v3.8.0.1

Provision for Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

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, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
Domestic Operations		$	577,902			$	945,985			$	(385,672	)
Foreign Operations			(169,527	)			(251,661	)			129,814
Total		$	408,375			$	694,324			$	(255,858	)

Schedule of Provision for (Benefit From) Income Taxes

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

		Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
Current provision (benefit)
Federal		$	182,891			$	1,617,000			$	1,183,000
State			30,761				(784,000	)			397,000
Foreign			-				-				-
Total current provision (benefit)		$	213,652			$	833,000			$	1,580,000
Deferred provision (benefit)
Federal		$	(74,135	)		$	(540,000	)		$	(148,152	)
State			853				9,702				19,000
Foreign			-				(115,000	)			-
Total deferred provision (benefit)		$	(73,282	)		$	(645,298	)		$	(129,152	)
Total provision (benefit)
Federal		$	108,756			$	1,077,000			$	1,034,848
State			31,614				(774,298	)			416,000
Foreign			-				(115,000	)			-
Total provision (benefit)		$	140,370			$	187,702			$	1,450,848

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate varies from the current blended statutory federal income tax rate of 30.79% for the year ended March 31, 2018 and the statutory rate of 34% for the years ended March 31, 2017 and 2016 as follows:

		Years ended March 31,
		2018				2017				2016
		%				%				%
Computed expected tax benefit, at federal statutory rate			(30.79	)			(34.00	)			(34.00	)
Permanent items			(32.58	)			(29.70	)			176.00
Share based compensation			(52.93	)			(48.46	)			0.00
Impact of 2017 Tax Act			(2,714.39	)			0.00				0.00
Change in valuation allowance			2,776.47				73.68				371.5
Effect of foreign operations			51.90				(67.87	)			12.20
Increase in unrecognized tax benefit			2.88				(1.65	)			0.00
Intercompany profit			0.00				0.00				13.90
Other			(1.98	)			(2.34	)			0.00
State and local taxes, net of federal benefit			(32.94	)			83.31				27.5
Effective tax rate			(34.37	)%			(27.03	)%			567.10	%

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

		March 31,
		2018				2017
Deferred income tax assets:
Accounts receivable		$	99,000			$	112,000
Inventory			988,000				1,204,000
Share based compensation			669,000				665,000
U.S. federal and state net operating losses			18,134,000				29,374,000
Foreign net operating losses			1,776,000				1,511,000
Other			73,000				245,000
Total gross assets			21,739,000				33,111,000
Less: Valuation allowance			(21,341,000	)			(32,621,000	)
Total deferred tax asset		$	398,000			$	490,000
Deferred income tax liability:
Intangible assets		$	(790,000	)		$	(994,000	)
Fixed assets			(56,000	)			(6,000	)
Other			(37,484	)			(48,766	)
Total deferred tax liability			(883,484	)			(1,048,766	)
Net deferred tax liability		$	(485,484	)		$	(558,766	)

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
Additions based on tax positions taken in the current and prior years			6,000
Settlements			-
Decreases based on tax positions taken in prior years			(18,000	)
Other			-
Balance at March 31, 2018		$	6,000

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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