v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 506,532 $ (1,706,706) $ (3,473,913)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 1,030,093 939,513 907,540
Provision for doubtful accounts 123,200 61,000 (49,984)
Amortization of deferred financing costs 160,681 177,127 166,942
Deferred income tax (benefit) expense, net (645,235) (129,152) 288,178
Net income from equity investment in non-consolidated affiliate (51,430) (18,667)
Effect of changes in foreign currency translation (83,706) 190,867 4,564
Stock-based compensation expense 1,577,994 1,370,556 787,710
Addition to provision for obsolete inventories 240,000 200,000 281,000
Changes in operations, assets and liabilities:      
Accounts receivable (1,182,011) 85,040 (1,671,925)
Due from affiliates 3,279 135,471 (23,462)
Inventory (4,344,791) (6,498,338) (7,223,601)
Prepaid expenses and supplies (2,066,856) (117,258) 77,587
Other assets (60,117) (92,260) (272,000)
Accounts payable and accrued expenses 2,217,652 3,163,818 1,321,722
Accrued interest 10,579 10,579
Due to related parties 820,247 (625,812) 27,642
Other liabilities 20,666
Total adjustments (2,229,755) (1,147,516) (5,378,087)
NET CASH USED IN OPERATING ACTIVITIES (1,723,223) (2,854,222) (8,852,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of equipment (364,740) (466,462) (333,742)
Acquisition of intangible assets (2,740) (23,885) (160,109)
Investment in consolidated entity (20,000,000)
Investment in non-consolidated affiliate, at equity (500,000)
Change in restricted cash (7,040) (257) (929)
NET CASH USED IN INVESTING ACTIVITIES (20,374,520) (990,604) (494,780)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from (payments on) credit facility 1,044,531 1,965,050 8,170,507
Proceeds from 11% Subordinated note 20,000,000
Payments on Bourbon term loan (744,900) (1,270,100)
Payments on Junior loan (1,250,000)
Net (payments on) proceeds from foreign revolving credit facility (34,743) 21,278
Proceeds from issuance of common stock 3,251,989 3,319,915
Payments for costs of stock issuance (14,355) (124,876) (186,347)
Subsidiary dividend paid to non-controlling interests (600,000)
Proceeds from exercise of common stock warrants 598,715
Proceeds from exercise of common stock options 251,189 374,980 222,984
NET CASH PROVIDED BY FINANCING ACTIVITIES 21,281,365 4,087,500 9,626,952
EFFECTS OF FOREIGN CURRENCY TRANSLATION (3,106) (3,745) 2,930
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (819,484) 238,929 283,102
CASH AND CASH EQUIVALENTS — BEGINNING 1,430,532 1,191,603 908,501
CASH AND CASH EQUIVALENTS — ENDING 611,048 1,430,532 1,191,603
Schedule of non-cash investing and financing activities:      
Issuance of common stock in connection with acquisition of additional 20.1% of noncontrolling interests 2,448,000
Surrender of common stock in connection with exercise of common stock warrant 31,250
Conversion of 5% convertible note, and accrued interest thereon, to common stock 451,417
Interest paid 1,159,667 894,099 937,973
Income taxes paid $ 1,553,377 $ 1,079,387 $ 293,525