v2.4.1.9

PROVISION FOR INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income taxes consist of the following:

		Federal			State and Local			Total
March 31, 2015:
Current			608,589			382,232			990,821
Deferred			214,958			73,220			288,178
Total			823,547			455,452			1,278,999
March 31, 2014:
Current			—			31,068			31,068
Deferred			(550,482)			(71,000)			(621,482)
Total			(550,482)			(39,932)			(590,414)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table reconciles the effective income tax rate and the federal statutory rate of 34%.

		Years ended March 31,
		2015			2014
		%			%
Computed expected tax benefit, at 34%			(34.00)			(34.00)
Permanent items			3.10			0.80
Change in valuation allowance			78.30			5.80
Net change in fair value of warrant liability			0.00			25.20
Effect of foreign rate differential			1.80			0.50
Taxes included in minority interest			14.70			(0.30)
Intercompany profit			2.60			(0.50)
Other			3.50			3.10
State and local taxes, net of federal benefit			(11.70)			(7.46)
Income tax expense (benefit)			58.30			(6.86)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are presented below.

		March 31,
		2015			2014
Deferred income tax assets:
Foreign currency transactions		$	74,000		$	72,000
Accounts receivable			5,000			5,000
Inventory			518,000			304,000
Stock based compensation			2,440,000			2,125,000
Amortization of intangibles			—			206,000
Net operating loss carryforwards — U.S.			32,676,000			32,186,000
Net operating loss carryforwards — foreign			1,990,000			1,974,000
Other			2,000			2,000
Total gross assets			37,705,000			36,874,000
Less: Valuation allowance			(37,668,000)			(36,401,000)
Net deferred asset		$	37,000		$	473,000
Deferred income tax liability:
Intangible assets acquired in acquisition of subsidiary		$	(629,444)		$	(629,444)
Intangible assets acquired in investment in GCP			(740,708)			(888,863)
Net deferred income tax liability		$	(1,370,152)		$	(1,518,307)

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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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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