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Equity Investment | 6 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Equity Investment | NOTE 4 - EQUITY INVESTMENT Investment in Gosling-Castle Partners Inc., consolidated In March 2017, the Company acquired an additional 201,000 shares (the “GCP Share Acquisition”) of the common stock of GCP, representing a 20.1% equity interest in GCP. GCP is a strategic global export venture between the Company and the Gosling family. As a result of the completion of the GCP Share Acquisition, the Company’s total equity interest in GCP increased to 80.1%. The consideration for the GCP Share Acquisition was (i) $20,000,000 in cash and (ii) 1,800,000 shares of common stock of the Company. The Company accounted for this transaction in accordance with ASC 810 “Consolidation,” and in particular section 810-10-45. For the three months ended September 30, 2018 and 2017, GCP had pretax net income on a stand-alone basis of $1,415,600 and $1,425,534, respectively. The Company allocated a portion of this net income, or $281,704 and $283,681, to non-controlling interest for the three months ended September 30, 2018 and 2017, respectively. For the six months ended September 30, 2018 and 2017, GCP had pretax net income on a stand-alone basis of $3,341,936 and $1,851,541, respectively. The Company allocated a portion of this net income, or $665,045 and $368,457, to non-controlling interest for the three months ended September 30, 2018 and 2017, respectively. The cumulative balance allocated to noncontrolling interests in GCP was $4,166,789 and $3,568,636 at September 30 and March 31, 2018, respectively, as shown on the accompanying condensed consolidated balance sheets. Investment in Copperhead Distillery Company, equity method In June 2015, CB-USA purchased 20% of Copperhead Distillery Company (“Copperhead”) for $500,000. Copperhead owns and operates the Kentucky Artisan Distillery. The investment was part of an agreement to build a new warehouse in Crestwood, Kentucky to store Jefferson’s bourbons, provide distilling capabilities using special mash-bills made from locally grown grains and create a visitor center and store to enhance the consumer experience for the Jefferson’s brand. In September 2017, CB-USA purchased an additional 5% of Copperhead for $156,000 from an existing shareholder. The Company has accounted for this investment under the equity method of accounting. For the three months ended September 30, 2018 and 2017, the Company recognized $55,113 and $29,846 of income from this investment, respectively. For the six months ended September 30, 2018 and 2017, the Company recognized $89,141 and $71,595 of income from this investment, respectively. The investment balance was $903,067 and $813,926 at September 30 and March 31, 2018, respectively.

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