WARRANTY PROVISIONS

9 Months Ended

Dec. 31, 2014

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

NOTE 14 – WARRANTY PROVISIONS

A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of the invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the condensed consolidated balance sheets.

Changes in the Company’s obligations for return and allowance programs are presented in the following table:

	Three Months Ended				Nine Months Ended
	December 31,		December 31,		December 31,		December 31,
	2014		2013		2014		2013
Estimated return and allowance liabilities at beginning of period	$	528,031	$	365,467	$	235,172	$	215,471
Costs accrued for new estimated returns and allowances		488,477		536,131		985,278		911,635
Return and allowance obligations honored		(269,298)		(127,632)		(473,240)		(353,140)
Estimated return and allowance liabilities at end of period	$	747,210	$	773,966	$	747,210	$	773,966