v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,532,201) $ (2,059,959)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 461,325 431,971
Provision for doubtful accounts 43,000 68,000
Amortization of deferred financing costs 92,181 87,718
Income tax expense, net (90,076) 422,924
Net income from equity investment in non-consolidated affiliate (4,513) 0
Effect of changes in foreign exchange 89,579 265,458
Stock-based compensation expense 698,390 400,264
Changes in operations, assets and liabilities:    
Accounts receivable 264,416 2,318,343
Due from affiliates 137,283 (26,369)
Inventory (2,562,691) (7,262,393)
Prepaid expenses and supplies 202,982 (88,582)
Other assets (86,667) (204,372)
Accounts payable and accrued expenses 1,648,871 21,625
Accrued interest 5,289 5,289
Due to related parties (491,966) 1,040,608
Total adjustments 407,403 (2,519,516)
NET CASH USED IN OPERATING ACTIVITIES (1,124,798) (4,579,475)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (202,260) (214,960)
Acquisition of intangible assets (17,138) (27,500)
Investment in non-consolidated affiliate, at equity (500,000) 0
Change in restricted cash (159) (556)
NET CASH USED IN INVESTING ACTIVITIES (719,557) (243,016)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from credit facility 384,074 4,954,027
Payments on Bourbon term loan (744,900) (429,650)
Payments on Junior loan 0 (1,250,000)
Net (payments on) proceeds from foreign revolving credit facility (34,896) 115,079
Proceeds from issuance of common stock 3,251,989 1,231,241
Payments for costs of stock issuance (95,344) (64,198)
Subsidiary dividend paid to non-controlling interests (600,000) 0
Proceeds from exercise of common stock warrants 0 598,715
Proceeds from exercise of common stock options 234,088 140,838
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,395,011 5,296,052
EFFECTS OF FOREIGN CURRENCY TRANSLATION (3,019) (1,215)
NET INCREASE IN CASH AND CASH EQUIVALENTS 547,637 472,346
CASH AND CASH EQUIVALENTS — BEGINNING 1,191,603 908,501
CASH AND CASH EQUIVALENTS — ENDING 1,739,240 1,380,847
Schedule of non-cash investing and financing activities:    
Surrender of common stock in connection with exercise of common stock warrant 0 31,250
Conversion of 5% convertible note to common stock 0 250,000
Interest paid 425,056 485,685
Income taxes paid $ 1,079,270 $ 35,000