Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 27, 2014 | Sep. 30, 2013 | |
Document and Entity Information: | ' | ' | ' |
Entity Registrant Name | 'Profire Energy Inc | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001289636 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 48,041,563 | ' |
Entity Public Float | ' | ' | $13,421,585 |
Entity Incorporation, Date of Incorporation | 5-May-03 | ' | ' |
Entity Incorporation, State Country Name | 'Nevada | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $4,456,674 | $808,772 |
Accounts receivable, net | 8,873,471 | 5,879,165 |
Inventories | 6,579,858 | 3,463,614 |
Deferred tax asset | 420,978 | ' |
Prepaid expenses | 32,263 | 1,967 |
Total Current Assets | 20,363,244 | 10,153,518 |
PROPERTY AND EQUIPMENT, net | 4,385,881 | 2,232,355 |
TOTAL ASSETS | 24,749,125 | 12,385,873 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 1,461,138 | 1,499,330 |
Accrued liabilities | 193,727 | 189,489 |
Deferred income tax liability | 107,857 | 72,857 |
Income taxes payable | 1,605,133 | 161,550 |
Total current liabilities | 3,367,855 | 1,923,226 |
TOTAL LIABILITIES | 3,367,855 | 1,923,226 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued and outstanding | ' | ' |
Common shares: $0.001 par value, 100,000,000 shares authorized: 47,836,543 and 45,250,000 shares issued and outstanding, respectively | 47,836 | 45,250 |
Additional paid-in capital | 6,496,980 | 585,735 |
Accumulated other comprehensive income | -231,051 | 371,466 |
Retained earnings | 15,067,505 | 9,460,196 |
Total Stockholders' Equity | 21,381,270 | 10,462,647 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $24,749,125 | $12,385,873 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ' | ' | ' |
Preferred stock par value | ' | $0.00 | $0.00 |
Preferred stock shares authorized | ' | 10,000,000 | 10,000,000 |
Preferred stock shares issued | ' | ' | ' |
Preferred stock shares outstanding | ' | ' | ' |
Common stock par value | ' | $0.00 | $0.00 |
Common stock shares authorized | ' | 100,000,000 | 100,000,000 |
Common stock shares issued | 205,135 | 47,836,543 | 45,250,000 |
Common stock shares outstanding | ' | 47,836,543 | 45,250,000 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUES | ' | ' |
Sales of goods, net | $33,646,158 | $15,740,546 |
Sales of services, net | 1,745,950 | 1,146,721 |
Total Revenues | 35,392,108 | 16,887,267 |
COST OF SALES | ' | ' |
Cost of goods sold | 14,131,527 | 7,034,703 |
Cost of goods sold-services | 1,221,410 | 1,043,294 |
Total Cost of Goods Sold | 15,352,937 | 8,077,997 |
GROSS PROFIT | 20,039,171 | 8,809,270 |
OPERATING EXPENSES | ' | ' |
General and administrative expenses | 6,466,177 | 3,483,030 |
Payroll expenses | 3,921,174 | 2,656,762 |
Research and development | 703,266 | 315,045 |
Depreciation expense | 276,661 | 195,070 |
Total Operating Expenses | 11,367,278 | 6,649,907 |
INCOME FROM OPERATIONS | 8,671,893 | 2,159,363 |
OTHER INCOME (EXPENSE) | ' | ' |
Interest expense | -2,692 | ' |
Permanent impairment of available for sale securities | 0 | -8,438 |
Gain (loss) on sale of fixed assets | 2,867 | -13,936 |
Rental income | 3,990 | 629 |
Interest income | 5,863 | 25,942 |
Total Other Income (Expense) | 10,028 | 4,197 |
NET INCOME BEFORE INCOME TAXES | 8,681,921 | 2,163,560 |
INCOME TAX EXPENSE | 3,074,612 | 730,905 |
NET INCOME | 5,607,309 | 1,432,655 |
OTHER COMPREHENSIVE INCOME | ' | ' |
FOREIGN CURRENCY TRANSLATION ADJUSTMENT | -602,517 | -121,664 |
TOTAL COMPREHENSIVE INCOME | $5,004,792 | $1,319,429 |
BASIC EARNINGS PER SHARE | $0.12 | $0.03 |
FULLY DILUTED EARNINGS PER SHARE | $0.12 | $0.03 |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,230,669 | 45,109,767 |
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,822,984 | 45,371,956 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common stock | Additional Paid-in Capital | Other Comprehensive Income | Retained Earnings | Total |
Balance at Mar. 31, 2012 | $45,000 | $74,343 | $484,692 | $8,027,541 | $8,631,576 |
Balance - shares at Mar. 31, 2012 | 45,000,000 | ' | ' | ' | ' |
Fair value of options vested | ' | 166,187 | ' | ' | 166,187 |
Stock issued for services | 250 | 345,205 | ' | ' | 345,455 |
Stock issued for services - shares | 250,000 | ' | ' | ' | ' |
Reclassification for net loss included in net income | ' | ' | 8,438 | ' | 8,438 |
Foreign currency translation | ' | ' | -121,664 | ' | -121,664 |
Net Income | ' | ' | ' | 1,432,655 | 1,432,655 |
Balance at Mar. 31, 2013 | 45,250 | 585,735 | 371,466 | 9,460,196 | 10,462,647 |
Balance - shares at Mar. 31, 2013 | 45,250,000 | ' | ' | ' | ' |
Fair value of options vested | ' | 1,433,984 | ' | ' | 1,433,984 |
Stock issued for services | 20 | 28,340 | ' | ' | 28,360 |
Stock issued for services - shares | 20,000 | ' | ' | ' | ' |
Exercised options | 307 | 118,205 | ' | ' | 118,512 |
Exercised options - shares | 307,150 | ' | ' | ' | ' |
Stock issuance | 2,259 | 4,330,716 | ' | ' | 4,332,975 |
Stock issuance - shares | 2,259,393 | ' | ' | ' | ' |
Foreign currency translation | ' | ' | -602,517 | ' | -602,517 |
Net Income | ' | ' | ' | 5,607,309 | 5,607,309 |
Balance at Mar. 31, 2014 | $47,836 | $6,496,980 | ($231,051) | $15,067,505 | $21,381,270 |
Balance - shares at Mar. 31, 2014 | 47,836,543 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' |
Net Income | $5,607,309 | $1,432,655 |
Depreciation expense | 359,305 | 243,838 |
Loss on sale of equipment | -2,867 | 13,936 |
Bad debt expense | -605 | 69,975 |
Stock issued for services | 28,360 | 345,455 |
Stock options issued for services | 1,433,984 | 166,187 |
Changes in accounts receivable | -3,264,108 | -1,494,660 |
Changes in deferred tax asset | -420,978 | 12,569 |
Changes in inventories | -3,249,235 | -1,528,107 |
Changes in prepaid expenses | -30,296 | 8,218 |
Changes in accounts payable and accrued liabilities | 77,785 | 736,341 |
Changes in income taxes payable | 1,488,619 | -376,999 |
Net Cash Provided by (Used in) Operating Activities | 2,027,273 | -370,592 |
Proceeds from sale of equipment | 33,910 | 13,770 |
Purchase of fixed assets | -2,659,295 | -550,622 |
Net Cash Provided by Investing Activities | -2,625,385 | -536,852 |
Stock issued | 118,512 | ' |
Stock issued in exercise of stock options | 4,332,975 | ' |
Net Cash Used in Financing Activities | 4,451,487 | ' |
Effect of exchange rate changes on cash | -205,473 | -198,661 |
NET INCREASE (DECREASE) IN CASH | 3,647,902 | -1,106,105 |
CASH AT BEGINNING OF YEAR | 808,772 | 1,914,877 |
CASH AT END OF YEAR | 4,456,674 | 808,772 |
Interest | 2,692 | ' |
Income taxes | $1,585,993 | $294,625 |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Notes | ' | ||||||
Note 1 - Significant Accounting Policies | ' | ||||||
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
This summary of significant accounting policies of Profire Energy, Inc. and Subsidiary (“the Company”) is presented to assist in understanding the Company’s financial statements. The Company’s accounting policies conform to accounting principles generally accepted in the United States of America (US GAAP). On September 30, 2008, The Flooring Zone, Inc. (“the Parent”) entered into an Acquisition Agreement with Profire Combustion, Inc. and the Shareholders of Profire Combustion, Inc. (“the Subsidiary”), subject to customary closing conditions. All conditions for closing were satisfied or waived and the transaction closed on October 9, 2008. | |||||||
Pursuant to the terms and conditions of the Acquisition Agreement, 35,000,000 shares of restricted common stock of the Company were issued to the three shareholders of Profire Combustion, Inc., in exchange for all of the issued and outstanding shares of the Subsidiary. As a result of the transaction, Profire Combustion, Inc. became a wholly-owned subsidiary of the Parent and the shareholders of the Subsidiary became the controlling shareholders of the Company. For accounting purposes, the Subsidiary is considered the accounting acquirer, and the historical Balance Sheets, Statements of Operations and Other Comprehensive Income, and Statement of Cash Flow of the Subsidiary are presented as those of the Company. The historical equity information is that of Profire Combustion, Inc., the accounting acquiree. The recapitalization required pursuant to this merger resulted in a negative additional paid-in capital balance. | |||||||
Organization and Line of Business | |||||||
The Parent was incorporated on May 5, 2003 in the State of Nevada. The Subsidiary was incorporated on March 6, 2002 in the province of Alberta, Canada. | |||||||
The Company provides products and services for burners and heaters for the oil and gas extraction industry in the Canadian and US markets. | |||||||
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 accordance 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Principles of Consolidation | |||||||
The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. | |||||||
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 using the treasury stock method. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 592,316 and 267,135 stock options included in the fully diluted earnings per share as of March 31, 2014 and 2013 respectively. Basic earnings per share for the years ended March 31, 2014 and 2013 are as follows: | |||||||
For the Years Ended March 31, | |||||||
2014 | 2013 | ||||||
Net income applicable to common shareholders | $ | 5,607,309 | $ | 1,432,655 | |||
Weighted average shares outstanding | 46,230,669 | 45,109,767 | |||||
Weighted average fully diluted shares outstanding | 46,822,984 | 45,371,956 | |||||
Basic earnings per share | $ | 0.12 | $ | 0.03 | |||
Fully diluted earnings per share | $ | 0.12 | $ | 0.03 | |||
Foreign Currency and Comprehensive Income | |||||||
The Company’s functional currency is the Canadian Dollar (CAD). The financial statements of the Company were translated to U.S. Dollars (USD) using year-end exchange rates for the balance sheet, and average exchange rates for the statements of operations. Equity transactions were translated using historical rates. The period-end exchange rates of 0.905186 and 0.982898 were used to convert the Company’s March 31, 2014 and 2013 balance sheets, respectively, and the statements of operations used weighted average rates of 0.949798 and 0.982898 for the years ended March 31, 2014 and 2013, 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 Comprehensive Income. | |||||||
Accounting Method and Fiscal Year | |||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on March 31. | |||||||
Fair Value of Financial Instruments | |||||||
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||
Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. | |||||||
The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term nature of these instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | |||||||
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 March 31, 2014 and 2013, cash and cash equivalents totaled $4,456,674 and $808,772, respectively. These deposits were insured by insurance accounts 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 $122,390 and $133,974 as of March 31, 2014 and 2013, respectively. | |||||||
Inventories | |||||||
In accordance with ARB No. 43 “Inventory Pricing,” 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. Inventory consists of finished goods held for sale. As of March 31 inventory consisted of the following: | |||||||
31-Mar-14 | 31-Mar-13 | ||||||
Raw materials | $ | - | $ | - | |||
Finished goods | 6,665,489 | 3,553,140 | |||||
Work in process | - | - | |||||
Subtotal | 6,665,489 | 3,553,140 | |||||
Reserve for obsolescence | (85,631) | (89,526) | |||||
Total | $ | 6,579,858 | $ | 3,463,614 | |||
Marketable Securities | |||||||
The Company reports its investments in marketable securities under the provisions of ASC 320, Investments in Debt and Equity Securities. All the Company’s marketable securities are classified as “available for sale” securities, as the market value of the securities are readily determinable and the Company’s intention upon obtaining the securities was neither to sell them in the short term nor to hold them to maturity. Pursuant to ASC 320, securities which are classified as “available for sale” are recorded on the Company’s balance sheet at fair market value, with the resulting unrealized holding gains and losses excluded from earnings and reported as other comprehensive income until realized. | |||||||
The Company evaluates securities for other-than-temporary impairment at least on a yearly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to the length of time and amount of the loss relative to cost, the nature and financial condition of the issuer and the ability and intent of the Company to hold the investment for a time sufficient to allow any anticipated recovery in fair value. Pursuant to ASC 320-5, other than temporary impairment losses are recorded as impairment expense in the statement of operations during the period in which the impairment is determined. The Company recognized other-than-temporary impairment to marketable securities in the amount of $-0- and $8,438 during the years ended March 31, 2014 and 2013, respectively. | |||||||
Long-Lived Assets | |||||||
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended March 31, 2014 and 2013. | |||||||
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. | |||||||
Cost of Sales | |||||||
The Company includes product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, production-related depreciation expense and product license agreement expense in cost of sales. | |||||||
Advertising Costs | |||||||
The Company classifies expenses for advertising as general and administrative expenses. The Company incurred advertising costs of $193,500 and $98,222 during the years ended March 31, 2014 and 2013, respectively. | |||||||
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. | |||||||
Concentration of Credit Risk | |||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s four largest customers approximated 47% and 37% of total sales for the years ended March 31, 2014, and 2013, respectively. Sales to the Company’s four largest customers approximated 47% of total sales. Sales to the Company’s four largest customers approximated 37% of total sales. | |||||||
Income Taxes | |||||||
The Parent is subject to US income taxes on a stand-alone basis. The Parent and its Subsidiary file separate stand-alone tax returns in each jurisdiction in which they operate. The Subsidiary is a corporation operating in Canada and is subject to Canadian income taxes on its stand-alone taxable income. The effective rates of income tax are 35.4% and 35.7% for the years ended March 31, 2014 and 2013, respectively. | |||||||
The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. | |||||||
Research and Development | |||||||
All costs associated with research and development are expensed when incurred. Costs incurred for research and development were $703,266 and $315,045 for the years ended March 31, 2014 and 2013 respectively. | |||||||
Shipping and Handling Fees and Costs | |||||||
The Company records all amounts billed to customers related to shipping and handling fees as revenue. The Company classifies expenses for shipping and handling costs as cost of goods sold. The Company incurred shipping and handling costs of $496,661 and $299,864 during the years ended March 31, 2014 and 2013, respectively. | |||||||
Comprehensive Income | |||||||
Comprehensive income includes net income as currently reported by the Company adjusted for other comprehensive items. Other comprehensive items for the Company consist of foreign currency translation gains and losses and unrealized holding gains and losses on available for sale securities. | |||||||
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, results of operations or cash flows. |
Note_2_Property_and_Equipment
Note 2 - Property and Equipment | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Notes | ' | ||||||
Note 2 - Property and Equipment | ' | ||||||
NOTE 2 – PROPERTY AND EQUIPMENT | |||||||
Property and equipment is stated at cost. Depreciation on property and equipment is computed using the diminishing balance method over the estimated useful lives of the assets. The estimated useful lives of the assets are as follows: | |||||||
Assets | Estimated useful life | ||||||
Furniture and fixtures | 5 Years | ||||||
Machinery and equipment | 5 Years | ||||||
Buildings | 25 Years | ||||||
Vehicles | 3 Years | ||||||
Computers | 3 Years | ||||||
Property and equipment consisted of the following as of March 31, 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Office furniture and equipment | $ | 452,121 | $ | 360,008 | |||
Service and shop equipment | 467,532 | 391,780 | |||||
Vehicles | 1,034,994 | 431,255 | |||||
Land and buildings | 3,446,000 | 1,760,247 | |||||
Total property and equipment | 5,400,647 | 2,943,290 | |||||
Accumulated depreciation | (1,014,766) | (710,935) | |||||
Net property and equipment | $ | 4,385,881 | $ | 2,232,355 | |||
Depreciation expense for the years ended March 31, 2014 and 2013 are as follows: | |||||||
Years Ended March 31, | |||||||
2014 | 2013 | ||||||
Costs of goods sold | $ | 68,030 | $ | 48,768 | |||
General and administrative | 276,661 | 195,070 | |||||
Total | $ | 344,691 | $ | 243,838 |
Note_3_Stockholders_Equity
Note 3 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 3 - Stockholders' Equity | ' |
NOTE 3 – STOCKHOLDERS’ EQUITY | |
The Company had the following $0.001 par value authorized stock: | |
Preferred Stock 10,000,000 shares. | |
Common Stock 100,000,000 shares. | |
During the years ended March 31, 2014 and 2013, the Company issued, respectfully, 20,000 and 250,000 shares of its common stock for services valued at $28,360 and $345,455, respectfully. As of March 31, 2014 and 2013, the Company had 47,836,543 and 45,250,000 shares of common stock, respectively. | |
On November 18, 2013, the Company completed an equity offering of 2,259,393 shares of restricted Common Stock and received proceeds of $4,332,975, which is net of $592,501 in underwriting discounts, commission and direct costs incurred and paid by the Company in connection with this equity offering. |
Note_4_Provision_for_Income_Ta
Note 4 - Provision for Income Taxes | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Notes | ' | ||||||
Note 4 - Provision for Income Taxes | ' | ||||||
NOTE 4 – PROVISION FOR INCOME TAXES | |||||||
Reconciliation of US Federal/Canadian Statutory Income Tax Rate to Effective Income Tax Rate: | |||||||
31-Mar-14 | 31-Mar-13 | ||||||
United States statutory income tax rate | 35.00% | 35.00% | |||||
Increase (decrease) in valuation allowance | 0.7 | 0.6 | |||||
Decrease in rate on income subject to Canadian income tax rates | (4.3) | - | |||||
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | 4.0 | 0.1 | |||||
0.4 | 0.7 | ||||||
Effective income tax rate | 35.40% | 35.70% | |||||
Components of Income Tax Expense | 31-Mar-14 | 31-Mar-13 | |||||
Federal U.S. Income Taxes | |||||||
-Current | $ | 1,887,142 | $ | 30,874 | |||
-Deferred | (420,978) | 72,857 | |||||
Foreign (Canadian and Provincial) Income Taxes | 1,409,619 | 623,438 | |||||
State Income Taxes | |||||||
-Current | 198,829 | 3,736 | |||||
-Deferred | - | - | |||||
Total Income Tax Expense | $ | 3,074,612 | $ | 730,905 | |||
The following are temporary items: increase or decrease in rate resulting from depreciation and loss on equipment for book purposes in excess of depreciation for income tax purposes. These temporary differences are insignificant, for 2014 and 2013. | |||||||
The Company adopted the provisions of ASC 740, Accounting for Uncertainty in Income Taxes, on January 1, 2007. As a result of the implementation of ASC 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits. | |||||||
The Company has no tax positions at March 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. | |||||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended March 31, 2014 and 2013, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2014 and 2013. | |||||||
Net deferred tax liability arising from the accelerated depreciation claimed by the Parent on its stand-alone tax return is $107,857 and $72,857, as of March 31, 2014 and 2013, respectively. | |||||||
Net deferred tax asset arising from the deferred recognition of stock option compensation by the Parent on its stand-alone tax return is $420,978 and $-0-, as of March 31, 2014 and 2013, respectively. |
Note_5_Segment_Information
Note 5 - Segment Information | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Notes | ' | ||||||
Note 5 - Segment Information | ' | ||||||
NOTE 5 – SEGMENT INFORMATION | |||||||
The Company operates in the United States and Canada. Segment information for these geographic areas is as follows: | |||||||
Sales | 2014 | 2013 | |||||
Canada | $ | 14,782,188 | $ | 10,977,476 | |||
United States | 20,609,920 | 5,909,791 | |||||
Total | $ | 35,392,108 | $ | 16,887,267 | |||
Long-lived assets | 2014 | 2013 | |||||
Canada | $ | 1,392,577 | $ | 1,560,869 | |||
United States | 2,993,304 | 671,486 | |||||
Total | $ | 4,385,881 | $ | 2,232,355 |
Note_6_Common_Stock_Purchase_O
Note 6 - Common Stock Purchase Options | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Notes | ' | ||||||||||
Note 6 - Common Stock Purchase Options | ' | ||||||||||
NOTE 6 – COMMON STOCK PURCHASE OPTIONS | |||||||||||
On October 28, 2009, the Company issued a total of 410,000 stock purchase options exercisable for the purchase of its common stock at $0.40 per share. The options were issued to key employees. The options vest 1/3 each year for 3 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of October 28, 2009: dividend yield of zero percent; expected volatility of 127%; risk-free interest rates of 1.35% and expected life of 3.0 years. The Company recognized $-0- and $18,436 in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On February 15, 2011, the Company issued a total of 600,000 stock purchase options exercisable for the purchase of its common stock at $0.30 per share. The options were issued to key employees. The options vest over 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of February 15, 2011: dividend yield of zero percent; expected volatility of 254%; risk-free interest rates of 2.02% and expected life of 2.5 years. The Company recognized $41,009 and $40,702 in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On March 6, 2012, the Company approved a grant of 820,000 stock purchase options exercisable for the purchase of its common stock at 85% of approval date fair market value. The options were issued to key employees. The options vest 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The exercise price was determined as of September 27, 2012, the date the options were executed. The following weighted average assumptions used for grants as of September 27, 2012: dividend yield of zero percent; expected volatility of 191%; risk-free interest rates of 2.37% and expected life of 2.5 years. The Company recognized $328,447 and $106,501 in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On December 17, 2013, the Company changed the strike price per share, of the options approved March 6, 2012, to $1.75, reflecting 100% of the approval date value, consistent with applicable tax law. The Company accelerated the terms, to reflect the board approval date. | |||||||||||
On April 18, 2013, the Company approved a grant of 1,183,000 stock purchase options exercisable for the purchase of its common stock at 85% of approval date fair market value. The options were issued to key employees. The options vest 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The exercise price was determined as of August 21, 2013, the date the options were executed. The following weighted average assumptions used for grants as of August 21, 2013: dividend yield of zero percent; expected volatility of 179%; risk-free interest rates of 1.64% and expected life of 2.5 years. The Company recognized $374,846 and $-0- in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On December 17, 2013, the Company changed the strike price per share, of the options approved April 18, 2013, to $1.37, reflecting 100% of the approval date value, consistent with applicable tax law. The Company accelerated the terms, to reflect the board approval date. | |||||||||||
On July 31, 2013, the Company issued a total of 100,000 stock purchase options exercisable for the purchase of its common stock at $1.37 per share. The options were issued to a member of the Board of Directors. The options vest 1/2 upon execution and 1/2 after one year. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of April 18, 2013: dividend yield of zero percent; expected volatility of 175%; risk-free interest rates of 1.38% and expected life of 2.5 years. The Company recognized $138,489 and $-0- in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On November 7, 2013, the Company issued a total of 200,000 stock purchase options exercisable for the purchase of its common stock at $3.85 per share. The options were issued to members of the Board of Directors. The options vest 1/2 upon execution and 1/2 after one year. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of April 18, 2013: dividend yield of zero percent; expected volatility of 175%; risk-free interest rates of 1.31% and expected life of 2.5 years. The Company recognized $333,339 and $-0- in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
On February 6, 2014, the Company issued a total of 100,000 stock purchase options exercisable for the purchase of its common stock at $1.37 per share. The options were issued to a member of the Board of Directors. The options vest 1/2 upon execution and 1/2 after one year. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of February 6, 2014: dividend yield of zero percent; expected volatility of 153%; risk-free interest rates of 1.65% and expected life of 2.5 years. The Company recognized $217,854 and $-0- in expense for the fair value of the options vesting during 2014 and 2013, respectively. | |||||||||||
A summary of the status of the Company’s stock option plans as of March 31, 2014 and 2013 and the changes during the period are presented below: | |||||||||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||||||
Outstanding, March 31, 2012 | 1,830,000 | $ | 0.96 | ||||||||
Granted | - | - | |||||||||
Exercised | - | - | |||||||||
Forfeited | (25,000) | 1.75 | |||||||||
Expired | - | - | |||||||||
Outstanding March 31, 2013 | 1,805,000 | $ | 0.96 | ||||||||
Exercisable, March 31, 2013 | 809,000 | $ | 0.64 | ||||||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||||||
Outstanding, March 31, 2013 | 1,805,000 | $ | 0.96 | ||||||||
Granted | 1,583,000 | 1.85 | |||||||||
Exercised | (307,150) | 0.39 | |||||||||
Forfeited | (9,000) | 1.64 | |||||||||
Expired | - | - | |||||||||
Outstanding March 31, 2014 | 3,071,850 | $ | 1.47 | ||||||||
Exercisable, March 31, 2014 | 990,850 | $ | 1.39 | ||||||||
The following table summarizes information about the stock options as of March 31, 2013: | |||||||||||
Total Outstanding and Exercisable, 2013 | |||||||||||
Average | Weighted | ||||||||||
Outstanding | Remaining | Exercisable | Average | ||||||||
Range | Shares | Life (Yrs) | Shares | Exercise Price | |||||||
$ 0.30 | 600,000 | 3.88 | 240,000 | $ 0.30 | |||||||
$ 0.40 | 410,000 | 1.46 | 410,000 | 0.40 | |||||||
$ 1.75 | 795,000 | 4.93 | 159,000 | 1.75 | |||||||
1,805,000 | 3.79 | 809,000 | $ 0.64 | ||||||||
The following table summarizes information about the stock options as of March 31, 2014: | |||||||||||
Total Outstanding and Exercisable, 2014 | |||||||||||
Average | Weighted | ||||||||||
Outstanding | Remaining | Exercisable | Average | ||||||||
Range | Shares | Life (Yrs) | Shares | Exercise Price | |||||||
$ 0.30 | 460,000 | 2.88 | 220,000 | 0.30 | |||||||
$ 0.40 | 250,000 | 0.46 | 250,000 | 0.40 | |||||||
$ 1.75 | 781,350 | 3.93 | 320,850 | 1.75 | |||||||
$ 1.37 | 1,280,500 | 5.07 | 50,000 | 1.37 | |||||||
$ 3.85 | 200,000 | 5.61 | 100,000 | 3.85 | |||||||
$ 3.95 | 100,000 | 5.86 | 50,000 | 3.95 | |||||||
3,071,850 | 4.14 | 990,850 | $ 1.39 | ||||||||
The following table summarizes information about non-vested options as of the year ended March 31, 2014: | |||||||||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||||||
Non-vested at March 31, 2013 | 1,155,000 | $ | 0.34 | ||||||||
Stock options issued during the year | 1,583,000 | 1.85 | |||||||||
Stock options canceled | (5,000) | 1.56 | |||||||||
Vest during the year ended March 31, 2014 | (637,000) | 1.95 | |||||||||
Non-vested at March 31, 2014 | 2,096,000 | $ | 1.51 |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 7 - Commitments and Contingencies | ' |
NOTE 7 – COMMITMENTS AND CONTINGENCIES | |
Royalties | |
The Company paid royalties of $0 and $736,414 for the years ended March 31, 2014 and 2013, respectively. Royalties were paid on certain company products, to which an outside contractor was used during development. The royalties are paid on a quarterly basis. The royalty agreement was replaced with a consulting agreement, noted below. | |
Consulting | |
In March 2014 a consulting agreement was executed between the Company and Terra Industrial, with Allen Johnson as agent. The intent of this agreement was to replace the aforementioned royalty agreements. The agreement is for the term of 10 years with fees of $100,000CAD paid quarterly. |
Note_8_Subsequent_Events
Note 8 - Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 8 - Subsequent Events | ' |
NOTE 8 – SUBSEQUENT EVENTS | |
In accordance with ASC 855, management evaluated the subsequent events through the date the financial statements were issued and has two material events to report. | |
On May 1, 2014, the Company issued a total of 133,900 stock purchase options exercisable for the purchase of its common stock at $4.03 per share. The options were issued to key employees. The options vest 1/5 each year for 5 years. | |
On May 1, 2014, the Company issued a total of 180,000 restricted common stock. The restricted common stock was issued to key employees. The restricted common stock vests 1/5 each year for 5 years. | |
On June 2, 2014, we filed a registration statement on form S-1 to register shares of our common stock with the Securities and Exchange Commission to be offered to the public by us and by certain selling stockholders named in the registration statement. We also filed amendments to such registration statement on June 19, 2014, June 24, 2014, June 25, 2014, and June 26, 2014. We estimate that our net proceeds from the sale of shares of our common stock by us pursuant to the registration statement will be approximately $16,430,000, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of shares of our common stock by the selling stockholders. We expect to use the proceeds from the offering, to help fund Company growth initiatives. | |
Subsequent to year-end, the Company issued a total of 205,135 shares of common stock to key employees who had exercised options as part of the Company's equity-inventive program, for which the Company received cash proceeds of $88,598. |
Note_1_Significant_Accounting_1
Note 1 - Significant Accounting Policies: Organization and Line of Business (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Organization and Line of Business | ' |
Organization and Line of Business | |
The Parent was incorporated on May 5, 2003 in the State of Nevada. The Subsidiary was incorporated on March 6, 2002 in the province of Alberta, Canada. | |
The Company provides products and services for burners and heaters for the oil and gas extraction industry in the Canadian and US markets. |
Note_1_Significant_Accounting_2
Note 1 - Significant Accounting Policies: Reclassification (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Reclassification | ' |
Reclassification | |
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Note_1_Significant_Accounting_3
Note 1 - Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in accordance 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note_1_Significant_Accounting_4
Note 1 - Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. |
Note_1_Significant_Accounting_5
Note 1 - Significant Accounting Policies: Basic and Diluted Earnings Per Share (Policies) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Policies | ' | ||||||
Basic and Diluted Earnings Per Share | ' | ||||||
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 using the treasury stock method. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 592,316 and 267,135 stock options included in the fully diluted earnings per share as of March 31, 2014 and 2013 respectively. Basic earnings per share for the years ended March 31, 2014 and 2013 are as follows: | |||||||
For the Years Ended March 31, | |||||||
2014 | 2013 | ||||||
Net income applicable to common shareholders | $ | 5,607,309 | $ | 1,432,655 | |||
Weighted average shares outstanding | 46,230,669 | 45,109,767 | |||||
Weighted average fully diluted shares outstanding | 46,822,984 | 45,371,956 | |||||
Basic earnings per share | $ | 0.12 | $ | 0.03 | |||
Fully diluted earnings per share | $ | 0.12 | $ | 0.03 |
Note_1_Significant_Accounting_6
Note 1 - Significant Accounting Policies: Foreign Currency and Comprehensive Income (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Foreign Currency and Comprehensive Income | ' |
Foreign Currency and Comprehensive Income | |
The Company’s functional currency is the Canadian Dollar (CAD). The financial statements of the Company were translated to U.S. Dollars (USD) using year-end exchange rates for the balance sheet, and average exchange rates for the statements of operations. Equity transactions were translated using historical rates. The period-end exchange rates of 0.905186 and 0.982898 were used to convert the Company’s March 31, 2014 and 2013 balance sheets, respectively, and the statements of operations used weighted average rates of 0.949798 and 0.982898 for the years ended March 31, 2014 and 2013, 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 Comprehensive Income. |
Note_1_Significant_Accounting_7
Note 1 - Significant Accounting Policies: Accounting Method and Fiscal Year (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Accounting Method and Fiscal Year | ' |
Accounting Method and Fiscal Year | |
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on March 31. |
Note_1_Significant_Accounting_8
Note 1 - Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. | |
The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term nature of these instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. |
Note_1_Significant_Accounting_9
Note 1 - Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Cash and Cash Equivalents | ' |
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 March 31, 2014 and 2013, cash and cash equivalents totaled $4,456,674 and $808,772, respectively. These deposits were insured by insurance accounts held by the Company’s banks guaranteed by the Province of Alberta, Canada and the FDIC. |
Recovered_Sheet1
Note 1 - Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Accounts Receivable | ' |
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 $122,390 and $133,974 as of March 31, 2014 and 2013, respectively. |
Recovered_Sheet2
Note 1 - Significant Accounting Policies: Inventories (Policies) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Policies | ' | ||||||
Inventories | ' | ||||||
Inventories | |||||||
In accordance with ARB No. 43 “Inventory Pricing,” 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. Inventory consists of finished goods held for sale. As of March 31 inventory consisted of the following: | |||||||
31-Mar-14 | 31-Mar-13 | ||||||
Raw materials | $ | - | $ | - | |||
Finished goods | 6,665,489 | 3,553,140 | |||||
Work in process | - | - | |||||
Subtotal | 6,665,489 | 3,553,140 | |||||
Reserve for obsolescence | (85,631) | (89,526) | |||||
Total | $ | 6,579,858 | $ | 3,463,614 |
Recovered_Sheet3
Note 1 - Significant Accounting Policies: Marketable Securities (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Marketable Securities | ' |
Marketable Securities | |
The Company reports its investments in marketable securities under the provisions of ASC 320, Investments in Debt and Equity Securities. All the Company’s marketable securities are classified as “available for sale” securities, as the market value of the securities are readily determinable and the Company’s intention upon obtaining the securities was neither to sell them in the short term nor to hold them to maturity. Pursuant to ASC 320, securities which are classified as “available for sale” are recorded on the Company’s balance sheet at fair market value, with the resulting unrealized holding gains and losses excluded from earnings and reported as other comprehensive income until realized. | |
The Company evaluates securities for other-than-temporary impairment at least on a yearly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to the length of time and amount of the loss relative to cost, the nature and financial condition of the issuer and the ability and intent of the Company to hold the investment for a time sufficient to allow any anticipated recovery in fair value. Pursuant to ASC 320-5, other than temporary impairment losses are recorded as impairment expense in the statement of operations during the period in which the impairment is determined. The Company recognized other-than-temporary impairment to marketable securities in the amount of $-0- and $8,438 during the years ended March 31, 2014 and 2013, respectively. |
Recovered_Sheet4
Note 1 - Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Long-lived Assets | ' |
Long-Lived Assets | |
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended March 31, 2014 and 2013. |
Recovered_Sheet5
Note 1 - Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Revenue Recognition | ' |
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. |
Recovered_Sheet6
Note 1 - Significant Accounting Policies: Cost of Sales (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Cost of Sales | ' |
Cost of Sales | |
The Company includes product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, production-related depreciation expense and product license agreement expense in cost of sales. |
Recovered_Sheet7
Note 1 - Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Advertising Costs | ' |
Advertising Costs | |
The Company classifies expenses for advertising as general and administrative expenses. The Company incurred advertising costs of $193,500 and $98,222 during the years ended March 31, 2014 and 2013, respectively. |
Recovered_Sheet8
Note 1 - Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Stock-based Compensation | ' |
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. |
Recovered_Sheet9
Note 1 - Significant Accounting Policies: Concentration of Credit Risk (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s four largest customers approximated 47% and 37% of total sales for the years ended March 31, 2014, and 2013, respectively. Sales to the Company’s four largest customers approximated 47% of total sales. Sales to the Company’s four largest customers approximated 37% of total sales. |
Recovered_Sheet10
Note 1 - Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Income Taxes | ' |
Income Taxes | |
The Parent is subject to US income taxes on a stand-alone basis. The Parent and its Subsidiary file separate stand-alone tax returns in each jurisdiction in which they operate. The Subsidiary is a corporation operating in Canada and is subject to Canadian income taxes on its stand-alone taxable income. The effective rates of income tax are 35.4% and 35.7% for the years ended March 31, 2014 and 2013, respectively. | |
The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. |
Recovered_Sheet11
Note 1 - Significant Accounting Policies: Research and Development (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Research and Development | ' |
Research and Development | |
All costs associated with research and development are expensed when incurred. Costs incurred for research and development were $703,266 and $315,045 for the years ended March 31, 2014 and 2013 respectively. |
Recovered_Sheet12
Note 1 - Significant Accounting Policies: Shipping and Handling Fees and Costs (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Shipping and Handling Fees and Costs | ' |
Shipping and Handling Fees and Costs | |
The Company records all amounts billed to customers related to shipping and handling fees as revenue. The Company classifies expenses for shipping and handling costs as cost of goods sold. The Company incurred shipping and handling costs of $496,661 and $299,864 during the years ended March 31, 2014 and 2013, respectively. |
Recovered_Sheet13
Note 1 - Significant Accounting Policies: Comprehensive Income (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income includes net income as currently reported by the Company adjusted for other comprehensive items. Other comprehensive items for the Company consist of foreign currency translation gains and losses and unrealized holding gains and losses on available for sale securities. |
Recovered_Sheet14
Note 1 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
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, results of operations or cash flows. |
Recovered_Sheet15
Note 1 - Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||
For the Years Ended March 31, | |||||||
2014 | 2013 | ||||||
Net income applicable to common shareholders | $ | 5,607,309 | $ | 1,432,655 | |||
Weighted average shares outstanding | 46,230,669 | 45,109,767 | |||||
Weighted average fully diluted shares outstanding | 46,822,984 | 45,371,956 | |||||
Basic earnings per share | $ | 0.12 | $ | 0.03 | |||
Fully diluted earnings per share | $ | 0.12 | $ | 0.03 |
Recovered_Sheet16
Note 1 - Significant Accounting Policies: Inventories: Schedule of Inventory, Current (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Inventory, Current | ' | ||||||
31-Mar-14 | 31-Mar-13 | ||||||
Raw materials | $ | - | $ | - | |||
Finished goods | 6,665,489 | 3,553,140 | |||||
Work in process | - | - | |||||
Subtotal | 6,665,489 | 3,553,140 | |||||
Reserve for obsolescence | (85,631) | (89,526) | |||||
Total | $ | 6,579,858 | $ | 3,463,614 |
Note_2_Property_and_Equipment_
Note 2 - Property and Equipment: Assets Estimated Useful Life (Tables) | 12 Months Ended | |
Mar. 31, 2014 | ||
Tables/Schedules | ' | |
Assets Estimated Useful Life | ' | |
Assets | Estimated useful life | |
Furniture and fixtures | 5 Years | |
Machinery and equipment | 5 Years | |
Buildings | 25 Years | |
Vehicles | 3 Years | |
Computers | 3 Years | |
Note_2_Property_and_Equipment_1
Note 2 - Property and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals | ' | ||||||
2014 | 2013 | ||||||
Office furniture and equipment | $ | 452,121 | $ | 360,008 | |||
Service and shop equipment | 467,532 | 391,780 | |||||
Vehicles | 1,034,994 | 431,255 | |||||
Land and buildings | 3,446,000 | 1,760,247 | |||||
Total property and equipment | 5,400,647 | 2,943,290 | |||||
Accumulated depreciation | (1,014,766) | (710,935) | |||||
Net property and equipment | $ | 4,385,881 | $ | 2,232,355 |
Note_2_Property_and_Equipment_2
Note 2 - Property and Equipment: Schedule Of Depreciation Expense Property And Equipment (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule Of Depreciation Expense Property And Equipment | ' | ||||||
Years Ended March 31, | |||||||
2014 | 2013 | ||||||
Costs of goods sold | $ | 68,030 | $ | 48,768 | |||
General and administrative | 276,661 | 195,070 | |||||
Total | $ | 344,691 | $ | 243,838 |
Note_4_Provision_for_Income_Ta1
Note 4 - Provision for Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||
31-Mar-14 | 31-Mar-13 | ||||||
United States statutory income tax rate | 35.00% | 35.00% | |||||
Increase (decrease) in valuation allowance | 0.7 | 0.6 | |||||
Decrease in rate on income subject to Canadian income tax rates | (4.3) | - | |||||
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | 4.0 | 0.1 | |||||
0.4 | 0.7 | ||||||
Effective income tax rate | 35.40% | 35.70% |
Note_4_Provision_for_Income_Ta2
Note 4 - Provision for Income Taxes: Schedule Of Componenents Of Income Tax Expense (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule Of Componenents Of Income Tax Expense | ' | ||||||
Components of Income Tax Expense | 31-Mar-14 | 31-Mar-13 | |||||
Federal U.S. Income Taxes | |||||||
-Current | $ | 1,887,142 | $ | 30,874 | |||
-Deferred | (420,978) | 72,857 | |||||
Foreign (Canadian and Provincial) Income Taxes | 1,409,619 | 623,438 | |||||
State Income Taxes | |||||||
-Current | 198,829 | 3,736 | |||||
-Deferred | - | - | |||||
Total Income Tax Expense | $ | 3,074,612 | $ | 730,905 |
Note_5_Segment_Information_Sch
Note 5 - Segment Information: Schedule of Segment Reporting Information, by Segment (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||
Sales | 2014 | 2013 | |||||
Canada | $ | 14,782,188 | $ | 10,977,476 | |||
United States | 20,609,920 | 5,909,791 | |||||
Total | $ | 35,392,108 | $ | 16,887,267 | |||
Long-lived assets | 2014 | 2013 | |||||
Canada | $ | 1,392,577 | $ | 1,560,869 | |||
United States | 2,993,304 | 671,486 | |||||
Total | $ | 4,385,881 | $ | 2,232,355 |
Note_6_Common_Stock_Purchase_O1
Note 6 - Common Stock Purchase Options: Schedule of Share-based Compensation, Activity (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Share-based Compensation, Activity | ' | ||||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||
Outstanding, March 31, 2012 | 1,830,000 | $ | 0.96 | ||||
Granted | - | - | |||||
Exercised | - | - | |||||
Forfeited | (25,000) | 1.75 | |||||
Expired | - | - | |||||
Outstanding March 31, 2013 | 1,805,000 | $ | 0.96 | ||||
Exercisable, March 31, 2013 | 809,000 | $ | 0.64 | ||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||
Outstanding, March 31, 2013 | 1,805,000 | $ | 0.96 | ||||
Granted | 1,583,000 | 1.85 | |||||
Exercised | (307,150) | 0.39 | |||||
Forfeited | (9,000) | 1.64 | |||||
Expired | - | - | |||||
Outstanding March 31, 2014 | 3,071,850 | $ | 1.47 | ||||
Exercisable, March 31, 2014 | 990,850 | $ | 1.39 |
Note_6_Common_Stock_Purchase_O2
Note 6 - Common Stock Purchase Options: Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding and Exercisable (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Tables/Schedules | ' | ||||||||||
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding and Exercisable | ' | ||||||||||
The following table summarizes information about the stock options as of March 31, 2013: | |||||||||||
Total Outstanding and Exercisable, 2013 | |||||||||||
Average | Weighted | ||||||||||
Outstanding | Remaining | Exercisable | Average | ||||||||
Range | Shares | Life (Yrs) | Shares | Exercise Price | |||||||
$ 0.30 | 600,000 | 3.88 | 240,000 | $ 0.30 | |||||||
$ 0.40 | 410,000 | 1.46 | 410,000 | 0.40 | |||||||
$ 1.75 | 795,000 | 4.93 | 159,000 | 1.75 | |||||||
1,805,000 | 3.79 | 809,000 | $ 0.64 | ||||||||
The following table summarizes information about the stock options as of March 31, 2014: | |||||||||||
Total Outstanding and Exercisable, 2014 | |||||||||||
Average | Weighted | ||||||||||
Outstanding | Remaining | Exercisable | Average | ||||||||
Range | Shares | Life (Yrs) | Shares | Exercise Price | |||||||
$ 0.30 | 460,000 | 2.88 | 220,000 | 0.30 | |||||||
$ 0.40 | 250,000 | 0.46 | 250,000 | 0.40 | |||||||
$ 1.75 | 781,350 | 3.93 | 320,850 | 1.75 | |||||||
$ 1.37 | 1,280,500 | 5.07 | 50,000 | 1.37 | |||||||
$ 3.85 | 200,000 | 5.61 | 100,000 | 3.85 | |||||||
$ 3.95 | 100,000 | 5.86 | 50,000 | 3.95 | |||||||
3,071,850 | 4.14 | 990,850 | $ 1.39 |
Note_6_Common_Stock_Purchase_O3
Note 6 - Common Stock Purchase Options: Schedule of Nonvested Share Activity (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Nonvested Share Activity | ' | ||||||
Options | Wtd. Avg. Grant Date Fair Value | ||||||
Non-vested at March 31, 2013 | 1,155,000 | $ | 0.34 | ||||
Stock options issued during the year | 1,583,000 | 1.85 | |||||
Stock options canceled | (5,000) | 1.56 | |||||
Vest during the year ended March 31, 2014 | (637,000) | 1.95 | |||||
Non-vested at March 31, 2014 | 2,096,000 | $ | 1.51 |
Recovered_Sheet17
Note 1 - Significant Accounting Policies: Organization and Line of Business (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Details | ' |
Entity Incorporation, Date of Incorporation | 5-May-03 |
Entity Incorporation, State Country Name | 'Nevada |
Recovered_Sheet18
Note 1 - Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Net income applicable to common shareholders | $5,607,309 | $1,432,655 |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,230,669 | 45,109,767 |
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,822,984 | 45,371,956 |
BASIC EARNINGS PER SHARE | $0.12 | $0.03 |
FULLY DILUTED EARNINGS PER SHARE | $0.12 | $0.03 |
Recovered_Sheet19
Note 1 - Significant Accounting Policies: Foreign Currency and Comprehensive Income (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Foreign Currency Exchange Rate, Translation | 0.905186 | 0.982898 |
Weighted Average Exchange Rate | 0.949798 | 0.982898 |
Recovered_Sheet20
Note 1 - Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' | ' |
Cash and cash equivalents | $4,456,674 | $808,772 | $1,914,877 |
Recovered_Sheet21
Note 1 - Significant Accounting Policies: Accounts Receivable (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Details | ' | ' |
Allowance for Doubtful Accounts Receivable | $122,390 | $133,974 |
Recovered_Sheet22
Note 1 - Significant Accounting Policies: Inventories: Schedule of Inventory, Current (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Details | ' | ' |
Inventory, Finished Goods, Gross | $6,665,489 | $3,553,140 |
Subtotal | 6,665,489 | 3,553,140 |
Reserves for obsolescence | -85,631 | -89,526 |
Inventories | $6,579,858 | $3,463,614 |
Recovered_Sheet23
Note 1 - Significant Accounting Policies: Marketable Securities (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Permanent impairment of available for sale securities | $0 | $8,438 |
Recovered_Sheet24
Note 1 - Significant Accounting Policies: Advertising Costs (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Advertising Expense | $193,500 | $98,222 |
Recovered_Sheet25
Note 1 - Significant Accounting Policies: Concentration of Credit Risk (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Concentration Risk, Customer | 'Sales to the Company’s four largest customers approximated 47% of total sales. | 'Sales to the Company’s four largest customers approximated 37% of total sales. |
Recovered_Sheet26
Note 1 - Significant Accounting Policies: Income Taxes (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Effective income tax rate | 35.40% | 35.70% |
Recovered_Sheet27
Note 1 - Significant Accounting Policies: Research and Development (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Research and development | $703,266 | $315,045 |
Recovered_Sheet28
Note 1 - Significant Accounting Policies: Shipping and Handling Fees and Costs (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Shipping, Handling and Transportation Costs | $496,661 | $299,864 |
Note_2_Property_and_Equipment_3
Note 2 - Property and Equipment: Assets Estimated Useful Life (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Furniture and Fixtures | ' |
Estimated useful life | '5 Years |
Machinery and Equipment | ' |
Estimated useful life | '5 Years |
Building | ' |
Estimated useful life | '25 Years |
Vehicles | ' |
Estimated useful life | '3 Years |
Computer Equipment | ' |
Estimated useful life | '3 Years |
Note_2_Property_and_Equipment_4
Note 2 - Property and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Details | ' | ' |
Office furniture and equipment | $452,121 | $360,008 |
Service and shop equipment | 467,532 | 391,780 |
Vehicles | 1,034,994 | 431,255 |
Land and buildings | 3,446,000 | 1,760,247 |
Total property and equipment | 5,400,647 | 2,943,290 |
Accumulated depreciation | -1,014,766 | -710,935 |
Net property and equipment | $4,385,881 | $2,232,355 |
Note_2_Property_and_Equipment_5
Note 2 - Property and Equipment: Schedule Of Depreciation Expense Property And Equipment (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Cost of goods sold | $68,030 | $48,768 |
General and administrative | 276,661 | 195,070 |
Total Depreciation Expense | $344,691 | $243,838 |
Note_3_Stockholders_Equity_Det
Note 3 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Preferred stock par value | $0.00 | $0.00 |
Common stock par value | $0.00 | $0.00 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Stock issued for services | $28,360 | $345,455 |
Common stock shares outstanding | 47,836,543 | 45,250,000 |
Stock issuance | 4,332,975 | ' |
Underwriting Discounts, Commission and Direct Costs incurred in connection with offering | 592,501 | ' |
Common stock | ' | ' |
Stock issued for services - shares | 20,000 | 250,000 |
Stock issued for services | 20 | 250 |
Stock issuance - shares | 2,259,393 | ' |
Stock issuance | $2,259 | ' |
Note_4_Provision_for_Income_Ta3
Note 4 - Provision for Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
United States statutory income tax rate | 35.00% | 35.00% |
Increast (decrease) in valuation allowance | $0.70 | $0.60 |
Decrease in rate on income subject to Canadian income tax rates | -4.3 | ' |
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | $4 | $0.10 |
Effective income tax rate | 35.40% | 35.70% |
Note_4_Provision_for_Income_Ta4
Note 4 - Provision for Income Taxes: Schedule Of Componenents Of Income Tax Expense (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
-Current | $1,887,142 | $30,874 |
-Deferred | -420,978 | 72,857 |
Foreign (Canadian and Provincial) Income Taxes | 1,409,619 | 623,438 |
-Current | 198,829 | 3,736 |
INCOME TAX EXPENSE | $3,074,612 | $730,905 |
Note_4_Provision_for_Income_Ta5
Note 4 - Provision for Income Taxes (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Details | ' | ' |
Deferred income tax liability | $107,857 | $72,857 |
Deferred tax asset | $420,978 | ' |
Note_5_Segment_Information_Sch1
Note 5 - Segment Information: Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Total Revenues | $35,392,108 | $16,887,267 |
Assets Held-for-sale, Long Lived | 4,385,881 | 2,232,355 |
Canada | ' | ' |
Total Revenues | 14,782,188 | 10,977,476 |
Assets Held-for-sale, Long Lived | 1,392,577 | 1,560,869 |
US | ' | ' |
Total Revenues | 20,609,920 | 5,909,791 |
Assets Held-for-sale, Long Lived | $2,993,304 | $671,486 |
Note_6_Common_Stock_Purchase_O4
Note 6 - Common Stock Purchase Options (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Option 1 | ' | ' |
Expense for the fair value of the options vesting | ' | $18,436 |
Option 2 | ' | ' |
Expense for the fair value of the options vesting | 41,009 | 40,702 |
Option 3 | ' | ' |
Expense for the fair value of the options vesting | 328,447 | 106,501 |
Option 4 | ' | ' |
Expense for the fair value of the options vesting | 374,846 | ' |
Option 5 | ' | ' |
Expense for the fair value of the options vesting | 138,489 | ' |
Option 6 | ' | ' |
Expense for the fair value of the options vesting | 333,339 | ' |
Option 7 | ' | ' |
Expense for the fair value of the options vesting | $217,854 | ' |
Note_6_Common_Stock_Purchase_O5
Note 6 - Common Stock Purchase Options: Schedule of Share-based Compensation, Activity (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,071,850 | 1,805,000 | 1,830,000 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Grant Date Fair Value | $1.47 | $0.96 | $0.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -9,000 | -25,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $1.64 | $1.75 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 990,850 | 809,000 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Weighted Average Grant Date Fair Value | $1.39 | $0.64 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,583,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.85 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Grant Date Fair Value | $0.39 | ' | ' |
Common stock | ' | ' | ' |
Exercised options - shares | -307,150 | ' | ' |
Note_6_Common_Stock_Purchase_O6
Note 6 - Common Stock Purchase Options: Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding and Exercisable (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,071,850 | 1,805,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 1 month 20 days | '3 years 9 months 14 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 990,850 | 809,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $1.39 | $0.64 |
Exercisable Options 1 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 220,000 | 240,000 |
Exercisable Options 2 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 250,000 | 410,000 |
Exercisable Options 3 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 320,850 | 159,000 |
Exercisable Options 4 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 50,000 | ' |
Exercisable Options 5 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 100,000 | ' |
Exercisable Options 6 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 50,000 | ' |
Outstanding Options 1 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 460,000 | 600,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '2 years 10 months 17 days | '3 years 10 months 17 days |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $0.30 | $0.30 |
Outstanding Options 2 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 250,000 | 410,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 months 16 days | '1 year 5 months 16 days |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $0.40 | $0.40 |
Outstanding Options 3 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 781,350 | 795,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 11 months 5 days | '4 years 11 months 5 days |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $1.75 | $1.75 |
Outstanding Options 4 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,280,500 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 25 days | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $1.37 | ' |
Outstanding Options 5 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 200,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 7 months 10 days | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $3.85 | ' |
Outstanding Options 6 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 100,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 10 months 10 days | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable Weighted Average Exercise Price | $3.95 | ' |
Note_6_Common_Stock_Purchase_O7
Note 6 - Common Stock Purchase Options: Schedule of Nonvested Share Activity (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Non-vested options | 2,096,000 | 1,155,000 |
Wtd. Avg. Grant Date Fair Value | $1.51 | $0.34 |
Stock options issued during the year | 1,583,000 | ' |
Wtd. Avg.Grant Date Fair Value Options Issued | $1.85 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -5,000 | ' |
Wtd. Avg.Grant Date Fair Value Options Canceled | $1.56 | ' |
Vest during the year | -637,000 | ' |
Wtd. Avg.Grant Date Fair Value Options Vested | $1.95 | ' |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Payments for Royalties | $0 | $736,414 |
Note_8_Subsequent_Events_Detai
Note 8 - Subsequent Events (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | 1-May-14 | |
Details | ' | ' |
Stock Purchase Options Issued | ' | 133,900 |
Restricted Common Stock Issued | ' | 180,000 |
Proceeds from the sale of shares of common stock | $16,430,000 | ' |
Common Stock Shares Issued to Key Employees | 205,135 | ' |
Proceeds from Issuance of Common Stock | $88,598 | ' |