Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Summary of Restatement of Condensed Consolidated Financial Statements

The tables below set forth the condensed consolidated statements of operations, including the balances as originally reported, adjustments and the as restated balances for each of the periods affected:

	For the Three Months Ended
	As Reported						As Restated
	December 31, 2019			Adjustment			December 31, 2019
Net Sales	$	15,519,516		$	(1,661,940	)	$	13,857,576
Cost of Goods Sold		11,486,520			-			11,486,520
Gross Profit		4,032,996			(1,661,940	)		2,371,056
Operating Expenses
Selling expenses		3,402,717			(1,661,940	)		1,740,777
General and administrative expenses		1,442,192			-			1,442,192
Depreciation		77,161			-			77,161
Total Operating Expenses		4,922,070			(1,661,940	)		3,260,130
Loss from Operations		(889,074	)		-			(889,074	)
Other Expenses
Interest Expense		(105,583	)		-			(105,583	)
Finance Costs		(3,334	)		-			(3,334	)
Total Other Expenses		(108,917	)		-			(108,917	)
Loss Before Income Tax Benefit		(997,991	)		-			(997,991	)
Income Tax Benefit		240,042			-			240,042
Net Loss	$	(757,949	)	$	-		$	(757,949	)

	For the Nine Months Ended
	As Reported						As Restated
	December 31, 2019			Adjustment			December 31, 2019
Net Sales	$	40,410,398		$	(2,858,069	)	$	37,552,329
Cost of Goods Sold		29,747,376			-			29,747,376
Gross Profit		10,663,022			(2,858,069	)		7,804,953
Operating Expenses
Selling expenses		6,550,139			(2,858,069	)		3,692,070
General and administrative expenses		5,048,517			-			5,048,517
Depreciation		196,210			-			196,210
Total Operating Expenses		11,794,866			(2,858,069	)		8,936,797
Loss from Operations		(1,131,844	)		-			(1,131,844	)
Other Expenses
Interest Expense		(156,097	)		-			(156,097	)
Finance Costs		(10,000	)		-			(10,000	)
Total Other Expenses		(166,097	)		-			(166,097	)
Loss Before Income Tax Benefit		(1,297,941	)		-			(1,297,941	)
Income Tax Benefit		294,633			-			294,633
Net Loss	$	(1,003,308	)	$	-		$	(1,003,308	)