INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax benefit for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2014, 2013 and 2012:

	2014		2013		2012
Income tax provision:
Current:
Federal	$	-	$	-	$	-
State		-		-		-
Total current Federal and State	$	-	$	-	$	-
Deferred:
Federal	$	(675,447)	$	(1,412,535)	$	-
State		(103,350)		(206,924)		-
Total income tax benefit	$	(778,797)	$	(1,619,459)	$	-

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The United States and foreign components of income (loss) before income taxes are as follows:

	2014		2013		2012
United States	$	(62,095)	$	92,122	$	(432,111)
Foreign		287,614		1,429,354		895,227
	$	225,519	$	1,521,476	$	463,116

Schedule Of Difference Between Actual Tax Expenses And Expected Tax Expenses [Table Text Block]

The actual tax expense differs from the "expected" tax expense for the years ended March 31, 2014, 2013 and 2012 (computed by applying the U.S. Federal Corporate tax rate of 34 percent to income before taxes) as follows:

	2014		2013		2012
Expected tax expense	$	76,676	$	517,302	$	157,459
State income taxes, net of Federal income tax benefit		7,815		25,236		26,299
Permanent differences		8,374		5,421		5,247
Deemed Dividend		108,864		537,866		304,377
Change in valuation allowance		(820,040)		(2,246,235)		385,219
Tax rate differential on foreign earnings		(111,164)		(537,866)		(304,377)
Prior year adjustments		(49,322)		78,817		(574,224)
Actual tax benefit	$	(778,797)	$	(1,619,459)	$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows:

	2014		2013		2012
Deferred tax assets:
Federal net operating loss carryforward	$	2,076,141	$	2,189,622	$	2,579,924
State net operating loss carryforward		413,401		413,849		431,306
AMT credit carryforward		36,808		36,808		70,090
Inventory differences		490,716		358,130		438,773
Allowance for doubtful accounts		66,658		67,849		57,308
Reserve for sales returns		90,895		81,082		74,718
Stock option compensation expense		59,713		-		-
Stock warrants		39,193		-		-
Charitable contributions		-		-		60,700
Accrued Vacation		10,241		9,839		9,551
Depreciation and amortization		-		81,739		135,660
Amortization of reorganization intangible		-		-		7,664
Total deferred tax assets		3,283,766		3,238,918		3,865,694
Deferred tax liability:
Depreciation		(86,091)		-		-
Net deferred tax asset before valuation allowance		3,197,675		3,238,918		3,865,694
Valuation allowance		(799,419)		(1,619,459)		(3,865,694)
Net deferred tax assets	$	2,398,256	$	1,619,459	$	-

Summary of Operating Loss Carryforwards [Table Text Block]

Net operating loss carry forward amounts and their year of expiration are as follows:

Year of	NOL		NOL
Expiration	Federal		State
2014	$	-	$	-
2015		-		1,984,929
2016		-		-
2017		-		-
2018		-		-
2019 and beyond		6,106,299		6,884,857
	$	6,106,299	$	8,869,786