v3.7.0.1

Provision for Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax Domestic and Foreign

The components of income before the provision (benefit) for income taxes are as follows:

		Year Ended March 31, 2017				Year Ended March 31, 2016				Year Ended March 31, 2015
Domestic Operations		$	945,985			$	(385,672	)		$	(2,285,380	)
Foreign Operations			(251,663	)			129,814				90,466
Total		$	694,322			$	(255,858	)		$	(2,194,914	)

Schedule of Provision for (Benefit From) Income Taxes

The provision (benefit) for income taxes is comprised of the following:

		Year Ended March 31, 2017				Year Ended March 31, 2016				Year Ended March 31, 2015
Current provision (benefit)
Federal		$	1,617,000			$	1,183,000			$	608,589
State			(784,000	)			397,000				382,232
Foreign			-				-				-
Total current provision (benefit)		$	833,000			$	1,580,000			$	990,821
Deferred provision (benefit)
Federal		$	(540,000	)		$	(148,152	)		$	214,958
State			9,702				19,000				73,220
Foreign			(115,000	)			-				-
Total deferred provision (benefit)		$	(645,298	)		$	(129,152	)		$	288,178
Total provision (benefit)
Federal		$	1,077,000			$	1,034,848			$	823,547
State			(774,298	)			416,000				455,452
Foreign			(115,000	)			-				-
Total provision (benefit)		$	187,702			$	1,450,848			$	1,278,999

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate varies from the current statutory federal income tax rate of 34% as follows:

		Years ended March 31,
		2017				2016				2015
		%				%				%
Computed expected tax benefit, at 34%			(34.00	)			(34.00	)			(34.00	)
Permanent items			(29.70	)			176.0				3.10
Share based compensation			(48.46	)			0.00				0.00
Change in valuation allowance*			73.68				371.5				81.8
Effect of foreign operations			(67.87	)			12.20				1.8
Increase in unrecognized tax benefit			(1.65	)			0.00				0.00
Intercompany profit			0.0				13.90				2.60
Other			(2.34	)			0.0				0.0
State and local taxes, net of federal benefit			83.31				27.5				3.0
Effective tax rate			(27.03	)%			567.10	%			58.30	%

*Change in valuation allowance includes state NOL and deferred tax true-ups.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

		March 31,
		2017				2016
Deferred income tax assets:
Foreign currency transactions		$	-			$	144,000
Accounts receivable			112,000				103,000
Inventory			1,204,000				857,000
Share based compensation			665,000				679,000
U.S. federal and state net operating losses			29,374,000				33,585,000
Foreign net operating losses			1,511,000				2,003,000
Other			245,000				2,000
Total gross assets			33,111,000				37,373,000
Less: Valuation allowance			(32,621,000	)			(37,355,000	)
Total deferred tax asset		$	490,000			$	18,000
Deferred income tax liability:
Intangible assets		$	(994,000	)		$	(1,222,000	)
Fixed assets			(6,000	)			-
Other			(48,766	)			-
Total deferred tax liability			(1,048,766	)			(1,222,000	)
Net deferred tax liability		$	(558,766	)		$	(1,204,000	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

Balance at March 31, 2016		$	-
Additions based on tax positions taken in the current and prior years			18,000
Settlements			-
Decreases based on tax positions taken in prior years			-
Other			-
Balance at March 31, 2017		$	18,000

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-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.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-SubTopic 10
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Tabular disclosure of the change in unrecognized tax benefits.

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