WARRANTY PROVISIONS

9 Months Ended

Dec. 31, 2015

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

NOTE 13 – 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 warranty provision are presented in the following table:

	Three Months Ended				Nine Months Ended
	December 31,		December 31,		December 31,		December 31,
	2015		2014		2015		2014
Estimated warranty liabilities at beginning of period	$	627,531	$	528,031	$	197,873	$	235,172
Costs accrued for new estimated returns and allowances		562,398		488,477		1,200,305		985,278
Return and allowance obligations honored		(128,075)		(269,298)		(336,324)		(473,240)
Estimated warranty liabilities at end of period	$	1,061,854	$	747,210	$	1,061,854	$	747,210