DAMAGED GOODS INCIDENT RECOVERY

12 Months Ended

Mar. 31, 2022

Environmental Remediation Obligations [Abstract]

DAMAGED GOODS INCIDENT RECOVERY

NOTE 17 – DAMAGED GOODS INCIDENT RECOVERY

For the fiscal year ended March 31, 2022 we recognized a one-time gain of approximately $0.3 million as other income on the accompanying consolidated statements of income due settlement of accounts payable by a manufacturer’s representative of a factory that caused a damaged goods incident in Fiscal 2020. During Fiscal 2021, we recovered approximately $2.3 million in proceeds from the damaged goods insurance claim which consisted of $1.6 million of lost sales, approximately $0.1 million in freight costs and approximately $0.6 million in out-of-pocket expenses associated with the incident. We recognized a one-time gain from the damaged goods claim settlement of approximately $1.1 million (net of the insurance claim receivable) as other income for the fiscal year ended March 31, 2021 on the accompanying statements of income. In addition, we recognized an additional one-time gain of approximately $0.4 million as other income for the fiscal year ended March 31, 2021 on the accompanying consolidated statements of income due settlement of accounts payable by the factory that caused the damage.