Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (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 2019 and 2018:

	2019			2018
Income tax provision (benefit):
Current:
Federal	$	(19,289	)	$	-
State		-			-
Total current Federal and State tax provision (benefit)		(19,289	)		-
Deferred:
Federal		159,881			587,995
State		18,888			(43,118	)
Total Deferred Federal and State provision (benefit)		178,769			544,877
Total income tax provision (benefit)	$	159,480		$	544,877

Schedule of Income Before Income Tax

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

	2019		2018
United States	$	607,652	$	469,182
Foreign		183,375		228,181
	$	791,027	$	697,363

Schedule of Difference Between Actual Tax Expenses and Expected Tax Expenses

The actual tax provision differs from the “expected” tax expense for the years ended March 31, 2019 and 2018 (computed by applying the U.S. Federal Corporate tax rate of 21 percent to income before taxes) as follows:

	2019			2018
Expected tax expense	$	166,506		$	212,657
State income taxes, net of Federal income tax benefit		13,478			10,341
Permanent differences		8,282			12,716
Deemed Dividend		20,813			70,267
Change in income tax rate		-			346,062
Tax rate differential on foreign earnings		(20,813	)		(70,267	)
Other		(28,786	)		(36,899	)
Actual tax provision	$	159,480		$	544,877

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:

	2019			2018
Deferred tax assets:
Federal net operating loss carryforward	$	236,476		$	263,231
State net operating loss carryforward		272,758			289,584
AMT credit carryforward		19,289			92,723
Inventory differences		176,967			190,327
Allowance for doubtful accounts		11,599			18,462
Reserve for sales returns		67,439			55,505
Stock option compensation expense		109,464			104,676
Stock warrants		23,018			22,802
Accrued expenses		7,944			7,215
Total deferred tax assets		924,954			1,044,525
Deferred tax liabilities:
Depreciation		(108,706	)		(76,364	)
Prepaid expenses		(57,882	)		(31,024	)
Net deferred tax assets	$	758,366		$	937,137