7. Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

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,
	2017			2016
Current:
Federal	$	(1,018	)	$	52,123
State and local		1,500			1,500
Total current tax provision		482			53,623
Deferred:
Federal		2,643,357			796,500
State and local		276			1,845
Total deferred tax provision		2,643,633			798,345
Total provision	$	2,644,115		$	851,968

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, 2017 and 2016 are as follows:

	March 31,			March 31,
	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	1,645,868		$	1,802,492
Tax credits		329,032			329,032
Charitable contributions		102			51
Legal damages		956,000			-
Allowance for doubtful accounts		2,561			2,550
Reserve for inventory obsolescence		112,671			98,614
Inventory capitalization		105,998			69,918
Deferred payroll		-			88,288
Vacation accrual		133,276			134,116
Warranty reserve		64,340			70,765
Deferred revenues		162,757			75,310
Stock options		25,494			23,544
Non-compete agreement		5,941			7,889
AMT credit		66,106			52,123
Depreciation		18,412			26,721
Deferred tax asset		3,628,558			2,781,413
Less valuation allowance		(3,628,558	)		(137,780	)
Deferred tax asset, net	$	-0-		$	2,643,633

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,
	2017			2016
Income tax (benefit) provision  – statutory rate	$	(711,344	)	$	631,081
Income tax expenses – state and local, net of federal benefit		(2,404	)		2,835
Permanent items		12,870			12,194
Change in value of warrants – permanent difference		(109,209	)		209,862
True-up of prior year’s deferred taxes		(25,178	)		(4,281	)
Valuation allowance		3,490,778			-
Rate changes		(7,776	)		-
Other		(3,622	)		277
Income tax provision (benefit)	$	2,644,115		$	851,968