7. Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

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,
	2016		2015
Current:
Federal	$	52,123	$	-
State and local		1,500		-
Total current tax provision		53,623		-
Deferred:
Federal		796,500		(171,180	)
State and local		1,845		91,808
Total deferred tax provision  (benefit)		798,345		(79,372	)
Total provision (benefit)	$	851,968	$	(79,372	)

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, 2016 and 2015 are as follows:

	March 31,			March 31,
	2016			2015
Deferred tax assets:
Net operating loss carryforwards	$	1,802,492		$	2,865,606
Tax credits		329,032			329,032
Charitable contributions		51			17
Allowance for doubtful accounts		2,550			8,499
Reserve for inventory obsolescence		98,614			78,024
Inventory capitalization		69,918			76,820
Deferred payroll		88,288			29,264
Vacation accrual		134,116			111,880
Warranty reserve		70,765			47,754
Deferred revenues		75,310			51,812
Stock options		23,544			23,561
Non-compete agreement		7,889			9,868
AMT credit		52,123
Depreciation		26,721			(52,379	)
Deferred tax asset		2,781,413			3,579,758
Less valuation allowance		(137,780	)		(137,780	)
Deferred tax asset, net	$	2,643,633		$	3,441,978
Deferred tax asset – current	$	578,507		$	1,064,395
Deferred tax asset – long-term		2,065,126			2,377,583
Total	$	2,643,633		$	3,441,978

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,
	2016			2015
Income tax (benefit) provision  – statutory rate	$	631,081		$	(122,338	)
Income tax expenses – state and local, net of federal benefit		2,835			(104	)
Permanent items		12,194			10,802
Change in value of warrants – permanent difference		209,862			55,982
True-up of prior year’s deferred taxes		(4,281	)		(162,527	)
Change in valuation allowance		-			137,780
Other		277			1,033
Income tax provision (benefit)	$	851,968		$	(79,372	)