Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 15, 2014 | Sep. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'UNIVERSAL SECURITY INSTRUMENTS INC | ' | ' |
Entity Central Index Key | '0000102109 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'UUU | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,312,887 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $9,491,496 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $2,050,993 | $2,438,892 |
Accounts receivable: | ' | ' |
Trade less allowance for doubtful accounts of approximately $57,000 at March 31, 2014 and 2013 | 686,228 | 347,699 |
Receivables from employees | 67,583 | 65,375 |
Receivable from Hong Kong Joint Venture | 137,360 | 224,695 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 891,171 | 637,769 |
Amount due from factor | 1,397,951 | 2,281,662 |
Inventories | 4,194,213 | 4,341,652 |
Prepaid expenses | 406,012 | 598,686 |
TOTAL CURRENT ASSETS | 8,940,340 | 10,298,661 |
DEFERRED TAX ASSETS | 0 | 2,310,835 |
INVESTMENT IN HONG KONG JOINT VENTURE | 14,144,069 | 14,906,573 |
PROPERTY AND EQUIPMENT - NET | 146,212 | 152,201 |
INTANGIBLE ASSET - NET | 76,020 | 80,491 |
OTHER ASSETS | 38,134 | 38,134 |
TOTAL ASSETS | 23,344,775 | 27,786,895 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 606,314 | 548,388 |
Due to Hong Kong Joint Venture | 28,681 | 0 |
Accrued liabilities: | ' | ' |
Accrued payroll and employee benefits | 78,054 | 103,890 |
Accrued commissions and other | 72,512 | 75,712 |
TOTAL CURRENT LIABILITIES | 785,561 | 727,990 |
Long-term obligation - other | 25,000 | 25,000 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SHAREHOLDERS’ EQUITY | ' | ' |
Common stock, $.01 par value per share; 20,000,000 authorized, 2,312,887 shares outstanding at March 31, 2014 and 2,287,887 shares issued and outstanding at March 31, 2013 | 23,129 | 22,879 |
Additional paid-in capital | 12,885,841 | 12,749,256 |
Retained earnings | 8,435,116 | 12,885,360 |
Accumulated other comprehensive income | 1,190,128 | 1,376,410 |
TOTAL SHAREHOLDERS’ EQUITY | 22,534,214 | 27,033,905 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $23,344,775 | $27,786,895 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts (in dollars) | $57,000 | $57,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | ' | 2,287,887 |
Common stock, shares outstanding | 2,312,887 | 2,287,887 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales | $12,577,127 | $15,383,877 |
Cost of goods sold - acquired from Joint Venture | 9,008,944 | 10,879,489 |
Cost of goods sold - other | 727,199 | 162,988 |
GROSS PROFIT | 2,840,984 | 4,341,400 |
Research and development expense | 592,488 | 543,141 |
Selling, general and administrative expense | 4,251,274 | 5,010,230 |
Operating loss | -2,002,778 | -1,211,971 |
Other income : | ' | ' |
Interest and other | 23,316 | 90,434 |
LOSS BEFORE EQUITY IN (LOSS) EARNINGS OF JOINT VENTURE | -1,979,462 | -1,121,537 |
Equity in (loss) earnings of Hong Kong Joint Venture | -159,947 | 722,827 |
Loss from operations before income taxes | -2,139,409 | -398,710 |
Income tax expense | -2,310,835 | -53,851 |
NET LOSS | ($4,450,244) | ($452,561) |
Loss per share: | ' | ' |
Basic (in dollars per share) | ($1.94) | ($0.20) |
Diluted (in dollars per share) | ($1.94) | ($0.20) |
Weighted average number of shares used in computing net loss per share: | ' | ' |
Basic (in shares) | 2,290,010 | 2,311,152 |
Diluted (in shares) | 2,290,010 | 2,311,152 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
NET LOSS | ($4,450,244) | ($452,561) |
Other Comprehensive Income (Loss) Company’s Portion of Hong Kong Joint Venture’s Other Comprehensive Income (Loss): | ' | ' |
Currency translations | -44,678 | 211,491 |
Unrealized gain (loss) on investment securities | -141,605 | 81,316 |
Total Comprehensive (Loss) Income | -186,283 | 292,807 |
COMPREHENSIVE LOSS | ($4,636,527) | ($159,754) |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Other Comprehensive Loss [Member] |
Balance at Apr. 01, 2012 | $27,330,644 | $23,364 | $12,885,756 | $13,337,921 | $1,083,603 |
Balance (in shares) at Apr. 01, 2012 | ' | 2,336,354 | ' | ' | ' |
Stock based compensation | 88,935 | 0 | 88,935 | 0 | ' |
Currency translation | 211,491 | 0 | 0 | 0 | 211,491 |
Investment securities | 81,316 | 0 | 0 | 0 | 81,316 |
Repurchase of common stock | -225,920 | -485 | -225,435 | 0 | ' |
Repurchase of common stock (in shares) | -48,467 | -48,467 | ' | ' | ' |
Net loss | -452,561 | 0 | 0 | -452,561 | 0 |
Balance at Mar. 31, 2013 | 27,033,905 | 22,879 | 12,749,256 | 12,885,360 | 1,376,410 |
Balance (in shares) at Mar. 31, 2013 | ' | 2,287,887 | ' | ' | ' |
Stock based compensation | 55,585 | 0 | 55,585 | 0 | 0 |
Currency translation | -44,678 | 0 | 0 | 0 | -44,678 |
Investment securities | -141,605 | 0 | 0 | 0 | -141,604 |
Exercise of stock options | 81,250 | 250 | 81,000 | 0 | 0 |
Exercise of stock options (in shares) | ' | 25,000 | ' | ' | ' |
Net loss | -4,450,244 | 0 | 0 | -4,450,244 | 0 |
Balance at Mar. 31, 2014 | $22,534,214 | $23,129 | $12.89 | $8,435,116 | $1,190,128 |
Balance (in shares) at Mar. 31, 2014 | ' | 2,312,887 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($4,450,244) | ($452,561) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 43,943 | 40,302 |
Stock based compensation | 55,585 | 88,935 |
Deferred income taxes | 2,310,835 | 83,966 |
(Earnings) Loss of the Hong Kong Joint Venture | 159,947 | -722,827 |
Changes in operating assets and liabilities: | ' | ' |
Decrease (Increase) in accounts receivable and amounts due from factor | 630,310 | -317,849 |
Decrease in inventories | 147,439 | 1,056,888 |
Decrease in prepaid expenses | 192,672 | 1,190 |
Increase (Decrease) in accounts payable and accrued expenses | 57,572 | -565,774 |
Decrease in other assets | 0 | 2,000 |
NET CASH USED IN OPERATING ACTIVITIES | -851,941 | -785,730 |
INVESTING ACTIVITIES: | ' | ' |
Cash distributions from Joint Venture | 416,275 | 276,157 |
Purchase of equipment | -33,483 | -11,889 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 382,792 | 264,268 |
FINANCING ACTIVITIES: | ' | ' |
Exercise of stock options | 81,250 | 0 |
Repurchase of common stock | 0 | -225,920 |
NET CASH USED IN FINANCING ACTIVITIES | 81,250 | -225,920 |
DECREASE IN CASH | -387,899 | -747,382 |
Cash at beginning of period | 2,438,892 | 3,186,274 |
CASH AT END OF PERIOD | 2,050,993 | 2,438,892 |
Supplemental information: | ' | ' |
Interest paid | 0 | 0 |
Income taxes recovered (paid) | $0 | $0 |
NATURE_OF_BUSINESS_AND_SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Business Description and Accounting Policies [Text Block] | ' | |||||||||||||
NOTE A – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
Nature of Business: Universal Security Instruments, Inc.’s (“the Company”) primary business is the sale of smoke alarms and other safety products to retailers, wholesale distributors and to the electrical distribution trade which includes electrical and lighting distributors as well as manufactured housing companies. The Company imports all of its safety and other products from foreign manufacturers. The Company, as an importer, is subject to numerous tariffs which vary depending on types of products and country of origin, changes in economic and political conditions in the country of manufacture, potential trade restrictions and currency fluctuations. | ||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe that our 50% ownership interest in the Hong Kong Joint Venture allows us to significantly influence the operations of the Hong Kong Joint Venture. As such, we account for our interest in the Hong Kong Joint Venture using the equity method of accounting. We have included our investment balance as a non-current asset and have included our share of the Hong Kong Joint Venture’s income in our consolidated statement of operations. The investment and earnings are adjusted to eliminate intercompany profits. | ||||||||||||||
Revision of Prior Period Financial Statements | ||||||||||||||
Certain amounts appearing in the condensed consolidated balance sheet as of March 31, 2013 have been revised to correct for an immaterial error and to conform to the current year’s presentation. The Company had not previously recorded its proportionate share of the Hong Kong Joint Ventures other comprehensive income amounts. These consisted of the impact of foreign currency exchange rates on the translation of certain subsidiaries of the Hong Kong Joint Venture and changes in the fair value of investments held by the Hong Kong Joint Venture that are classified as available for sale. As a result, the Company adjusted the opening balance sheet of the earliest year presented, increasing its investment in the Hong Kong Joint Venture and accumulated other comprehensive income by $1,083,603 as of April 1, 2012. The adjustments also increased its previously reported investment in the Hong Kong Joint Venture and accumulated other comprehensive income as of March 31, 2013 by $1,376,410. Since these two components represented the only components of other comprehensive income, the Company had not previously presented a Statement of Comprehensive Income (Loss). The Company has, in the accompanying Financial Statements, presented a separate condensed consolidated statement of comprehensive loss for the twelve months ended March 31, 2014 and 2013. | ||||||||||||||
The Company assessed the materiality of the error in accordance with the Securities and Exchange Commission (the SEC) Staff Accounting Bulletin Nos. 99 and 108 (SAB 99 and 108), and based on an analysis of quantitative and qualitative factors, determined that the error was immaterial to each of the prior reporting periods affected and, therefore, amendment of reports previously filed with the SEC was not required. | ||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||
The following table presents the changes in Accumulated Other Comprehensive Income by component for the fiscal year ended March 31, 2014: | ||||||||||||||
Currency Translation | Investment Securities | Total | ||||||||||||
Balance – March 31, 2013 | $ | 1,172,486 | $ | 203,924 | $ | 1,376,410 | ||||||||
Other comprehensive loss | $ | -44,678 | $ | -141,605 | $ | -186,283 | ||||||||
Balance – March 31, 2014 | $ | 1,127,808 | $ | 62,319 | $ | 1,190,127 | ||||||||
Use of Estimates: In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Cash and Cash Equivalents: Cash includes demand deposits with banks or other financial institutions. Included within cash and cash equivalents are demand deposits with the Company’s factor at March 31, 2014 and 2013 totaling approximately $1,900,000 and $2,100,000, respectively. Cash equivalents consist of highly liquid investments with original maturities of three months or less from the date of purchase. At times, the Company maintains cash and investment balances in financial institutions, which may exceed federally insured limits. The Company has not experienced any losses relating to such accounts and believes it is not exposed to a significant credit risk on its cash and cash equivalents and investments. The carrying value of cash and cash equivalents approximates their fair value based on their short-term maturities at March 31, 2014 and 2013. | ||||||||||||||
Revenue Recognition: The Company recognizes sales upon shipment of products, when title has passed to the buyer, net of applicable provisions for any discounts or allowances. We recognize revenue when the following criterion are met: evidence of an arrangement exists, fixed and determinable fee, delivery has taken place, and collectability is reasonably assured. Customers may not return, exchange or refuse acceptance of goods without our approval. We have established allowances to cover anticipated doubtful accounts based upon historical experience. | ||||||||||||||
Warranties: We generally provide warranties, on the safety products, from one to ten years to the non-commercial end user on all products sold. The manufacturers of our safety products provide us with a one-year warranty on all products we purchase for resale. Claims for warranty replacement of products beyond the one-year warranty period covered by the manufacturers have not been historically material . | ||||||||||||||
Stock-Based Compensation: In October 2011, the stockholders approved the Company’s 2011 Non-Qualified Stock Option Plan (the “Plan”). Under the terms of the Plan, 120,000 shares are reserved for the granting of stock options, of which 97,000 were issued. Under the provisions of the Plan, a committee of the Board of Directors determines the option price and dates exercisable. During December 2011, ninety-seven thousand (97,000) options were granted at an option price of $5.51 per share. These options expired on December 14, 2013, with no forfeiture or exercise activity. | ||||||||||||||
We account for share-based payments using the fair value method. We recognize all share-based payments to employees and non-employee directors in our financial statements based on their grant date fair values, calculated using the Black-Scholes option pricing model. Compensation expense related to share-based awards is recognized on a straight-line basis based on the value of share awards that are expected to vest during the requisite service period on the grant date, which is revised if actual forfeitures differ materially from original expectations. | ||||||||||||||
The expected term of stock options granted was based on the Company’s historical option exercise experience and post-vesting forfeiture experience using the historical expected term from the vesting date. The expected volatility of the options granted was determined using historical volatilities based on stock prices over a look-back period corresponding to the expected term. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government issues with a remaining term equal to the expected term of the options. The forfeiture rate was determined using historical pre-vesting forfeiture rates since the inception of the plans. The company has never paid a dividend; and, as such, the dividend yield is zero. | ||||||||||||||
Stock Repurchase Program: In October 2011, the Company announced a stock buyback program under which the Board authorized the purchase of up to 100,000 shares of common stock. The program terminated in February 2013 when the purchase of 100,000 shares of common stock was completed by the Company pursuant to the program. | ||||||||||||||
The following table sets forth information with respect to purchases by the Company of its common stock during the fiscal year ended March 31, 2013: | ||||||||||||||
Period | Total | Average | Total Number of | Maximum Number | ||||||||||
Number of | Price | Shares Purchased | of Shares that May | |||||||||||
Shares | Paid per | As Part of | Yet be Purchased | |||||||||||
Purchased | Share | Publicly | Under the Plans or | |||||||||||
Announced Plans | Programs | |||||||||||||
Or Programs | ||||||||||||||
Apr-12 | 11,605 | $ | 5.37 | 63,138 | 36,862 | |||||||||
Jul-12 | 11,990 | $ | 4.9 | 75,128 | 24,872 | |||||||||
Dec-12 | 12,000 | $ | 4.2 | 87,128 | 12,872 | |||||||||
Feb-13 | 12,872 | $ | 4.23 | 100,000 | 0 | |||||||||
Total | 48,467 | $ | 4.66 | 100,000 | 0 | |||||||||
Research and Development: Research and development costs are charged to operations as incurred. | ||||||||||||||
Accounts Receivable: The Company nets the factored accounts receivable with the corresponding advance from the Factor, with the net amount reflected in the consolidated balance sheet. | ||||||||||||||
The Company assigns trade receivables on a pre-approved non-recourse basis to the Factor under the Factoring Agreement on an ongoing basis. Factoring charges recognized on assignment of receivables are included in selling, general and administrative expenses in the consolidated statements of operations and amounted to $70,666 and $78,467 for the years ended March 31, 2014 and 2013, respectively. The Agreement for the assignment of accounts receivable provides for continuation of the program on a revolving basis until terminated by one of the parties to the Agreement. | ||||||||||||||
Financing Receivables. In September 2010, the FASB issued, and the Company adopted, an Accounting Standards Update requiring enhanced disclosure of the credit quality of financing receivables, as defined therein, and the adequacy of allowances for credit losses. Management considers amounts due from the Company’s factor to be “financing receivables”. Trade accounts receivable, other receivables, and receivables from our Hong Kong Joint Venture are not considered to be financing receivables. | ||||||||||||||
The Company assigns the majority of its short-term receivables arising in the ordinary course of business to our factor. At the time a receivable is assigned to our factor the credit risk associated with the credit worthiness of the debtor is assumed by the factor. The Company continues to bear any credit risk associated with delivery or warranty issues related to the products sold. | ||||||||||||||
Management assesses the credit risk of both its trade accounts receivable and its financing receivables based on the specific identification of accounts that have exceeded credit terms. An allowance for uncollectible receivables is provided based on that assessment. Changes in the allowance account from one accounting period to the next are charged to operations in the period the change is determined. Amounts ultimately determined to be uncollectible are eliminated from the receivable accounts and from the allowance account in the period that the receivables’ status is determined to be uncollectible. | ||||||||||||||
Based on the nature of the factoring agreement and prior experience, no allowance for uncollectible financing receivables has been provided. At March 31, 2014 and 2013, an allowance of $57,000 has been provided for uncollectible trade accounts receivable. | ||||||||||||||
Shipping and Handling Fees and Costs: The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with inbound freight are included in cost of goods sold. Shipping and handling costs associated with outbound freight are included in selling, general and administrative expenses and totaled $182,668 and $309,533 in fiscal years 2014 and 2013, respectively. | ||||||||||||||
Inventories: Inventories are stated at the lower of cost (first in/first out method) or market. Included as a component of finished goods inventory are additional non-material costs. These costs include overhead costs, freight, import duty and inspection fees of $381,891 and $509,808 at March 31, 2014 and 2013, respectively. We evaluate inventories on a quarterly basis and write down inventory that is considered obsolete or unmarketable in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. | ||||||||||||||
Income Taxes: The Company recognizes a liability or asset for the deferred tax consequences of temporary differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. These temporary differences may result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. The deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided whenever it is more likely than not that a deferred tax asset will not be realized. The Company established an initial valuation allowance of $300,000 on its deferred tax assets during the year ended March 31, 2013 to recognize that certain foreign tax credits expiring in future periods will likely not be realized. Upon further review of updated projected taxable income and the components of the deferred tax asset in accordance with applicable accounting guidance at September 30, 2013, it was determined that it is more likely than not that the tax benefits associated with the remaining components of the deferred tax assets will not be realized. This determination was made based on continued taxable losses during fiscal 2014, which were not in line with projections, as well as product offering delays which cause uncertainty as to whether the Company will generate sufficient taxable income to use the deferred tax assets prior to expiration. Accordingly, a valuation allowance was established to fully offset the value of the deferred tax assets. Our ability to realize the tax benefits associated with the deferred tax assets depends primarily upon the timing of future taxable income and the expiration dates of the components of the deferred tax assets. If sufficient future taxable income is generated, we may be able to offset a portion of future tax expenses. | ||||||||||||||
The Company follows ASC 740-10 that gives guidance to tax positions related to the recognition and measurement of a tax position taken or expected to be taken in a tax return and requires that we recognize in our financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. Interest and penalties related to income tax matters are recorded as income tax expenses. The Company has recorded a long-term liability of $25,000 for an uncertain income tax position, tax penalties and any imputed interest thereon. See Note F, Income Taxes. | ||||||||||||||
Impairment of long-lived assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The factors considered in performing this assessment include current operating results, anticipated future results, the manner in which the asset is used and the effects of obsolescence, demand, competition and other economic factors. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of these assets in relation to the operating performance of the business and future undiscounted cash flows expected to result from the use of these assets. Impairment losses are recognized when the sum of expected future cash flows is less than the assets’ carrying value, and losses are determined based upon the excess carrying value of the assets over its fair value. Based on this assessment, no impairment to long-lived assets resulted for fiscal years ended March 31, 2014 and 2013. | ||||||||||||||
Foreign currency: The activity and accounts of the Hong Kong Joint Venture are denominated in Hong Kong dollars and are translated to US dollars in consolidation. The Company translates the accounts of the Hong Kong Joint Venture at the applicable exchange rate in effect at the year-end date for balance sheet purposes and at the average exchange rate for the reporting period for statement of operation purposes. Transaction gains and losses arising from transactions denominated in foreign currencies are included in the results of operations. The Company currently does not maintain cash in foreign banks to support its operations in Hong Kong. | ||||||||||||||
Net Loss per Share: Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted number of common shares and common share equivalents outstanding (unless their effect is anti-dilutive) for the period. All common share equivalents are comprised of stock options. Diluted loss per common share for the years ended March 31, 2014 and 2013 exclude the effect of all stock options, which totaled 0 and 122,000 at March 31, 2014 and 2013, respectively, as their effect is anti-dilutive. As a result, the weighted average number of common shares outstanding is identical for the years ended March 31, 2014 and 2013 for both basic and diluted shares. | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted average number of common shares outstanding for basic loss per share | 2,290,010 | 2,311,152 | ||||||||||||
Shares issued upon assumed exercise of outstanding stock options | - | - | ||||||||||||
Weighted average number of common and common equivalent shares outstanding for diluted loss per share | 2,290,010 | 2,311,152 | ||||||||||||
Recently Issued Accounting Pronouncements: Changes to accounting principles generally accepted in the United States of America (US. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updated (ASU’s) to the FASB’s Accounting Standards Codification. | ||||||||||||||
The Company considers the applicability and impact of all ASU’s. Recently issued ASU’s were evaluated and determined to be either not applicable or are not expected to have a material impact on our consolidated financial statements. | ||||||||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE B – PROPERTY AND EQUIPMENT | ||||||||
Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are provided by using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. | ||||||||
The estimated useful lives for financial reporting purposes are as follows: | ||||||||
Leasehold improvements | - | Shorter of term of lease or useful life of asset | ||||||
Machinery and equipment | - | 5 to 10 years | ||||||
Furniture and fixtures | - | 5 to 15 years | ||||||
Computer equipment | - | 5 years | ||||||
Property and equipment consist of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 166,722 | $ | 166,722 | ||||
Machinery and equipment | 190,400 | 190,400 | ||||||
Furniture and fixtures | 261,292 | 261,344 | ||||||
Computer equipment | 286,528 | 253,096 | ||||||
904,942 | 871,562 | |||||||
Less accumulated depreciation | -758,730 | -719,361 | ||||||
$ | 146,212 | $ | 152,201 | |||||
Depreciation and amortization expense totaled $39,471 and $35,830 for fiscal years ended March 31, 2014 and 2013, respectively. | ||||||||
INVESTMENT_IN_THE_HONG_KONG_JO
INVESTMENT IN THE HONG KONG JOINT VENTURE | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||
NOTE C - INVESTMENT IN THE HONG KONG JOINT VENTURE | ||||||||
The Company holds a 50% interest in a Joint Venture with a Hong Kong Corporation, which has manufacturing facilities in the People’s Republic of China, for the manufacturing of consumer electronic products. As of March 31, 2014, the Company has an investment balance of $14,144,069 for its 50% interest in the Hong Kong Joint Venture. There are no material differences between the generally accepted accounting principles (GAAP) used in the Hong Kong Joint Venture’s accounting policies when compared to US GAAP. | ||||||||
The following represents summarized financial information derived from the audited financial statements of the Hong Kong Joint Venture as of March 31, 2014 and 2013. | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Current assets | $ | 16,051,441 | $ | 14,893,800 | ||||
Property and other assets | 18,980,665 | 20,036,497 | ||||||
Total | $ | 35,032,106 | $ | 34,930,297 | ||||
Current liabilities | $ | 6,763,568 | $ | 5,059,232 | ||||
Non-current liabilities | - | 5,769 | ||||||
Equity | 28,268,538 | 29,865,296 | ||||||
Total | $ | 35,032,106 | $ | 34,930,297 | ||||
For the Year Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 19,054,691 | $ | 22,031,665 | ||||
Gross profit | 4,446,243 | 5,409,968 | ||||||
Net (loss) income | -437,940 | 1,647,461 | ||||||
During the years ended March 31, 2014 and 2013, the Company purchased $7,407,826 and $9,694,435, respectively, of finished product from the Hong Kong Joint Venture, which represents 92.4% and 98.5%, respectively, of the Company’s total finished product purchases. Amounts due the Hong Kong Joint Venture included in Accounts Payable totaled $28,681 and $0 at March 31, 2014 and 2013, respectively. Amounts due from the Hong Kong Joint Venture included in Accounts Receivable totaled $137,360 and $224,695 at March 31, 2014 and 2013, respectively. | ||||||||
The Company’s investment in the Hong Kong Joint Venture as recorded on the Company’s Consolidated Balance sheets has been adjusted for the effect of intercompany profit of the Hong Kong Joint Venture in the ending inventory of the Company. | ||||||||
AMOUNTS_DUE_FROM_FACTOR
AMOUNTS DUE FROM FACTOR | 12 Months Ended |
Mar. 31, 2014 | |
Amount Due From Factor [Abstract] | ' |
Amounts Due From Factor [Text Block] | ' |
NOTE D - AMOUNTS DUE FROM FACTOR | |
The Company assigns certain of its trade receivables on a pre-approved, non-recourse basis to a Factor. Since these are assigned on a non-recourse basis, the factored trade receivables and related repayment obligations are not separately recorded in the Company’s consolidated balance sheets. The Agreement provides for financing of up to a maximum of $1,000,000 with the amount available at any one time based on cash on deposit, 90% of uncollected non-recourse receivables assigned to the factor, and 50% of qualifying inventory. Financing of approximately $1,000,000 is available at March 31, 2014. Any outstanding amounts due to the factor are payable upon demand and bear interest at the prime rate of interest charged by the factor, which is 3.25% at March 31, 2014. Any amount due to the factor is also secured by the Company’s inventory. There were no borrowings outstanding under this agreement at March 31, 2014. | |
Under this Factoring Agreement, the Company assigned receivables of $11,370,850 and $12,966,616 during the years ended March 31, 2014 and 2013, respectively. The uncollected balance of non-recourse receivables held by the factor amounted to $1,397,951 and $2,281,662 at March 31, 2014 and 2013. The amount of the uncollected balance of non-recourse receivables borrowed by the Company as of March 31, 2014 and 2013 is $0 and $0, respectively.Collected cash maintained on deposit with the factor earns interest at the factor’s prime rate of interest less two percentage points (effective rate of 1.25%) at March 31, 2014 and 2013. | |
LEASES
LEASES | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Leases, Operating [Abstract] | ' | ||||||||||||||||
Operating Leases of Lessor Disclosure [Text Block] | ' | ||||||||||||||||
NOTE E - LEASES | |||||||||||||||||
During January 2009, the Company entered into an operating lease for its office and warehouse location in Owings Mills, Maryland which expires in March 2019. This lease is subject to increasing rentals at 3% per year. In June 2009, we amended this lease to include an additional 3,000 square feet of warehouse. In February 2004, the Company entered into an operating lease for 2,600 square foot office in Naperville, Illinois. During fiscal 2012, the lease was expanded to approximately 3,400 square feet and the lease was extended to February 2015 with rentals increasing at 3% per year. | |||||||||||||||||
Each of the operating leases for real estate has renewal options with terms and conditions similar to the original lease. Rent expense, including common area maintenance, totaled $185,625 and 180,546 for the years ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||
Remainder | |||||||||||||||||
Future minimum lease payments are as follows: | 196,049 | 153,416 | $ | 154,931 | $ | 159,579 | $ | 164,366 | |||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
NOTE F – INCOME TAXES | ||||||||
The Company files its income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Deferred income tax assets and liabilities are computed and recognized for those differences that have future tax consequences and will result in net taxable or deductible amounts in future periods. Deferred tax expense or benefit is the result of changes in the net asset or liability for deferred taxes. The deferred tax liabilities and assets for the Company result primarily from net operating loss and tax credit carry forwards, reserves and accrued liabilities. | ||||||||
For the fiscal years ended March 31, 2014 and 2013, the Company generated net operating loss carryovers of approximately $1,040,000 and $870,000 that the Company may carry-forward to offset future taxable income. The Company generated no foreign tax credits for the years ended March 31, 2014 and 2013. | ||||||||
At March 31, 2014 and 2013, the Company has total net operating loss carry forwards of approximately $3,687,000 and $2,351,000, respectively, which begin expiring in various amounts at dates from 2013 through 2030. There are certain limitations to the use and application of these deferred tax assets. Management reviews net operating loss carry forwards and income tax credit carry forwards to evaluate if those amounts are recoverable. Based on historical results and projections of future operations and taxable income, the Company established a full valuation allowance on its deferred tax asset during the quarter ended September 30, 2013, to recognize that certain foreign tax credits expiring in future fiscal years will likely not be realized. | ||||||||
The components of income tax expense (benefit) from continuing operations for the Company are as follows: | ||||||||
2014 | 2013 | |||||||
Current expense | ||||||||
U.S. Federal | $ | - | $ | - | ||||
U.S. State | - | - | ||||||
Deferred expense | 2,310,835 | 53,851 | ||||||
Total income tax expense | $ | 2,310,835 | $ | 53,851 | ||||
The reconciliation between the statutory federal income tax provision and the actual effective tax provision for continuing operations is as follows: | ||||||||
Years ended March 31, | ||||||||
2014 | 2013 | |||||||
Federal tax expense at statutory rate (34%) before loss carry-forward | $ | -749,936 | $ | -135,562 | ||||
Non-repatriated earnings of Hong Kong Joint Venture | 218,452 | -151,868 | ||||||
Permanent differences | 26,281 | 8,301 | ||||||
State income tax expense – net of federal effect | -50,658 | - | ||||||
True-up adjustments and allowance | 2,866,696 | 332,980 | ||||||
Income tax expense | $ | 2,310,835 | $ | 53,851 | ||||
The individual components of the Company’s deferred tax assets are as follows: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Financial statement accruals and allowances | $ | 63,321 | $ | 106,398 | ||||
Inventory uniform capitalization | 45,885 | 38,247 | ||||||
Net operating loss carry forward | 1,433,185 | 881,603 | ||||||
Foreign tax credit carry forward | 1,516,111 | 1,522,886 | ||||||
Research and development tax credit carry forward | 61,701 | 61,701 | ||||||
Allowance for unrealizable deferred tax assets | -3,120,203 | -300,000 | ||||||
Net deferred tax asset | $ | - | $ | 2,310,835 | ||||
The Company has adopted ASC 740-10 Accounting for Income Taxes and recorded a liability for an uncertain income tax position, tax penalties and any imputed interest thereon. The amount, recorded as a long-term obligation, is $25,000 at March 31, 2014 and 2013. | ||||||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
NOTE G - SHAREHOLDERS’ EQUITY | ||||||||||||||
Stock Repurchase Program – In October 2011, the Company announced a stock buyback program and authorized the purchase of up to 100,000 shares of common stock. The program terminated in February 2013 when the purchase of 100,000 shares of common stock was completed by the Company pursuant to the program as described in Note A. | ||||||||||||||
Total Number of | ||||||||||||||
Shares Purchased | Maximum Number | |||||||||||||
Total | Average | As Part of | of Shares that May | |||||||||||
Number of | Price | Publicly | Yet be Purchased | |||||||||||
Shares | Paid per | Announced Plans | Under the Plans or | |||||||||||
Period | Purchased | Share | Or Programs | Programs | ||||||||||
Apr-12 | 11,605 | $ | 5.37 | 63,138 | 36,862 | |||||||||
Jul-12 | 11,990 | $ | 4.9 | 75,128 | 24,872 | |||||||||
Dec-12 | 12,000 | $ | 4.2 | 87,128 | 12,872 | |||||||||
Feb-13 | 12,872 | $ | 4.23 | 100,000 | 0 | |||||||||
Total | 48,467 | $ | 4.66 | 100,000 | 0 | |||||||||
Stock Options – Under the terms of the Company’s 2011 Non-Qualified Stock Option Plan, 120,000 shares of common stock were reserved for the granting of stock options, of which 97,000 were issued on December 13, 2011 at an option price of $5.51 per share. These options expired on December 14, 2013, with no forfeiture or exercise activity. | ||||||||||||||
In March 2009, 25,000 options were issued at $3.25 for restricted shares of the Company’s common stock. These options became fully vested after one year and were exercised on March 14, 2014. | ||||||||||||||
The following tables summarize the status of stock options at March 31, 2014 and option transactions for the years then ended: | ||||||||||||||
For the Year Ended March 31, 2014: | Number of Shares | Weighted Average | ||||||||||||
Exercise Price | ||||||||||||||
Exercised on March 14, 2014 – Grant 1 | 25,000 | 3.25 | ||||||||||||
Expired on December 14, 2013 – Grant 2 | 97,000 | 5.51 | ||||||||||||
122,000 | 5.05 | |||||||||||||
Status as of March 31, 2014 | Number of Shares | |||||||||||||
Presently exercisable | 0 | |||||||||||||
Outstanding options by Grant as of March 31, 2013 | ||||||||||||||
Number of options – Grant 1 | 25,000 | |||||||||||||
Average exercise price per option | $ | 3.25 | ||||||||||||
Exercised | 14-Mar-14 | |||||||||||||
Number of options – Grant 2 | 97,000 | |||||||||||||
Average exercise price per option | $ | 5.51 | ||||||||||||
Expired unexercised | 14-Dec-13 | |||||||||||||
The fair value of each stock option was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions; no annual dividends, expected volatility of 57.73%, risk-free interest rate of 0.3% and expected lives of two years used for options granted in fiscal 2012. The fair value of options granted in fiscal 2012 approximates $170,000. Fifty percent of the options vested one year after issuance, with the remaining fifty percent vesting twenty-three months after issuance. | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE H - COMMITMENTS AND CONTINGENCIES | |
From time to time, the Company is involved in various lawsuits and legal matters. It is the opinion of management, based on the advice of legal counsel, that there are no outstanding material claims outside of the normal course of business. | |
The Company’s employment agreement with its CEO (the Agreement) requires the Company to make certain post-employment payments to the CEO in the event of his termination following a change in control, death, disability or resignation with “Good Reason” under terms of the Agreement. Additionally, the Agreement requires the Company to make post-employment payments, estimated to be $630,000, should the Company elect not to renew the Agreement. On July 21, 2014, the Company renewed the Agreement through July 31, 2015. | |
MAJOR_CUSTOMERS
MAJOR CUSTOMERS | 12 Months Ended |
Mar. 31, 2014 | |
Major Customers [Abstract] | ' |
Major Customers [Text Block] | ' |
NOTE I - MAJOR CUSTOMERS | |
The Company is primarily a distributor of safety products for use in home and business under both its trade names and private labels for other companies. As described in Note C, the Company purchased a majority of its products from its 50% owned Hong Kong Joint Venture. | |
For the fiscal year ended March 31, 2014, the Company had one customer that represented 13% of the Company’s net sales. For the fiscal year ended March 31, 2013, the Company had two customers that represented 28.2% of the Company’s net sales. | |
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
NOTE J - QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
Quarterly Results of Operations (Unaudited): | ||||||||||||||
The unaudited quarterly results of operations for fiscal years 2014 and 2013 are summarized as follows: | ||||||||||||||
Quarter Ended | ||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||
2014 | ||||||||||||||
Net sales | $ | 3,005,669 | $ | 3,195,611 | $ | 3,738,914 | $ | 2,636,933 | ||||||
Gross profit | 749,324 | 809,155 | 1,125,470 | 157,035 | ||||||||||
Net income (loss) | -19,530 | -2,559,218 | -367,190 | -1,504,306 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | -0.01 | -1.12 | -0.16 | -0.65 | ||||||||||
Diluted | -0.01 | -1.12 | -0.16 | -0.65 | ||||||||||
2013 | ||||||||||||||
Net sales | $ | 3,059,352 | $ | 3,456,813 | $ | 4,753,736 | $ | 4,113,976 | ||||||
Gross profit | 978,345 | 1,173,332 | 1,027,060 | 1,162,663 | ||||||||||
Net income (loss) | -362,598 | -218,193 | 23,257 | 104,973 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | -0.16 | -0.09 | 0.01 | 0.04 | ||||||||||
Diluted | -0.16 | -0.09 | 0.01 | 0.04 | ||||||||||
RETIREMENT_PLAN
RETIREMENT PLAN | 12 Months Ended |
Mar. 31, 2014 | |
Postemployment Benefits [Abstract] | ' |
Postemployment Benefits Disclosure [Text Block] | ' |
NOTE K – RETIREMENT PLAN | |
The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code. All full-time employees who have completed 12 months of service are eligible to participate. Employees are permitted to contribute up to the amounts prescribed by law. The Company may provide contributions to the plan consisting of a matching amount equal to a percentage of the employee’s contribution, not to exceed four percent (4%). Employer contributions were $59,027 and $60,136 for the years ended March 31, 2014 and 2013, respectively. | |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||
Mar. 31, 2014 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||
Intangible Assets Disclosure [Text Block] | ' | ||
NOTE L – INTANGIBLE ASSETS | |||
Intangible assets consist of legal expenses of $89,434 incurred in obtaining and perfecting patents on newly developed detector technology and are capitalized for financial statement purposes. Upon issuance, patents are amortized over twenty years on a straight-line basis. Amortization expense for the fiscal year ended March 31, 2014 and 2013 was $4,472 and $4,472, respectively. Accumulated amortization at March 31, 2014 was $13,415. | |||
The estimated useful lives for financial reporting purposes are as follows: | |||
Intangible patent costs | - | 20 years | |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||
SCHEDULE II | ||||||||||||||
UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARIES | ||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
YEARS ENDED MARCH 31, 2014 AND 2013 | ||||||||||||||
Balance at | Charged to cost | Deductions | Balance at | |||||||||||
beginning | and expenses | end of year | ||||||||||||
of year | ||||||||||||||
Year ended March 31, 2014 | ||||||||||||||
Allowance for doubtful accounts | $ | 57,012 | $ | 0 | $ | 0 | $ | 57,012 | ||||||
Year ended March 31, 2013 | ||||||||||||||
Allowance for doubtful accounts | $ | 57,012 | $ | 0 | $ | 0 | $ | 57,012 | ||||||
Year ended March 31, 2014 | ||||||||||||||
Valuation allowance for deferred tax asset | $ | 300,000 | $ | 2,769,578 | $ | 0 | $ | 3,069,578 | ||||||
Year ended March 31, 2013 | ||||||||||||||
Valuation allowance for deferred tax asset | $ | 0 | $ | 300,000 | $ | 0 | $ | 300,000 | ||||||
NATURE_OF_BUSINESS_AND_SUMMARY1
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Nature Of Operations [Policy Text Block] | ' | |||||||||||||
Nature of Business: Universal Security Instruments, Inc.’s (“the Company”) primary business is the sale of smoke alarms and other safety products to retailers, wholesale distributors and to the electrical distribution trade which includes electrical and lighting distributors as well as manufactured housing companies. The Company imports all of its safety and other products from foreign manufacturers. The Company, as an importer, is subject to numerous tariffs which vary depending on types of products and country of origin, changes in economic and political conditions in the country of manufacture, potential trade restrictions and currency fluctuations. | ||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe that our 50% ownership interest in the Hong Kong Joint Venture allows us to significantly influence the operations of the Hong Kong Joint Venture. As such, we account for our interest in the Hong Kong Joint Venture using the equity method of accounting. We have included our investment balance as a non-current asset and have included our share of the Hong Kong Joint Venture’s income in our consolidated statement of operations. The investment and earnings are adjusted to eliminate intercompany profits. | ||||||||||||||
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | ' | |||||||||||||
Revision of Prior Period Financial Statements | ||||||||||||||
Certain amounts appearing in the condensed consolidated balance sheet as of March 31, 2013 have been revised to correct for an immaterial error and to conform to the current year’s presentation. The Company had not previously recorded its proportionate share of the Hong Kong Joint Ventures other comprehensive income amounts. These consisted of the impact of foreign currency exchange rates on the translation of certain subsidiaries of the Hong Kong Joint Venture and changes in the fair value of investments held by the Hong Kong Joint Venture that are classified as available for sale. As a result, the Company adjusted the opening balance sheet of the earliest year presented, increasing its investment in the Hong Kong Joint Venture and accumulated other comprehensive income by $1,083,603 as of April 1, 2012. The adjustments also increased its previously reported investment in the Hong Kong Joint Venture and accumulated other comprehensive income as of March 31, 2013 by $1,376,410. Since these two components represented the only components of other comprehensive income, the Company had not previously presented a Statement of Comprehensive Income (Loss). The Company has, in the accompanying Financial Statements, presented a separate condensed consolidated statement of comprehensive loss for the twelve months ended March 31, 2014 and 2013. | ||||||||||||||
The Company assessed the materiality of the error in accordance with the Securities and Exchange Commission (the SEC) Staff Accounting Bulletin Nos. 99 and 108 (SAB 99 and 108), and based on an analysis of quantitative and qualitative factors, determined that the error was immaterial to each of the prior reporting periods affected and, therefore, amendment of reports previously filed with the SEC was not required. | ||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||
The following table presents the changes in Accumulated Other Comprehensive Income by component for the fiscal year ended March 31, 2014: | ||||||||||||||
Currency Translation | Investment Securities | Total | ||||||||||||
Balance – March 31, 2013 | $ | 1,172,486 | $ | 203,924 | $ | 1,376,410 | ||||||||
Other comprehensive loss | $ | -44,678 | $ | -141,605 | $ | -186,283 | ||||||||
Balance – March 31, 2014 | $ | 1,127,808 | $ | 62,319 | $ | 1,190,127 | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates: In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (US GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
Cash and Cash Equivalents: Cash includes demand deposits with banks or other financial institutions. Included within cash and cash equivalents are demand deposits with the Company’s factor at March 31, 2014 and 2013 totaling approximately $1,900,000 and $2,100,000, respectively. Cash equivalents consist of highly liquid investments with original maturities of three months or less from the date of purchase. At times, the Company maintains cash and investment balances in financial institutions, which may exceed federally insured limits. The Company has not experienced any losses relating to such accounts and believes it is not exposed to a significant credit risk on its cash and cash equivalents and investments. The carrying value of cash and cash equivalents approximates their fair value based on their short-term maturities at March 31, 2014 and 2013. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
Revenue Recognition: The Company recognizes sales upon shipment of products, when title has passed to the buyer, net of applicable provisions for any discounts or allowances. We recognize revenue when the following criterion are met: evidence of an arrangement exists, fixed and determinable fee, delivery has taken place, and collectability is reasonably assured. Customers may not return, exchange or refuse acceptance of goods without our approval. We have established allowances to cover anticipated doubtful accounts based upon historical experience. | ||||||||||||||
Warranties [Policy Text Block] | ' | |||||||||||||
Warranties: We generally provide warranties, on the safety products, from one to ten years to the non-commercial end user on all products sold. The manufacturers of our safety products provide us with a one-year warranty on all products we purchase for resale. Claims for warranty replacement of products beyond the one-year warranty period covered by the manufacturers have not been historically material . | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
Stock-Based Compensation: In October 2011, the stockholders approved the Company’s 2011 Non-Qualified Stock Option Plan (the “Plan”). Under the terms of the Plan, 120,000 shares are reserved for the granting of stock options, of which 97,000 were issued. Under the provisions of the Plan, a committee of the Board of Directors determines the option price and dates exercisable. During December 2011, ninety-seven thousand (97,000) options were granted at an option price of $5.51 per share. These options expired on December 14, 2013, with no forfeiture or exercise activity. | ||||||||||||||
We account for share-based payments using the fair value method. We recognize all share-based payments to employees and non-employee directors in our financial statements based on their grant date fair values, calculated using the Black-Scholes option pricing model. Compensation expense related to share-based awards is recognized on a straight-line basis based on the value of share awards that are expected to vest during the requisite service period on the grant date, which is revised if actual forfeitures differ materially from original expectations. | ||||||||||||||
The expected term of stock options granted was based on the Company’s historical option exercise experience and post-vesting forfeiture experience using the historical expected term from the vesting date. The expected volatility of the options granted was determined using historical volatilities based on stock prices over a look-back period corresponding to the expected term. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government issues with a remaining term equal to the expected term of the options. The forfeiture rate was determined using historical pre-vesting forfeiture rates since the inception of the plans. The company has never paid a dividend; and, as such, the dividend yield is zero. | ||||||||||||||
Repurchase and Resale Agreements Policy [Policy Text Block] | ' | |||||||||||||
Stock Repurchase Program: In October 2011, the Company announced a stock buyback program under which the Board authorized the purchase of up to 100,000 shares of common stock. The program terminated in February 2013 when the purchase of 100,000 shares of common stock was completed by the Company pursuant to the program. | ||||||||||||||
The following table sets forth information with respect to purchases by the Company of its common stock during the fiscal year ended March 31, 2013: | ||||||||||||||
Period | Total | Average | Total Number of | Maximum Number | ||||||||||
Number of | Price | Shares Purchased | of Shares that May | |||||||||||
Shares | Paid per | As Part of | Yet be Purchased | |||||||||||
Purchased | Share | Publicly | Under the Plans or | |||||||||||
Announced Plans | Programs | |||||||||||||
Or Programs | ||||||||||||||
Apr-12 | 11,605 | $ | 5.37 | 63,138 | 36,862 | |||||||||
Jul-12 | 11,990 | $ | 4.9 | 75,128 | 24,872 | |||||||||
Dec-12 | 12,000 | $ | 4.2 | 87,128 | 12,872 | |||||||||
Feb-13 | 12,872 | $ | 4.23 | 100,000 | 0 | |||||||||
Total | 48,467 | $ | 4.66 | 100,000 | 0 | |||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||||||||||||
Research and Development: Research and development costs are charged to operations as incurred. | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||||||||
Accounts Receivable: The Company nets the factored accounts receivable with the corresponding advance from the Factor, with the net amount reflected in the consolidated balance sheet. | ||||||||||||||
The Company assigns trade receivables on a pre-approved non-recourse basis to the Factor under the Factoring Agreement on an ongoing basis. Factoring charges recognized on assignment of receivables are included in selling, general and administrative expenses in the consolidated statements of operations and amounted to $70,666 and $78,467 for the years ended March 31, 2014 and 2013, respectively. The Agreement for the assignment of accounts receivable provides for continuation of the program on a revolving basis until terminated by one of the parties to the Agreement. | ||||||||||||||
Financing Receivables. In September 2010, the FASB issued, and the Company adopted, an Accounting Standards Update requiring enhanced disclosure of the credit quality of financing receivables, as defined therein, and the adequacy of allowances for credit losses. Management considers amounts due from the Company’s factor to be “financing receivables”. Trade accounts receivable, other receivables, and receivables from our Hong Kong Joint Venture are not considered to be financing receivables. | ||||||||||||||
The Company assigns the majority of its short-term receivables arising in the ordinary course of business to our factor. At the time a receivable is assigned to our factor the credit risk associated with the credit worthiness of the debtor is assumed by the factor. The Company continues to bear any credit risk associated with delivery or warranty issues related to the products sold. | ||||||||||||||
Management assesses the credit risk of both its trade accounts receivable and its financing receivables based on the specific identification of accounts that have exceeded credit terms. An allowance for uncollectible receivables is provided based on that assessment. Changes in the allowance account from one accounting period to the next are charged to operations in the period the change is determined. Amounts ultimately determined to be uncollectible are eliminated from the receivable accounts and from the allowance account in the period that the receivables’ status is determined to be uncollectible. | ||||||||||||||
Based on the nature of the factoring agreement and prior experience, no allowance for uncollectible financing receivables has been provided. At March 31, 2014 and 2013, an allowance of $57,000 has been provided for uncollectible trade accounts receivable. | ||||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | |||||||||||||
Shipping and Handling Fees and Costs: The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with inbound freight are included in cost of goods sold. Shipping and handling costs associated with outbound freight are included in selling, general and administrative expenses and totaled $182,668 and $309,533 in fiscal years 2014 and 2013, respectively. | ||||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||||
Inventories: Inventories are stated at the lower of cost (first in/first out method) or market. Included as a component of finished goods inventory are additional non-material costs. These costs include overhead costs, freight, import duty and inspection fees of $381,891 and $509,808 at March 31, 2014 and 2013, respectively. We evaluate inventories on a quarterly basis and write down inventory that is considered obsolete or unmarketable in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
Income Taxes: The Company recognizes a liability or asset for the deferred tax consequences of temporary differences between the tax basis of assets or liabilities and their reported amounts in the financial statements. These temporary differences may result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. The deferred tax assets are reviewed periodically for recoverability and a valuation allowance is provided whenever it is more likely than not that a deferred tax asset will not be realized. The Company established an initial valuation allowance of $300,000 on its deferred tax assets during the year ended March 31, 2013 to recognize that certain foreign tax credits expiring in future periods will likely not be realized. Upon further review of updated projected taxable income and the components of the deferred tax asset in accordance with applicable accounting guidance at September 30, 2013, it was determined that it is more likely than not that the tax benefits associated with the remaining components of the deferred tax assets will not be realized. This determination was made based on continued taxable losses during fiscal 2014, which were not in line with projections, as well as product offering delays which cause uncertainty as to whether the Company will generate sufficient taxable income to use the deferred tax assets prior to expiration. Accordingly, a valuation allowance was established to fully offset the value of the deferred tax assets. Our ability to realize the tax benefits associated with the deferred tax assets depends primarily upon the timing of future taxable income and the expiration dates of the components of the deferred tax assets. If sufficient future taxable income is generated, we may be able to offset a portion of future tax expenses. | ||||||||||||||
The Company follows ASC 740-10 that gives guidance to tax positions related to the recognition and measurement of a tax position taken or expected to be taken in a tax return and requires that we recognize in our financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. Interest and penalties related to income tax matters are recorded as income tax expenses. The Company has recorded a long-term liability of $25,000 for an uncertain income tax position, tax penalties and any imputed interest thereon. See Note F, Income Taxes. | ||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||||
Impairment of long-lived assets: Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The factors considered in performing this assessment include current operating results, anticipated future results, the manner in which the asset is used and the effects of obsolescence, demand, competition and other economic factors. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of these assets in relation to the operating performance of the business and future undiscounted cash flows expected to result from the use of these assets. Impairment losses are recognized when the sum of expected future cash flows is less than the assets’ carrying value, and losses are determined based upon the excess carrying value of the assets over its fair value. Based on this assessment, no impairment to long-lived assets resulted for fiscal years ended March 31, 2014 and 2013. | ||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||||
Foreign currency: The activity and accounts of the Hong Kong Joint Venture are denominated in Hong Kong dollars and are translated to US dollars in consolidation. The Company translates the accounts of the Hong Kong Joint Venture at the applicable exchange rate in effect at the year-end date for balance sheet purposes and at the average exchange rate for the reporting period for statement of operation purposes. Transaction gains and losses arising from transactions denominated in foreign currencies are included in the results of operations. The Company currently does not maintain cash in foreign banks to support its operations in Hong Kong. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Net Loss per Share: Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted number of common shares and common share equivalents outstanding (unless their effect is anti-dilutive) for the period. All common share equivalents are comprised of stock options. Diluted loss per common share for the years ended March 31, 2014 and 2013 exclude the effect of all stock options, which totaled 0 and 122,000 at March 31, 2014 and 2013, respectively, as their effect is anti-dilutive. As a result, the weighted average number of common shares outstanding is identical for the years ended March 31, 2014 and 2013 for both basic and diluted shares. | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted average number of common shares outstanding for basic loss per share | 2,290,010 | 2,311,152 | ||||||||||||
Shares issued upon assumed exercise of outstanding stock options | - | - | ||||||||||||
Weighted average number of common and common equivalent shares outstanding for diluted loss per share | 2,290,010 | 2,311,152 | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recently Issued Accounting Pronouncements: Changes to accounting principles generally accepted in the United States of America (US. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updated (ASU’s) to the FASB’s Accounting Standards Codification. | ||||||||||||||
The Company considers the applicability and impact of all ASU’s. Recently issued ASU’s were evaluated and determined to be either not applicable or are not expected to have a material impact on our consolidated financial statements. | ||||||||||||||
NATURE_OF_BUSINESS_AND_SUMMARY2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
The following table presents the changes in Accumulated Other Comprehensive Income by component for the fiscal year ended March 31, 2014: | ||||||||||||||
Currency Translation | Investment Securities | Total | ||||||||||||
Balance – March 31, 2013 | $ | 1,172,486 | $ | 203,924 | $ | 1,376,410 | ||||||||
Other comprehensive loss | $ | -44,678 | $ | -141,605 | $ | -186,283 | ||||||||
Balance – March 31, 2014 | $ | 1,127,808 | $ | 62,319 | $ | 1,190,127 | ||||||||
Schedule Of Stock Repurchase Program Details [Table Text Block] | ' | |||||||||||||
The following table sets forth information with respect to purchases by the Company of its common stock during the fiscal year ended March 31, 2013: | ||||||||||||||
Period | Total | Average | Total Number of | Maximum Number | ||||||||||
Number of | Price | Shares Purchased | of Shares that May | |||||||||||
Shares | Paid per | As Part of | Yet be Purchased | |||||||||||
Purchased | Share | Publicly | Under the Plans or | |||||||||||
Announced Plans | Programs | |||||||||||||
Or Programs | ||||||||||||||
Apr-12 | 11,605 | $ | 5.37 | 63,138 | 36,862 | |||||||||
Jul-12 | 11,990 | $ | 4.9 | 75,128 | 24,872 | |||||||||
Dec-12 | 12,000 | $ | 4.2 | 87,128 | 12,872 | |||||||||
Feb-13 | 12,872 | $ | 4.23 | 100,000 | 0 | |||||||||
Total | 48,467 | $ | 4.66 | 100,000 | 0 | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||||
As a result, the weighted average number of common shares outstanding is identical for the years ended March 31, 2014 and 2013 for both basic and diluted shares. | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted average number of common shares outstanding for basic loss per share | 2,290,010 | 2,311,152 | ||||||||||||
Shares issued upon assumed exercise of outstanding stock options | - | - | ||||||||||||
Weighted average number of common and common equivalent shares outstanding for diluted loss per share | 2,290,010 | 2,311,152 | ||||||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment consist of the following: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Leasehold improvements | $ | 166,722 | $ | 166,722 | ||||
Machinery and equipment | 190,400 | 190,400 | ||||||
Furniture and fixtures | 261,292 | 261,344 | ||||||
Computer equipment | 286,528 | 253,096 | ||||||
904,942 | 871,562 | |||||||
Less accumulated depreciation | -758,730 | -719,361 | ||||||
$ | 146,212 | $ | 152,201 | |||||
INVESTMENT_IN_THE_HONG_KONG_JO1
INVESTMENT IN THE HONG KONG JOINT VENTURE (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Schedule Of Financial Statement Information Of Joint Ventures [Table Text Block] | ' | |||||||
The following represents summarized financial information derived from the audited financial statements of the Hong Kong Joint Venture as of March 31, 2014 and 2013. | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Current assets | $ | 16,051,441 | $ | 14,893,800 | ||||
Property and other assets | 18,980,665 | 20,036,497 | ||||||
Total | $ | 35,032,106 | $ | 34,930,297 | ||||
Current liabilities | $ | 6,763,568 | $ | 5,059,232 | ||||
Non-current liabilities | - | 5,769 | ||||||
Equity | 28,268,538 | 29,865,296 | ||||||
Total | $ | 35,032,106 | $ | 34,930,297 | ||||
For the Year Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 19,054,691 | $ | 22,031,665 | ||||
Gross profit | 4,446,243 | 5,409,968 | ||||||
Net (loss) income | -437,940 | 1,647,461 | ||||||
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||
Each of the operating leases for real estate has renewal options with terms and conditions similar to the original lease. Rent expense, including common area maintenance, totaled $185,625 and 180,546 for the years ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||
Remainder | |||||||||||||||||
Future minimum lease payments are as follows: | 196,049 | 153,416 | $ | 154,931 | $ | 159,579 | $ | 164,366 | |||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The components of income tax expense (benefit) from continuing operations for the Company are as follows: | ||||||||
2014 | 2013 | |||||||
Current expense | ||||||||
U.S. Federal | $ | - | $ | - | ||||
U.S. State | - | - | ||||||
Deferred expense | 2,310,835 | 53,851 | ||||||
Total income tax expense | $ | 2,310,835 | $ | 53,851 | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
The reconciliation between the statutory federal income tax provision and the actual effective tax provision for continuing operations is as follows: | ||||||||
Years ended March 31, | ||||||||
2014 | 2013 | |||||||
Federal tax expense at statutory rate (34%) before loss carry-forward | $ | -749,936 | $ | -135,562 | ||||
Non-repatriated earnings of Hong Kong Joint Venture | 218,452 | -151,868 | ||||||
Permanent differences | 26,281 | 8,301 | ||||||
State income tax expense – net of federal effect | -50,658 | - | ||||||
True-up adjustments and allowance | 2,866,696 | 332,980 | ||||||
Income tax expense | $ | 2,310,835 | $ | 53,851 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
The individual components of the Company’s deferred tax assets are as follows: | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Financial statement accruals and allowances | $ | 63,321 | $ | 106,398 | ||||
Inventory uniform capitalization | 45,885 | 38,247 | ||||||
Net operating loss carry forward | 1,433,185 | 881,603 | ||||||
Foreign tax credit carry forward | 1,516,111 | 1,522,886 | ||||||
Research and development tax credit carry forward | 61,701 | 61,701 | ||||||
Allowance for unrealizable deferred tax assets | -3,120,203 | -300,000 | ||||||
Net deferred tax asset | $ | - | $ | 2,310,835 | ||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | ' | |||||||||||||
Total Number of | ||||||||||||||
Shares Purchased | Maximum Number | |||||||||||||
Total | Average | As Part of | of Shares that May | |||||||||||
Number of | Price | Publicly | Yet be Purchased | |||||||||||
Shares | Paid per | Announced Plans | Under the Plans or | |||||||||||
Period | Purchased | Share | Or Programs | Programs | ||||||||||
Apr-12 | 11,605 | $ | 5.37 | 63,138 | 36,862 | |||||||||
Jul-12 | 11,990 | $ | 4.9 | 75,128 | 24,872 | |||||||||
Dec-12 | 12,000 | $ | 4.2 | 87,128 | 12,872 | |||||||||
Feb-13 | 12,872 | $ | 4.23 | 100,000 | 0 | |||||||||
Total | 48,467 | $ | 4.66 | 100,000 | 0 | |||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | ' | |||||||||||||
The following tables summarize the status of stock options at March 31, 2014 and option transactions for the years then ended: | ||||||||||||||
For the Year Ended March 31, 2014: | Number of Shares | Weighted Average | ||||||||||||
Exercise Price | ||||||||||||||
Exercised on March 14, 2014 – Grant 1 | 25,000 | 3.25 | ||||||||||||
Expired on December 14, 2013 – Grant 2 | 97,000 | 5.51 | ||||||||||||
122,000 | 5.05 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
Status as of March 31, 2014 | Number of Shares | |||||||||||||
Presently exercisable | 0 | |||||||||||||
Outstanding options by Grant as of March 31, 2013 | ||||||||||||||
Number of options – Grant 1 | 25,000 | |||||||||||||
Average exercise price per option | $ | 3.25 | ||||||||||||
Exercised | 14-Mar-14 | |||||||||||||
Number of options – Grant 2 | 97,000 | |||||||||||||
Average exercise price per option | $ | 5.51 | ||||||||||||
Expired unexercised | 14-Dec-13 | |||||||||||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The unaudited quarterly results of operations for fiscal years 2014 and 2013 are summarized as follows: | ||||||||||||||
Quarter Ended | ||||||||||||||
June 30, | September 30, | December 31, | March 31, | |||||||||||
2014 | ||||||||||||||
Net sales | $ | 3,005,669 | $ | 3,195,611 | $ | 3,738,914 | $ | 2,636,933 | ||||||
Gross profit | 749,324 | 809,155 | 1,125,470 | 157,035 | ||||||||||
Net income (loss) | -19,530 | -2,559,218 | -367,190 | -1,504,306 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | -0.01 | -1.12 | -0.16 | -0.65 | ||||||||||
Diluted | -0.01 | -1.12 | -0.16 | -0.65 | ||||||||||
2013 | ||||||||||||||
Net sales | $ | 3,059,352 | $ | 3,456,813 | $ | 4,753,736 | $ | 4,113,976 | ||||||
Gross profit | 978,345 | 1,173,332 | 1,027,060 | 1,162,663 | ||||||||||
Net income (loss) | -362,598 | -218,193 | 23,257 | 104,973 | ||||||||||
Net income (loss) per share: | ||||||||||||||
Basic | -0.16 | -0.09 | 0.01 | 0.04 | ||||||||||
Diluted | -0.16 | -0.09 | 0.01 | 0.04 | ||||||||||
NATURE_OF_BUSINESS_AND_SUMMARY3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Currency Translation, Beginning Balance | $1,172,486 | ' |
Currency Translation, Other comprehensive loss | -44,678 | ' |
Currency Translation, Ending Balance | 1,127,808 | 1,172,486 |
Investment Securities,Beginning Balance | 203,924 | ' |
Investment Securities, Other comprehensive loss | -141,605 | ' |
Investment Securties, Ending Balance | 62,319 | 203,924 |
Total,Beginning Balance | 1,376,410 | ' |
Total,Other Comprehensive Income | -186,283 | 292,807 |
Total,Ending Balance | $1,190,128 | $1,376,410 |
NATURE_OF_BUSINESS_AND_SUMMARY4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | |
Mar. 31, 2013 | Oct. 31, 2011 | |
Stock Repurchased During Period, Shares | 48,467 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $4.66 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | 100,000 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 0 | ' |
Common Stock [Member] | ' | ' |
Stock Repurchased During Period, Shares | 48,467 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $4.66 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 0 | ' |
April 2012 [Member] | Common Stock [Member] | ' | ' |
Stock Repurchased During Period, Shares | 11,605 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $5.37 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 63,138 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 36,862 | ' |
July 2012 [Member] | Common Stock [Member] | ' | ' |
Stock Repurchased During Period, Shares | 11,990 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $4.90 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 75,128 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 24,872 | ' |
December 2012 [Member] | Common Stock [Member] | ' | ' |
Stock Repurchased During Period, Shares | 12,000 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $4.20 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 87,128 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 12,872 | ' |
February 2013 [Member] | Common Stock [Member] | ' | ' |
Stock Repurchased During Period, Shares | 12,872 | ' |
Accelerated Share Repurchases Final Price Paid Per Share | $4.23 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 0 | ' |
NATURE_OF_BUSINESS_AND_SUMMARY5
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Weighted average number of common shares outstanding for basic loss per share | 2,290,010 | 2,311,152 |
Shares issued upon assumed exercise of outstanding stock options | 0 | 0 |
Weighted average number of common and common equivalent shares outstanding for diluted loss per share | 2,290,010 | 2,311,152 |
NATURE_OF_BUSINESS_AND_SUMMARY6
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2013 | Apr. 30, 2012 | Mar. 31, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 01, 2012 | Oct. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | Oct. 31, 2011 | Mar. 31, 2014 | |
Demand Deposits [Member] | Demand Deposits [Member] | Non Qualified Stock Option Plan [Member] | Non Qualified Stock Option Plan [Member] | Non Qualified Stock Option Plan [Member] | Hong Kong Joint Venture [Member] | ||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | 97,000 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $3.25 | ' | ' | ' | ' | ' | ' | $5.51 | $5.51 | ' | ' |
Factoring Charges | ' | ' | ' | $70,666 | $78,467 | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | 57,000 | ' | ' | 57,000 | 57,000 | 57,012 | ' | ' | ' | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs | ' | ' | ' | 182,668 | 309,533 | ' | ' | ' | ' | ' | ' | ' | ' |
Direct Operating Costs | ' | ' | ' | 381,891 | 509,808 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 300,000 | ' | ' | 3,069,578 | 300,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | ' | ' | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Long-Term Debt, Excluding Current Maturities | 25,000 | ' | ' | 25,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, At Carrying Value | 2,438,892 | ' | ' | 2,050,993 | 2,438,892 | 3,186,274 | ' | 1,900,000 | 2,100,000 | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | 0 | 122,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | $1,376,410 | $1,083,603 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment, Gross | $904,942 | $871,562 |
Less accumulated depreciation | -758,730 | -719,361 |
Property, Plant and Equipment, Net | 146,212 | 152,201 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment, Gross | 166,722 | 166,722 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment, Gross | 190,400 | 190,400 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment, Gross | 261,292 | 261,344 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment, Gross | $286,528 | $253,096 |
PROPERTY_AND_EQUIPMENT_Details1
PROPERTY AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Depreciation, Depletion and Amortization | $43,943 | $40,302 |
Leasehold improvements [Member] | ' | ' |
Property Plant And Equipment Useful Life Description | 'Shorter of term of lease or useful life of asset | ' |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Maximum [Member] | Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' |
Maximum [Member] | Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' |
Minimum [Member] | Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Minimum [Member] | Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
INVESTMENT_IN_THE_HONG_KONG_JO2
INVESTMENT IN THE HONG KONG JOINT VENTURE (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets | $16,051,441 | $14,893,800 |
Property and other assets | 18,980,665 | 20,036,497 |
Total | 35,032,106 | 34,930,297 |
Current liabilities | 6,763,568 | 5,059,232 |
Non-current liabilities | 0 | 5,769 |
Equity | 28,268,538 | 29,865,296 |
Total | $35,032,106 | $34,930,297 |
INVESTMENT_IN_THE_HONG_KONG_JO3
INVESTMENT IN THE HONG KONG JOINT VENTURE (Details 1) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales | $19,054,691 | $22,031,665 |
Gross profit | 4,446,243 | 5,409,968 |
Net (loss) income | ($437,940) | $1,647,461 |
INVESTMENT_IN_THE_HONG_KONG_JO4
INVESTMENT IN THE HONG KONG JOINT VENTURE (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Equity Method Investment, Aggregate Cost | $14,144,069 | ' |
Hong Kong Joint Venture [Member] | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Related Party Transaction, Purchases from Related Party | 7,407,826 | 9,694,435 |
Related Party Transaction, Rate | 92.40% | 98.50% |
Hong Kong Joint Venture accounts payable | 28,681 | 0 |
Receivable from Hong Kong Joint Venture | $137,360 | $224,695 |
AMOUNTS_DUE_FROM_FACTOR_Detail
AMOUNTS DUE FROM FACTOR (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Factoring Agreement Receivables Sold | $11,370,850 | $12,966,616 |
Line of Credit Facility, Current Borrowing Capacity | 1,000,000 | ' |
Line of Credit Facility, Interest Rate at Period End | 3.25% | ' |
Due From Factor | 1,397,951 | 2,281,662 |
Non-Recourse Debt | $0 | $0 |
Line of Credit Facility, Borrowing Capacity, Description | 'The Agreement provides for financing of up to a maximum of $1,000,000 with the amount available at any one time based on cash on deposit, 90% of uncollected non-recourse receivables assigned to the factor, and 50% of qualifying inventory. | ' |
Line of Credit Facility, Interest Rate Description | 'Collected cash maintained on deposit with the factor earns interest at the factors prime rate of interest less two percentage points (effective rate of 1.25%) at March 31, 2014 and 2013. | 'Collected cash maintained on deposit with the factor earns interest at the factors prime rate of interest less two percentage points (effective rate of 1.25%) at March 31, 2014 and 2013. |
LEASES_Details
LEASES (Details) (USD $) | Mar. 31, 2014 |
2015 | $196,049 |
2016 | 153,416 |
2017 | 154,931 |
2018 | 159,579 |
Remainder | $164,366 |
LEASES_Details_Textual
LEASES (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jan. 31, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2009 | Dec. 31, 2012 | Feb. 28, 2004 | |
Warehouse [Member] | Office In Naperville [Member] | Office In Naperville [Member] | ||||
sqft | sqft | sqft | ||||
Description of Lessor Leasing Arrangements, Operating Leases | 'During January 2009, the Company entered into an operating lease for its office and warehouse location in Owings Mills, Maryland which expires in March 2019. | ' | ' | ' | ' | ' |
Operating Lease Rent Increment Percentage | 3.00% | ' | ' | ' | ' | ' |
Land Subject to Ground Leases | ' | ' | ' | 3,000 | 3,400 | 2,600 |
Operating Leases, Rent Expense | ' | $185,625 | $180,546 | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Current expense | ' | ' |
U.S. Federal | $0 | $0 |
U.S. State | 0 | 0 |
Deferred expense | 2,310,835 | 53,851 |
Income tax expense | $2,310,835 | $53,851 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Federal tax expense at statutory rate (34%) before loss carry-forward | ($749,936) | ($135,562) |
Non-repatriated earnings of Hong Kong Joint Venture | 218,452 | -151,868 |
Permanent differences | 26,281 | 8,301 |
State income tax expense - net of federal effect | -50,658 | 0 |
True-up adjustments and allowance | 2,866,696 | 332,980 |
Income tax expense | $2,310,835 | $53,851 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred tax assets: | ' | ' |
Financial statement accruals and allowances | $63,321 | $106,398 |
Inventory uniform capitalization | 45,885 | 38,247 |
Net operating loss carry forward | 1,433,185 | 881,603 |
Foreign tax credit carry forward | 1,516,111 | 1,522,886 |
Research and development tax credit carry forward | 61,701 | 61,701 |
Allowance for unrealizable deferred tax assets | -3,120,203 | -300,000 |
Net deferred tax asset | $0 | $2,310,835 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Operating Loss Carryforwards | $1,040,000 | $870,000 |
Operating Loss Carryforwards | 3,687,000 | 2,351,000 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $25,000 | $25,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ' |
Operating Loss Carryforwards Expiration Period | 'begin expiring in various amounts at dates from 2013 through 2030 | 'begin expiring in various amounts at dates from 2013 through 2030 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2013 | Oct. 31, 2011 | |
Total Number of Shares Purchased | 48,467 | ' |
Average Price Paid per Share | $4.66 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 100,000 | 100,000 |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 0 | ' |
Common Stock [Member] | ' | ' |
Total Number of Shares Purchased | 48,467 | ' |
Average Price Paid per Share | $4.66 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 100,000 | ' |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 0 | ' |
April 2012 [Member] | Common Stock [Member] | ' | ' |
Total Number of Shares Purchased | 11,605 | ' |
Average Price Paid per Share | $5.37 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 63,138 | ' |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 36,862 | ' |
July 2012 [Member] | Common Stock [Member] | ' | ' |
Total Number of Shares Purchased | 11,990 | ' |
Average Price Paid per Share | $4.90 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 75,128 | ' |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 24,872 | ' |
December 2012 [Member] | Common Stock [Member] | ' | ' |
Total Number of Shares Purchased | 12,000 | ' |
Average Price Paid per Share | $4.20 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 87,128 | ' |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 12,872 | ' |
February 2013 [Member] | Common Stock [Member] | ' | ' |
Total Number of Shares Purchased | 12,872 | ' |
Average Price Paid per Share | $4.23 | ' |
Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs | 100,000 | ' |
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | 0 | ' |
SHAREHOLDERS_EQUITY_Details_1
SHAREHOLDERS' EQUITY (Details 1) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Presently exercisable Number of Shares | 0 |
Number of options | 122,000 |
Average exercise price per share option | $5.05 |
Issue One [Member] | ' |
Number of options | 25,000 |
Average exercise price per share option | $3.25 |
Expiration date | 14-Mar-14 |
Issue Two [Member] | ' |
Number of options | 97,000 |
Average exercise price per share option | $5.51 |
Expiration date | 14-Dec-13 |
SHAREHOLDERS_EQUITY_Details_2
SHAREHOLDERS' EQUITY (Details 2) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Number of Shares | 122,000 |
Weighted Average Exercise Price | $5.05 |
Issue One [Member] | ' |
Exercised on March 14, 2014 - Grant 1, Number of Shares | 25,000 |
Exercised on March 14, 2014 - Grant 1, Weighted Average Exercise Price | $3.25 |
Number of Shares | 25,000 |
Weighted Average Exercise Price | $3.25 |
Issue Two [Member] | ' |
Expired on December 14, 2013 - Grant 2, Number of Shares | 97,000 |
Expired on December 14, 2013 - Grant 2, Weighted Averaged Exercise Price | $5.51 |
Number of Shares | 97,000 |
Weighted Average Exercise Price | $5.51 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2009 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | Oct. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | Oct. 31, 2011 | |
Common Stock [Member] | Non Qualified Stock Option Plan [Member] | Non Qualified Stock Option Plan [Member] | Non Qualified Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | 97,000 | 97,000 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $3.25 | ' | ' | ' | ' | ' | $5.51 | $5.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | ' | ' | 57.73% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $170,000 | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Detail Textual) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $630,000 |
MAJOR_CUSTOMERS_Details_Textua
MAJOR CUSTOMERS (Details Textual) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Sales Revenue, Net [Member] | ' | ' |
Concentration Risk, Percentage | 13.00% | 28.20% |
Hong Kong Joint Venture [Member] | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales | $2,636,933 | $3,738,914 | $3,195,611 | $3,005,669 | $4,113,976 | $4,753,736 | $3,456,813 | $3,059,352 | ' | ' |
Gross profit | 157,035 | 1,125,470 | 809,155 | 749,324 | 1,162,663 | 1,027,060 | 1,173,332 | 978,345 | 2,840,984 | 4,341,400 |
Net income (loss) | ($1,504,306) | ($367,190) | ($2,559,218) | ($19,530) | $104,973 | $23,257 | ($218,193) | ($362,598) | ($4,450,244) | ($452,561) |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.65) | ($0.16) | ($1.12) | ($0.01) | $0.04 | $0.01 | ($0.09) | ($0.16) | ($1.94) | ($0.20) |
Diluted (in dollars per share) | ($0.65) | ($0.16) | ($1.12) | ($0.01) | $0.04 | $0.01 | ($0.09) | ($0.16) | ($1.94) | ($0.20) |
RETIREMENT_PLAN_Details_Textua
RETIREMENT PLAN (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees Gross Pay | 4.00% | ' |
Defined Benefit Plan, Contributions by Employer | $59,027 | $60,136 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Capitalization Finite Lived Intangible Assets Legal Expenses | $89,434 | ' |
Amortization of Intangible Assets | 4,472 | 4,472 |
Finite-Lived Intangible Assets, Accumulated Amortization | $13,415 | ' |
Patents [Member] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Allowance for doubtful accounts - Balance at beginning of year | $57,000 | $57,012 |
Allowance for doubtful accounts - Charged to cost and expenses | 0 | 0 |
Allowance for doubtful accounts - Deductions | 0 | 0 |
Allowance for doubtful accounts - Balance at end of year | 57,000 | 57,000 |
Valuation allowance for deferred tax asset - Balance at beginning of year | 300,000 | 0 |
Valuation allowance for deferred tax asset - Charged to cost and expenses | 2,769,578 | 300,000 |
Valuation allowance for deferred tax asset - Deductions | 0 | 0 |
Valuation allowance for deferred tax asset - Balance at end of year | $3,069,578 | $300,000 |