XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:      
Net Income $ 1,703,390 $ 170,158 $ 1,004,316
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation 171,785 130,254 168,138
Amortization of deferred financing costs 74,077 52,471 0
Change in inventory reserve 339,000 (217,000) 135,000
Change in allowance for bad debts (122,952) 1,666 (7,841)
Loss from disposal of property and equipment 0 0 4,479
Stock-based compensation 24,214 46,308 107,351
Change in net deferred tax assets (102,976) 92,701 (778,797)
Changes in operating assets and liabilities:      
Accounts receivable 207,331 (512,283) 152,765
Accounts receivable related parties (26,152) 0 0
Inventories 3,418,192 (1,403,554) (1,839,206)
Prepaid expenses and other current assets (22,992) (1,521) (6,647)
Other non-current assets 0 6,236 142,326
Increase (decrease) in:      
Accounts payable (2,044,967) 849,104 782,951
Due to related parties (986,206) (147,825) 345,679
Accrued expenses 150,969 52,832 (239,698)
Obligations to customers for returns and allowances (278,327) (70,419) 93,549
Warranty provisions 94,627 (37,299) 19,701
Net cash provided by (used in) operating activities 2,552,036 (1,105,948) 64,428
Cash flows from investing activities:      
Purchase of property and equipment (135,816) (35,600) (214,677)
Refund (deposit) of restricted cash 0 138,042 (138,042)
Net cash (used in) provided by investing activities (135,816) 102,442 (352,719)
Cash flows from financing activities:      
Payment of deferred financing costs 0 (222,231) 0
Payments on long-term capital lease (12,628) (12,076) (10,606)
Net cash used in financing activities (416,016) (234,307) (10,606)
Net change in cash 2,000,204 (1,237,813) (298,897)
Cash at beginning of year 116,286 1,354,099 1,652,996
Cash at end of year 2,116,490 116,286 1,354,099
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 270,193 180,371 53,446
Cash paid for income taxes 0 0 13,348
Supplemental Disclosures of Non-cash Investing and Financing Activities:      
Conversion of related party payables to note payable 0 1,100,000 0
Property and equipment purchased under capital lease 0 36,388 0
Ram Light Management, Ltd [Member]      
Cash flows from financing activities:      
Payment on note payable related party - Ram Light Management, Ltd. (403,388) 0 0
Crestmark Bank [Member]      
Changes in operating assets and liabilities:      
Due from Affiliates 0 19,638 (19,638)
PNC Bank [Member]      
Changes in operating assets and liabilities:      
Due from Affiliates $ (46,977) $ (137,415) $ 0