INVENTORIES

9 Months Ended

Dec. 31, 2014

NOTE 3 — INVENTORIES

	December 31,		March 31,
	2014		2014
Raw materials	$	9,846,974	$	4,502,234
Finished goods – net		12,068,128		10,147,795

Total	$	21,915,102	$	14,650,029

As of December 31 and March 31, 2014, 11% and 19%, respectively, of raw materials and 5% and 5%, respectively, of finished goods were located outside of the United States.

In March and October 2013 and April, September and October 2014, the Company acquired $2,496,000, $847,500, $4,237,500, $196,263 and $900,000 of aged bourbon whiskey, respectively, in support of its anticipated near and mid-term needs.

The Company estimates the allowance for obsolete and slow moving inventory based on analyses and assumptions including, but not limited to, historical usage, expected future demand and market requirements.

Inventories are stated at the lower of weighted average cost or market.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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