Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'PROFIRE ENERGY INC |
Entity Central Index Key | '0001289636 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'true |
Amendment description | 'This amendment is being filed to comply with regulations |
Current Fiscal Year End Date | '--03-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Period Focus | 'Q2 |
Document Fiscal Year Focus | '2013 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $602,255 | $808,772 |
Accounts receivable, net | 8,618,943 | 5,879,165 |
Inventories | 6,169,080 | 3,463,614 |
Prepaid expenses | 62,343 | 1,967 |
Total Current Assets | 15,452,621 | 10,153,518 |
PROPERTY AND EQUIPMENT, net | 2,404,442 | 2,232,355 |
TOTAL ASSETS | 17,857,063 | 12,385,873 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 2,405,817 | 1,499,330 |
Accrued liabilities | 164,837 | 189,489 |
Deferred income tax liability | 134,107 | 72,857 |
Income taxes payable | 969,053 | 161,550 |
Total Current Liabilities | 3,673,814 | 1,923,226 |
TOTAL LIABILITIES | 3,673,814 | 1,923,226 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common shares: $0.001 par value, 100,000,000 shares authorized: 45,390,000 and 45,250,000 shares issued and outstanding, respectively | 45,390 | 45,250 |
Additional paid-in capital | 842,888 | 585,735 |
Accumulated other comprehensive income | 171,242 | 371,466 |
Retained earnings | 13,123,729 | 9,460,196 |
Total Stockholders' Equity | 14,183,249 | 10,462,647 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $17,857,063 | $12,385,873 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 45,390,000 | 45,250,000 |
Common stock, outstanding shares | 45,390,000 | 45,250,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Other Comprhensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES | ' | ' | ' | ' |
Sales of goods, net | $8,940,062 | $4,096,452 | $15,779,023 | $7,547,959 |
Sales of services, net | 402,394 | 283,141 | 745,013 | 508,907 |
Total Revenues | 9,342,456 | 4,379,593 | 16,524,036 | 8,056,866 |
COST OF SALES | ' | ' | ' | ' |
Cost of goods sold-products | 3,550,640 | 1,950,355 | 6,275,120 | 3,278,071 |
Cost of goods sold - services | 232,250 | 211,312 | 500,447 | 384,032 |
Total Cost of Goods Sold | 3,782,890 | 2,161,667 | 6,775,567 | 3,662,103 |
GROSS PROFIT | 5,559,566 | 2,217,926 | 9,748,469 | 4,394,763 |
OPERATING EXPENSES | ' | ' | ' | ' |
General and administrative expenses | 1,259,192 | 863,271 | 2,098,315 | 1,857,151 |
Research and development | 155,089 | 70,454 | 251,019 | 110,234 |
Payroll expenses | 930,993 | 298,802 | 1,766,069 | 640,655 |
Depreciation expense | 65,597 | 64,468 | 126,925 | 110,926 |
Total Operating Expenses | 2,410,871 | 1,296,995 | 4,242,328 | 2,718,966 |
INCOME FROM OPERATIONS | 3,148,695 | 920,931 | 5,506,141 | 1,675,797 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -100 | -7,426 | -10,567 | -8,678 |
Gain on disposal of fixed assets | 1,617 | ' | 1,617 | ' |
Rental income | 1,575 | ' | 2,190 | ' |
Interest income | 7,565 | 8,246 | 8,366 | 8,315 |
Total Other Income (Expense) | 10,657 | 820 | 1,606 | -363 |
NET INCOME BEFORE INCOME TAXES | 3,159,352 | 921,751 | 5,507,747 | 1,675,434 |
INCOME TAX EXPENSE | 1,109,803 | 276,621 | 1,844,214 | 464,569 |
NET INCOME | 2,049,549 | 645,130 | 3,663,533 | 1,210,865 |
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) | -90,191 | 382,438 | -200,224 | 219,618 |
TOTAL COMPREHENSIVE INCOME | $1,959,358 | $1,027,568 | $3,463,309 | $1,430,483 |
BASIC EARNINGS PER SHARE | $0.05 | $0.01 | $0.08 | $0.03 |
FULLY DILUTED EARNINGS PER SHARE | $0.04 | $0.01 | $0.08 | $0.03 |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 45,289,301 | 45,078,587 | 45,274,863 | 45,054,918 |
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 45,905,364 | 45,460,439 | 45,905,364 | 45,436,770 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net Income | $3,663,533 | $1,210,865 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 168,020 | 110,245 |
Gain on the disposal of fixed assets | -1,617 | ' |
Common stock issued for services | 28,350 | 208,750 |
Bad debt expense | ' | 9,958 |
Stock options issued for services | 180,944 | 86,904 |
Changes in operating assets and liabilities: | ' | ' |
Changes in accounts receivable | -2,776,585 | 449,996 |
Changes in inventories | -2,723,568 | -1,451,619 |
Changes in prepaid expenses | -60,376 | -13,143 |
Changes in accounts payable and accrued liabilities | 897,043 | -204,025 |
Changes in income taxes payable | 870,119 | -179,045 |
Net Cash Provided by Operating Activities | 245,863 | 228,886 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from disposal of equipment | 33,910 | ' |
Purchase of fixed assets | -389,365 | -258,233 |
Net Cash Used in Investing Activities | -355,455 | -258,233 |
FINANCING ACTIVITIES | ' | ' |
Stock issued in exercise of stock options | 48,000 | ' |
Net Cash Used in Financing Activities | 48,000 | ' |
Effect of exchange rate changes on cash | -144,925 | 762,078 |
NET INCREASE IN CASH | -206,517 | 732,731 |
CASH AT BEGINNING OF PERIOD | 808,772 | 1,914,877 |
CASH AT END OF PERIOD | 602,255 | 2,647,608 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Interest | 100 | 8,678 |
Income taxes | $302,300 | $685,915 |
1_CONDENSED_FINANCIAL_STATEMEN
1. CONDENSED FINANCIAL STATEMENTS | 6 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
CONDENSED FINANCIAL STATEMENTS | ' |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2013 and for all periods presented have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2013 audited financial statements. The results of operations for the periods ended September 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years. |
2_SIGNIFICANT_ACCOUNTING_POLIC
2. SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accounting Policies [Abstract] | ' | |||||
SIGNIFICANT ACCOUNTING POLICIES | ' | |||||
Reclassification | ||||||
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. | ||||||
Use of Estimates | ||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||
Cash and Cash Equivalents | ||||||
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of September 30, 2013 and March 31, 2013, bank balances included $602,255 and $808,772, respectively, held by the Company’s banks guaranteed by the Province of Alberta, Canada and the FDIC. | ||||||
Accounts Receivable | ||||||
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $126,554 and $133,974 as of September 30, 2013 and March 31, 2013, respectively. | ||||||
Inventory | ||||||
In accordance with ASC 330, the Company’s inventory is valued at the lower of cost (the purchase price, including additional fees) or market based on using the entire value of inventory. Inventories are determined based on the average cost basis. As of September 30, 2013 and March 31, 2013 inventory consisted of the following: | ||||||
September 30, | March 31, | |||||
2013 | 2013 | |||||
Raw materials | $ | - | $ | - | ||
Finished goods | 6,256,988 | 3,553,140 | ||||
Work in process | - | - | ||||
Subtotal | 6,256,988 | 3,553,140 | ||||
Reserve for obsolescence | (87,908) | (89,526) | ||||
Total | $ | 6,169,080 | 3,463,614 | |||
Revenue Recognition | ||||||
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. | ||||||
Income Taxes | ||||||
The Company is subject to US and Canadian income taxes, respectively, on its US and Canadian income with a credit provided for foreign taxes paid. The combined effective rates of income tax expense (benefit) in the US and Canada are, respectively, 35% and 28% for the six months ended September 30, 2013 and 2012, respectively. | ||||||
Basic and Diluted Earnings Per Share | ||||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 630,500 and 530,000 stock options included in the fully diluted earnings per share as of September 30, 2013 and 2012, respectively. The Company uses the treasury stock method to calculate the dilutive effects of stock options and warrants. | ||||||
For the Six Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Net income applicable to common shareholders | S | 3,663,533 | S | 1,210,865 | ||
Weighted average shares outstanding | 45,289,301 | 45,054,918 | ||||
Weighted average fully diluted shares outstanding | 45,905,364 | 45,436,770 | ||||
Basic earnings per share | S | 0.08 | S | 0.03 | ||
Fully diluted earnings per share | S | 0.08 | S | 0.03 | ||
Foreign Currency and Comprehensive Income | ||||||
The Company’s functional currencies are the United States dollar (USD) and the Canadian dollar (CAD), the reporting currency is USD. All transactions initiated in other currencies are translated into the reporting currency in accordance with ASC830-20, “Foreign Currency Matters – Foreign Currency Transactions”. The period-end exchange rates of 0.97232 and 0.982898 were used to convert the Company’s September 30, 2013 and March 31, 2012 balance sheets, respectively, and the statements of operations used weighted average rates of 0.970557 and 1.02760 for the six months ended September 30, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Other Comprehensive Income. | ||||||
Recent Accounting Pronouncements | ||||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | ||||||
Stock-Based Compensation | ||||||
The Company follows the provisions of ASC 718, “Share-Based Payment.” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. | ||||||
3_FAIR_VALUE_MEASUREMENT
3. FAIR VALUE MEASUREMENT | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||
The Company measures its cash equivalents and marketable securities at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||||||||||||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||
Level 2 - Include inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. | |||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activities. | |||||||||||||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
The Company classifies its cash equivalents and marketable securities within Level 1. This is because it values its cash equivalents and marketable securities using quoted market prices. | |||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||
Description | As of September 30, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 2) | (Level 3) | ||||||||||||
Assets | |||||||||||||
Cash Equivalents | $ | 602,255 | $ | 602,255 | $ | - | $ | - | |||||
4_SEGMENT_INFORMATION
4. SEGMENT INFORMATION | 6 Months Ended | |||||
Sep. 30, 2013 | ||||||
Segment Reporting [Abstract] | ' | |||||
SEGMENT INFORMATION | ' | |||||
The Company operates in the United States and Canada. Segment information for these geographic areas is as follows: | ||||||
For the Six Months Ended | ||||||
September 30, | ||||||
Sales | 2013 | 2012 | ||||
Canada | $ | 7,204,313 | $ | 6,140,601 | ||
United States | 9,319,723 | 1,916,265 | ||||
Total | $ | 16,524,036 | $ | 8,056,866 | ||
Long-lived assets | September 30, | March 31, | ||||
2013 | 2012 | |||||
Canada | $ | 1,490,389 | $ | 1,583,613 | ||
United States | 914,053 | 648,742 | ||||
Total | $ | 2,404,442 | $ | 2,232,355 | ||
5_SUBSEQUENT_EVENTS
5. SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
On November 12, 2013, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors. Pursuant to the terms of the Purchase Agreement, the Company sold to the purchasers an aggregate of approximately $4,700,000 worth of common stock of the Company at a price per share of $2.18. The closing of the purchase is expected to occur on or before November 15, 2013, and is subject to customary closing conditions. | |
Pursuant to the Purchase Agreement, the Company agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares. The proceeds are expected to be used for general working capital purposes and to otherwise finance the growth of the Company. | |
Subsequent to quarter-end, an employee exercised previously issued options for 100,000 shares. |
2_SIGNIFICANT_ACCOUNTING_POLIC1
2. SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accounting Policies [Abstract] | ' | |||||
Reclassification | ' | |||||
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. | ||||||
Use of Estimates | ' | |||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||
Cash and Cash Equivalents | ' | |||||
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of September 30, 2013 and March 31, 2013, bank balances included $602,255 and $808,772, respectively, held by the Company’s banks guaranteed by the Province of Alberta, Canada and the FDIC. | ||||||
Accounts Receivable | ' | |||||
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $126,554 and $133,974 as of September 30, 2013 and March 31, 2013, respectively. | ||||||
Inventory | ' | |||||
In accordance with ASC 330, the Company’s inventory is valued at the lower of cost (the purchase price, including additional fees) or market based on using the entire value of inventory. Inventories are determined based on the average cost basis. As of September 30, 2013 and March 31, 2013 inventory consisted of the following: | ||||||
September 30, | March 31, | |||||
2013 | 2013 | |||||
Raw materials | $ | - | $ | - | ||
Finished goods | 6,256,988 | 3,553,140 | ||||
Work in process | - | - | ||||
Subtotal | 6,256,988 | 3,553,140 | ||||
Reserve for obsolescence | (87,908) | (89,526) | ||||
Total | $ | 6,169,080 | 3,463,614 | |||
Revenue Recognition | ' | |||||
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. | ||||||
Income Taxes | ' | |||||
The Company is subject to US and Canadian income taxes, respectively, on its US and Canadian income with a credit provided for foreign taxes paid. The combined effective rates of income tax expense (benefit) in the US and Canada are, respectively, 35% and 28% for the six months ended September 30, 2013 and 2012, respectively. | ||||||
Basic and Diluted Earnings Per Share | ' | |||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 630,500 and 530,000 stock options included in the fully diluted earnings per share as of September 30, 2013 and 2012, respectively. The Company uses the treasury stock method to calculate the dilutive effects of stock options and warrants. | ||||||
For the Six Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Net income applicable to common shareholders | S | 3,663,533 | S | 1,210,865 | ||
Weighted average shares outstanding | 45,289,301 | 45,054,918 | ||||
Weighted average fully diluted shares outstanding | 45,905,364 | 45,436,770 | ||||
Basic earnings per share | S | 0.08 | S | 0.03 | ||
Fully diluted earnings per share | S | 0.08 | S | 0.03 | ||
Foreign Currency and Comprehensive Income | ' | |||||
The Company’s functional currencies are the United States dollar (USD) and the Canadian dollar (CAD), the reporting currency is USD. All transactions initiated in other currencies are translated into the reporting currency in accordance with ASC830-20, “Foreign Currency Matters – Foreign Currency Transactions”. The period-end exchange rates of 0.97232 and 0.982898 were used to convert the Company’s September 30, 2013 and March 31, 2012 balance sheets, respectively, and the statements of operations used weighted average rates of 0.970557 and 1.02760 for the six months ended September 30, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Other Comprehensive Income. | ||||||
Recent Accounting Pronouncements | ' | |||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | ||||||
Stock-Based Compensation | ' | |||||
The Company follows the provisions of ASC 718, “Share-Based Payment.” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. |
2_SIGNIFICANT_ACCOUNTING_POLIC2
2. SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accounting Policies [Abstract] | ' | |||||
Inventory | ' | |||||
September 30, | March 31, | |||||
2013 | 2013 | |||||
Raw materials | $ | - | $ | - | ||
Finished goods | 6,256,988 | 3,553,140 | ||||
Work in process | - | - | ||||
Subtotal | 6,256,988 | 3,553,140 | ||||
Reserve for obsolescence | (87,908) | (89,526) | ||||
Total | $ | 6,169,080 | 3,463,614 | |||
Basic Earnings Per Share | ' | |||||
For the Six Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Net income applicable to common shareholders | S | 3,663,533 | S | 1,210,865 | ||
Weighted average shares outstanding | 45,289,301 | 45,054,918 | ||||
Weighted average fully diluted shares outstanding | 45,905,364 | 45,436,770 | ||||
Basic earnings per share | S | 0.08 | S | 0.03 | ||
Fully diluted earnings per share | S | 0.08 | S | 0.03 | ||
3_FAIR_VALUE_MEASUREMENT_Table
3. FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||
Description | As of September 30, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||
(Level 2) | (Level 3) | ||||||||||||
Assets | |||||||||||||
Cash Equivalents | $ | 602,255 | $ | 602,255 | $ | - | $ | - |
4_SEGMENT_INFORMATION_Tables
4. SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||
Sep. 30, 2013 | ||||||
Segment Reporting [Abstract] | ' | |||||
Segment information | ' | |||||
For the Six Months Ended | ||||||
September 30, | ||||||
Sales | 2013 | 2012 | ||||
Canada | $ | 7,204,313 | $ | 6,140,601 | ||
United States | 9,319,723 | 1,916,265 | ||||
Total | $ | 16,524,036 | $ | 8,056,866 | ||
Long-lived assets | September 30, | March 31, | ||||
2013 | 2012 | |||||
Canada | $ | 1,490,389 | $ | 1,583,613 | ||
United States | 914,053 | 648,742 | ||||
Total | $ | 2,404,442 | $ | 2,232,355 | ||
2_SIGNIFICANT_ACCOUNTING_POLIC3
2. SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Raw materials | $0 | $0 |
Finished goods | 6,256,988 | 3,553,140 |
Work in progress | 0 | 0 |
Reserve for obsolescence | -87,908 | -89,526 |
Total | $6,169,080 | $3,463,614 |
2_SIGNIFICANT_ACCOUNTING_POLIC4
2. SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income applicable to common shareholders | $2,049,549 | $645,130 | $3,663,533 | $1,210,865 |
Weighted average shares outstanding | 45,289,301 | 45,078,587 | 45,274,863 | 45,054,918 |
Weighted average fully diluted shares outstanding | 45,905,364 | 45,460,439 | 45,905,364 | 45,436,770 |
Basic earnings per share | $0.05 | $0.01 | $0.08 | $0.03 |
Fully diluted earnings per share | $0.04 | $0.01 | $0.08 | $0.03 |
2_SIGNIFICANT_ACCOUNTING_POLIC5
2. SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 6 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Bank balances | $602,255 | $2,647,608 | $808,772 | $1,914,877 |
Allowance for doubtful accounts | $126,554 | ' | $133,974 | ' |
Effective rates of income tax expense (benefit) | 35.00% | 28.00% | ' | ' |
Stock options included in the fully diluted earnings per share | 630,500 | 530,000 | ' | ' |
Period-end exchange rates | '0.97232 | ' | '0.982898 | ' |
Weighted average exchange rate | '0.970557 | '1.02760 | ' | ' |
3_FAIR_VALUE_MEASUREMENT_Detai
3. FAIR VALUE MEASUREMENT (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 |
Assets | ' | ' | ' | ' |
Cash Equivalents | $602,255 | $808,772 | $2,647,608 | $1,914,877 |
Marketable Securites | ' | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents | 602,255 | ' | ' | ' |
Marketable Securites | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents | ' | ' | ' | ' |
Marketable Securites | ' | ' | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents | ' | ' | ' | ' |
Marketable Securites | ' | ' | ' | ' |
4_SEGMENT_INFORMATION_Details
4. SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Sales | ' | ' | ' | ' |
Canada | ' | ' | $7,204,313 | $6,140,601 |
United States | ' | ' | 9,319,723 | 1,916,265 |
Total | $9,342,456 | $4,379,593 | $16,524,036 | $8,056,866 |
4_SEGMENT_INFORMATION_Details_
4. SEGMENT INFORMATION (Details 2) (USD $) | Sep. 30, 2013 | Mar. 31, 2012 |
Long-Lived Assets | ' | ' |
Canada | $1,490,389 | $1,583,613 |
United States | 914,053 | 648,742 |
Total | $2,404,442 | $2,232,355 |