Warranty Provisions

9 Months Ended

Dec. 31, 2017

Product Warranties Disclosures [Abstract]

Warranty Provisions

NOTE 12 – 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:

	Nine Months Ended
	December 31,			December 31,
	2017			2016
Estimated warranty provision at beginning of period	$	223,700		$	292,500
Costs accrued for future estimated returns		1,745,463			1,263,733
Returns received		(599,463	)		(480,306	)
Estimated warranty provision at end of period	$	1,369,700		$	1,075,927