8. Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax (benefit) provision:

	Fiscal Year Ended
	March 31,			March 31,
	2015			2014
Current:
Federal	$	-		$	16,000
State and local		-			3,500
Total current tax provision		-			19,500
Deferred:
Federal		(171,180	)		401,283
State and local		91,808			22,062
Total deferred tax provision  (benefit)		(79,372	)		423,345
Total provision (benefit)	$	(79,372	)	$	442,845

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The approximate values of the components of the Company’s deferred taxes at March 31, 2015 and 2014 are as follows:

	March 31,			March 31,
	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	2,865,606		$	2,662,953
Tax credits		329,032			282,187
Charitable contributions		17			-
Allowance for doubtful accounts		8,499			9,288
Reserve for inventory obsolescence		78,024			69,794
Inventory capitalization		76,820			98,182
Deferred payroll		29,264			29,279
Vacation accrual		111,880			91,240
Warranty reserve		47,754			66,070
Deferred revenues		51,812			58,253
Stock options		23,561			35,993
Non-compete agreement		9,868			11,848
Depreciation		(52,379	)		(52,481	)
Deferred tax asset		3,579,758			3,362,606
Less valuation allowance		(137,780	)		-
Deferred tax asset, net	$	3,441,978		$	3,362,606
Deferred tax asset – current	$	1,064,395		$	1,089,538
Deferred tax asset – long-term		2,377,583			2,273,068
Total	$	3,441,978		$	3,362,606

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the income tax (benefit) provision at the statutory Federal tax rate of 34% to the income tax (benefit) provision recognized in the financial statements is as follows:

	March 31,			March 31,
	2015			2014
Income tax (benefit) provision  – statutory rate	$	(122,338	)	$	239,487
Income tax expenses – state and local, net of federal benefit		(104	)		19,500
Permanent items		66,784			141,474
True-up of prior years deferred taxes		(162,527	)		19,536
Change in valuation allowance		137,780			(171	)
Other		1,033			23,019
Income tax provision (benefit)	$	(79,372	)	$	442,845