v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 270,192 $ 506,532 $ (1,706,706)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 809,395 1,030,093 939,513
Provision for doubtful accounts 59,012 123,200 61,000
Amortization of deferred financing costs 112,696 160,681 177,127
Deferred income tax (benefit) expense, net (73,282) (645,235) (129,152)
Net income from equity investment in non-consolidated affiliate (87,829) (51,430) (18,667)
Effect of changes in foreign currency translation 77,125 (83,706) 190,867
Stock-based compensation expense 1,974,745 1,577,994 1,370,556
Addition to provision for obsolete inventories 376,611 240,000 200,000
Changes in operations, assets and liabilities:      
Accounts receivable (1,656,482) (1,182,011) 85,040
Due from affiliates 3,279 135,471
Inventory (5,898,746) (4,344,791) (6,498,338)
Prepaid expenses and supplies (39,297) (2,066,856) (117,258)
Other assets (103,728) (60,117) (92,260)
Accounts payable and accrued expenses (2,085,822) 2,217,652 3,163,818
Accrued interest 10,579 10,579 10,579
Due to related parties 627,591 820,247 (625,812)
Other liabilities (13,888) 20,666
Total adjustments (5,911,320) (2,229,755) (1,147,516)
NET CASH USED IN OPERATING ACTIVITIES (5,641,128) (1,723,223) (2,854,222)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of equipment (294,304) (364,740) (466,462)
Acquisition of intangible assets (14,602) (2,740) (23,885)
Investment in consolidated entity (20,000,000)
Investment in non-consolidated affiliate, at equity (156,000) (500,000)
Change in restricted cash (22) (7,040) (257)
NET CASH USED IN INVESTING ACTIVITIES (464,928) (20,374,520) (990,604)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from (payments on) credit facility 5,471,837 1,044,531 1,965,050
Proceeds from 11% Subordinated note 20,000,000
Payments on Bourbon term loan (744,900)
Net proceeds from (payments on) foreign revolving credit facility 119,835 (34,743)
Proceeds from issuance of common stock 3,251,989
Proceeds from issuance of common stock under employee stock purchase plan 33,272
Payments for costs of stock issuance (14,355) (124,876)
Subsidiary dividend paid to non-controlling interests (600,000)
Proceeds from exercise of common stock options 235,263 251,189 374,980
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,860,207 21,281,365 4,087,500
EFFECTS OF FOREIGN CURRENCY TRANSLATION 11,788 (3,106) (3,745)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (234,061) (819,484) 238,929
CASH AND CASH EQUIVALENTS - BEGINNING 611,048 1,430,532 1,191,603
CASH AND CASH EQUIVALENTS - ENDING 376,987 611,048 1,430,532
Schedule of non-cash investing and financing activities:      
Conversion of 5% convertible note to common stock 1,632,000
Issuance of common stock in connection with acquisition of additional 20.1% of noncontrolling interests 2,448,000
Interest paid 3,554,030 1,159,667 894,099
Income taxes paid $ 1,904,211 $ 1,553,377 $ 1,079,387