Warranty Provisions

9 Months Ended

Dec. 31, 2016

Product Warranties Disclosures [Abstract]

Warranty Provisions

NOTE 11 – 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 after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off 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, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Estimated warranty provision at beginning of period	$	859,872		$	627,531		$	292,500		$	197,873
Costs accrued for future estimated returns		456,969			562,398			1,263,733			1,200,305
Returns received		(240,914	)		(128,075	)		(480,306	)		(336,324	)
Estimated warranty provision at end of period	$	1,075,927		$	1,061,854		$	1,075,927		$	1,061,854