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OPERATING LEASES
6 Months Ended
Sep. 30, 2014
Leases, Operating [Abstract]  
Operating Leases of Lessor Disclosure [Text Block]
NOTE 8    -      OPERATING LEASES
 
The Company entered into a lease for a portion of a one-story warehouse, located at 135-137 Ludlow Avenue, Northvale, New Jersey, consisting of approximately 15,000 square feet of floor space. The lease term began on July 1, 2010.
 
On July 29, 2014, the Company agreed to a modification of this operating lease, with the material terms of the modification including the Company being permitted to occupy the entire 35,000 square feet in the building.
 
The lease terms, as modified, include an initial term that expires on December 31, 2016, and the Company has the option to renew the lease for two additional terms of five years each. The lease is classified as an operating lease.
 
The property related to this lease is used for the storage of pharmaceutical finished goods, raw materials, equipment and documents, as well as a site at which the Company engages in manufacturing packaging and distribution activities, inclusive of regulatory support and compliance activities.
 
Minimum 5 year payments* for the initial term for the leasing of 35,000 square feet at 135 Ludlow are as follows:
 
Fiscal year ended March 31, 2015
 
 
71,913
 
Fiscal year ended March 31, 2016
 
 
203,850
 
Fiscal year ended March 31, 2017
 
 
155,169
 
Fiscal year ended March 31, 2018
 
 
 
Fiscal year ended March 31, 2019
 
 
 
Total Minimum 5 year lease payments
 
$
430,932
 
 
* Minimum lease payments are exclusive of additional expenses related to certain expenses incurred in the operation and maintenance of the premises, including, without limitation, real estate taxes and common area charges which may be due under the terms and conditions of the lease, but which are not quantifiable at the time of filing of this quarterly report on Form 10-Q.
 
Rent expense relating to the operating lease is recorded using the straight line method, and is summarized as follows:
 
RENT EXPENSE
 
 
Three months ended
 
Six months ended
 
 
 
September 30,
 
September 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
Rent Expense
 
$
45,214
 
$
22,584
 
$
63,003
 
$
45,169
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in deferred rent liability
 
$
24,010
 
$
1,899
 
$
20,595
 
$
3,799
 
 
DEFERRED RENT LIABILITY (LONG-TERM LIABILITY)
 
 
March 31
2014
 
June 30
2014
 
Sept 30
2014
 
Balance of Deferred Rent Liability
 
$
18,824
 
$
16,437
 
$
7,573