cooperative (“co-op”) promotion allowances (previously referred to as “cooperative advertising”) with its customers as selling expenses instead of a reduction in net sales for the three and nine months ended December 31, 2019, as these co-op promotion allowances are not a distinct good or service and the Company cannot reasonably estimate the fair value of the benefit it receives from these arrangements. The effects of this accounting error do not impact the condensed consolidated balance sheets, statements of cash flows and statements of shareholders’ equity. The effects are confined to the condensed consolidated statements of operations, and these notes to condensed consolidated financial statements. The tables below set forth the condensed consolidated statements of operations, including the balances as originally reported, adjustments and the as restated balances for each of the periods affected:
|  | For the Three Months Ended |
|  | As Reported |  |  |  |  |  | As Restated |
|  | December 31, 2019 |  |  | Adjustment |  |  | December 31, 2019 |
Net Sales |  | $ | 15,519,516 |  |  | $ | (1,661,940 | ) |  | $ | 13,857,576 |
Cost of Goods Sold |  |  | 11,486,520 |  |  |  | - |  |  |  | 11,486,520 |
Gross Profit |  |  | 4,032,996 |  |  |  | (1,661,940 | ) |  |  | 2,371,056 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Selling expenses |  |  | 3,402,717 |  |  |  | (1,661,940 | ) |  |  | 1,740,777 |
General and administrative expenses |  |  | 1,442,192 |  |  |  | - |  |  |  | 1,442,192 |
Depreciation |  |  | 77,161 |  |  |  | - |  |  |  | 77,161 |
Total Operating Expenses |  |  | 4,922,070 |  |  |  | (1,661,940 | ) |  |  | 3,260,130 |
Loss from Operations |  |  | (889,074 | ) |  |  | - |  |  |  | (889,074 | )
Other Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | (105,583 | ) |  |  | - |  |  |  | (105,583 | )
Finance Costs |  |  | (3,334 | ) |  |  | - |  |  |  | (3,334 | )
Total Other Expenses |  |  | (108,917 | ) |  |  | - |  |  |  | (108,917 | )
Loss Before Income Tax Benefit |  |  | (997,991 | ) |  |  | - |  |  |  | (997,991 | )
Income Tax Benefit |  |  | 240,042 |  |  |  | - |  |  |  | 240,042 |
Net Loss |  | $ | (757,949 | ) |  | $ | - |  |  | $ | (757,949 | )
|  | For the Nine Months Ended |
|  | As Reported |  |  |  |  |  | As Restated |
|  | December 31, 2019 |  |  | Adjustment |  |  | December 31, 2019 |
Net Sales |  | $ | 40,410,398 |  |  | $ | (2,858,069 | ) |  | $ | 37,552,329 |
Cost of Goods Sold |  |  | 29,747,376 |  |  |  | - |  |  |  | 29,747,376 |
Gross Profit |  |  | 10,663,022 |  |  |  | (2,858,069 | ) |  |  | 7,804,953 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Selling expenses |  |  | 6,550,139 |  |  |  | (2,858,069 | ) |  |  | 3,692,070 |
General and administrative expenses |  |  | 5,048,517 |  |  |  | - |  |  |  | 5,048,517 |
Depreciation |  |  | 196,210 |  |  |  | - |  |  |  | 196,210 |
Total Operating Expenses |  |  | 11,794,866 |  |  |  | (2,858,069 | ) |  |  | 8,936,797 |
Loss from Operations |  |  | (1,131,844 | ) |  |  | - |  |  |  | (1,131,844 | )
Other Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | (156,097 | ) |  |  | - |  |  |  | (156,097 | )
Finance Costs |  |  | (10,000 | ) |  |  | - |  |  |  | (10,000 | )
Total Other Expenses |  |  | (166,097 | ) |  |  | - |  |  |  | (166,097 | )
Loss Before Income Tax Benefit |  |  | (1,297,941 | ) |  |  | - |  |  |  | (1,297,941 | )
Income Tax Benefit |  |  | 294,633 |  |  |  | - |  |  |  | 294,633 |
Net Loss |  | $ | (1,003,308 | ) |  | $ | - |  |  | $ | (1,003,308 | )

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