Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (benefit)

The income tax provision (benefit) for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2017, 2016 and 2015:

	2017		2016			2015
Income tax provision:
Current:
Federal	$	87,751	$	-		$	-
State		-		-			-
Total current Federal and State	$	87,751	$	-		$	-
Deferred:
Federal	$	849,983	$	(89,718	)	$	80,836
State		79,339		(11,658	)		11,865
Total Deferred Federal and State	$	929,322	$	(101,376	)	$	92,701
Total income tax (benefit) provision	$	1,017,073	$	(101,376	)	$	92,701

Schedule of Income Before Income Tax

The United States and foreign components of income (loss) before income taxes are as follows:

	2017		2016		2015
United States	$	2,507,010	$	1,406,301	$	161,255
Foreign		216,261		195,713		101,604
	$	2,723,271	$	1,602,014	$	262,859

Schedule of Difference Between Actual Tax Expenses and Expected Tax Expenses

The actual tax (benefit) provision differs from the “expected” tax expense for the years ended March 31, 2017, 2016 and 2015 (computed by applying the U.S. Federal Corporate tax rate of 34 percent to income before taxes) as follows:

	2017			2016			2015
Expected tax expense	$	925,912		$	544,684		$	89,372
State income taxes, net of Federal income tax benefit		36,195			19,420			(97	)
Permanent differences		11,559			11,176			7,507
Deemed Dividend		73,521			80,207			37,563
Change in valuation allowance		-			(708,385	)		(91,034	)
Tax rate differential on foreign earnings		(73,529	)		(75,007	)		(39,272	)
Other		43,415			26,529			88,662
Actual tax (benefit) provision	$	1,017,073		$	(101,376	)	$	92,701

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows:

	2017			2016
Deferred tax assets:
Federal net operating loss carryforward	$	476,003		$	1,481,531
State net operating loss carryforward		242,418			277,673
AMT credit carryforward		139,754			52,004
Inventory differences		436,695			443,749
Allowance for doubtful accounts		46,837			19,614
Reserve for sales returns		79,026			112,100
Stock option compensation expense		93,178			80,489
Stock warrants		35,822			38,863
Accrued Vacation		10,767			11,212
Total deferred tax assets		1,560,500			2,517,235
Deferred tax liability:
Depreciation		(81,291	)		(108,704	)
Net deferred tax assets before valuation allowance		1,479,209			2,408,531
Valuation allowance		-			-
Net deferred tax assets	$	1,479,209		$	2,408,531