INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

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

The income tax provision (benefit) for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2015, 2014 and 2013:

		2015		2014		2013
Income tax provision:
Current:
Federal	$	-	$	-	$	-
State		-		-		-

Total current Federal and State	$	-	$	-	$	-

Deferred:
Federal	$	80,836	$	(675,447)	$	(1,412,535)
State		11,865		(103,350)		(206,924)

Total income tax provision (benefit)	$	92,701	$	(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:

	2015		2014		2013

United States	$	161,255	$	(62,095)	$	92,122
Foreign		101,604		287,614		1,429,354
	$	262,859	$	225,519	$	1,521,476

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, 2015, 2014 and 2013 (computed by applying the U.S. Federal Corporate tax rate of 34 percent to income before taxes) as follows:

	2015		2014		2013

Expected tax expense	$	89,372	$	76,676	$	517,302
State income taxes, net of Federal income tax benefit		(97)		7,815		25,236
Permanent differences		7,507		8,374		5,421
Deemed Dividend		37,563		108,864		537,866
Change in valuation allowance		(91,034)		(820,040)		(2,246,235)
Tax rate differential on foreign earnings		(39,272)		(111,164)		(537,866)
Prior year adjustments		88,662		(49,322)		78,817
Actual tax provision (benefit)	$	92,701	$	(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:

	2015		2014		2013
Deferred tax assets:
Federal net operating loss carryforward	$	2,041,207	$	2,076,141	$	2,189,622
State net operating loss carryforward		318,830		413,401		413,849
AMT credit carryforward		52,004		36,808		36,808
Inventory differences		431,744		490,716		358,130
Allowance for doubtful accounts		67,305		66,658		67,849
Reserve for sales returns		76,482		90,895		81,082
Stock option compensation expense		74,716		59,713		-
Stock warrants		39,194		39,193		-
Accrued Vacation		9,183		10,241		9,839
Depreciation and amortization		-		-		81,739
Total deferred tax assets		3,110,665		3,283,766		3,238,918
Deferred tax liability:
Depreciation		(96,725)		(86,091)		-
Net deferred tax assets before valuation allowance		3,013,940		3,197,675		3,238,918
Valuation allowance		(708,385)		(799,419)		(1,619,459)
Net deferred tax assets	$	2,305,555	$	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:

Fiscal Year of	NOL		NOL
Expiration	Federal		State

2016	$	-	$	-
2017		-		-
2018		-		-
2019		-		-
2020		-		-
2021 and beyond		6,003,550		6,853,392

	$	6,003,550	$	6,853,392