Warranty Provisions

12 Months Ended

Mar. 31, 2018

Product Warranties Disclosures [Abstract]

Warranty Provisions

NOTE 15 – 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 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 Consolidated Balance Sheets.

Changes in the Company’s warranty provision are presented in the following table:

	Fiscal Year Ended
	March 31, 2018			March 31, 2017
Estimated warranty provision at beginning of year	$	223,700		$	292,500
Costs accrued for future estimated returns		1,239,186			1,248,670
Returns received		(1,216,046	)		(1,317,470	)
Estimated warranty provision at end of year	$	246,840		$	223,700