Castle Brands (ROX) 10-Q 10 Aug 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Castle Brands Inc
Entity Central Index Key	1,311,538
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ROX
Entity Common Stock, Shares Outstanding		159,829,105

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Current Assets
Cash and cash equivalents	$ 2,307,788	$ 1,191,603
Accounts receivable — net of allowance for doubtful accounts of $191,108 and $154,434 at June 30 and March 31, 2015, respectively	9,529,114	10,550,990
Due from shareholders and affiliates	0	138,750
Inventories— net of allowance for obsolete and slow moving inventory of $329,384 and $266,473 at June 30 and March 31, 2015, respectively	19,967,481	21,068,241
Deferred tax asset	54,000	37,000
Prepaid expenses and other current assets	1,600,643	1,492,806
Total Current Assets	33,459,026	34,479,390
Equipment — net	715,574	665,373
Intangible assets — net of accumulated amortization of $6,877,800 and $6,713,774 at June 30 and March 31, 2015, respectively	7,536,340	7,683,227
Goodwill	496,226	496,226
Investment in non-consolidated affiliate, at equity	500,000	0
Restricted cash	336,981	329,471
Other assets	347,274	385,253
Total Assets	43,391,421	44,038,940
Current Liabilities
Foreign revolving credit facility	0	34,141
Accounts payable	5,369,164	5,753,617
Accrued expenses	1,577,583	1,067,460
Due to shareholders and affiliates	1,835,168	1,963,883
Total Current Liabilities	8,781,915	8,819,101
Long-Term Liabilities
Credit facility	7,643,627	10,123,544
Bourbon term loan (including $179,063 of related-party participation at March 31, 2015)	0	744,900
Notes payable - 5% Convertible notes (including $1,100,000 of related party participation at June 30 and March 31, 2015)	1,675,000	1,675,000
Notes payable - GCP Note	214,225	211,580
Deferred tax liability	1,333,114	1,370,152
Total Liabilities	$ 19,647,881	$ 22,944,277
Commitments and Contingencies (Note 12)
Equity
Preferred stock, $.01 par value, 25,000,000 shares authorized, no shares issued and outstanding at June 30 and March 31, 2015	$ 0	$ 0
Common stock, $.01 par value, 300,000,000 shares authorized at June 30 and March 31, 2015, 159,356,940 and 157,187,658 shares issued and outstanding at June 30 and March 31, 2015, respectively	1,593,570	1,571,877
Additional paid-in capital	166,057,219	162,626,893
Accumulated deficit	(144,485,373)	(143,361,711)
Accumulated other comprehensive loss	(2,238,923)	(2,285,925)
Total controlling shareholders’ equity	20,926,493	18,551,134
Noncontrolling interests	2,817,047	2,543,529
Total equity	23,743,540	21,094,663
Total Liabilities and Equity	$ 43,391,421	$ 44,038,940

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Allowance for doubtful accounts receivable (in dollars)	$ 191,108	$ 154,434
Allowance for obsolete and slow moving inventory (in dollars)	329,384	266,473
Accumulated amortization of Intangible assets (in dollars)	6,877,800	6,713,774
Term Loan Related Party Participation (in dollars)		179,063
Convertible Notes Payable Related Parties Classified Non Current (in dollars)	$ 1,100,000	$ 1,100,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	159,356,940	157,187,658
Common stock, shares outstanding	159,356,940	157,187,658
Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)		3 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Sales, net	[1]	$ 16,513,079	$ 11,982,199
Cost of sales	[1]	9,885,765	7,435,545
Gross profit		6,627,314	4,546,654
Selling expense		4,351,945	3,239,326
General and administrative expense		2,066,091	1,610,616
Depreciation and amortization		228,256	216,098
Loss from operations		(18,978)	(519,386)
Other (expense) income, net		(821)	16,942
Foreign exchange loss		(49,219)	(236,447)
Interest expense, net		(257,164)	(288,642)
Income tax expense, net		(523,962)	(162,962)
Net loss		(850,144)	(1,190,495)
Net income attributable to noncontrolling interests		(273,518)	(305,336)
Net loss attributable to common shareholders		$ (1,123,662)	$ (1,495,831)
Net loss per common share, basic and diluted, attributable to common shareholders (in dollars per share)		$ (0.01)	$ (0.01)
Weighted average shares used in computation, basic and diluted, attributable to common shareholders (in shares)		157,535,571	153,929,182
[1]	Sales, net and Cost of sales include excise taxes of $1,768,980 and $1,485,515 for the three months ended June 30, 2015 and 2014, respectively.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations [Parenthetical] - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Excise taxes	$ 1,768,980	$ 1,485,515

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net loss	$ (850,144)	$ (1,190,495)
Other comprehensive income (loss):
Foreign currency translation adjustment	47,002	(20,677)
Total other comprehensive income (loss):	47,002	(20,677)
Comprehensive loss	$ (803,142)	$ (1,211,172)

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Equity - 3 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
BALANCE at Mar. 31, 2015	$ 21,094,663	$ 1,571,877	$ 162,626,893	$ (143,361,711)	$ (2,285,925)	$ 2,543,529
BALANCE (in shares) at Mar. 31, 2015		157,187,658
Net loss	(850,144)			(1,123,662)		273,518
Foreign currency translation adjustment	47,002				47,002
Issuance of common stock, net of issuance costs	3,186,829	$ 21,193	3,165,636
Issuance of common stock, net of issuance costs (in shares)		2,119,282
Exercise of common stock options	25,250	$ 500	24,750
Exercise of common stock options (in shares)		50,000
Stock-based compensation	239,940		239,940
BALANCE at Jun. 30, 2015	$ 23,743,540	$ 1,593,570	$ 166,057,219	$ (144,485,373)	$ (2,238,923)	$ 2,817,047
BALANCE (in shares) at Jun. 30, 2015		159,356,940

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (850,144)	$ (1,190,495)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	228,256	216,098
Provision for doubtful accounts	36,674	(92,165)
Amortization of deferred financing costs	43,459	48,050
Deferred income tax (benefit) expense, net	(54,038)	162,962
Effect of changes in foreign exchange	49,219	236,447
Stock-based compensation expense	239,940	191,456
Provision for obsolete inventories	100,000	0
Changes in operations, assets and liabilities:
Accounts receivable	987,973	1,780,782
Due from affiliates	138,750	(26,555)
Inventory	982,293	(5,150,717)
Prepaid expenses and supplies	(107,240)	(345,426)
Other assets	(5,480)	(5,813)
Accounts payable and accrued expenses	122,497	(1,101,226)
Accrued interest	2,645	2,645
Due to related parties	(128,716)	57,438
Total adjustments	2,636,232	(4,026,024)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	1,786,088	(5,216,519)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(105,667)	(76,660)
Acquisition of intangible assets	(17,138)	(5,000)
Investment in non-consolidated affiliate, at equity	(500,000)	0
Change in restricted cash	(92)	(282)
NET CASH USED IN INVESTING ACTIVITIES	(622,897)	(81,942)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (payments on) proceeds from credit facility	(2,479,917)	3,461,388
Payments on Bourbon term loan	(744,900)	(261,300)
Net (payments on) proceeds from foreign revolving credit facility	(34,795)	106,347
Proceeds from issuance of common stock	3,251,989	1,231,241
Payments for costs of stock issuance	(65,160)	(38,532)
Proceeds from exercise of common stock warrants	0	598,715
Proceeds from exercise of common stock options	25,250	76,707
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(47,533)	5,174,566
EFFECTS OF FOREIGN CURRENCY TRANSLATION	527	(170)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,116,185	(124,065)
CASH AND CASH EQUIVALENTS — BEGINNING	1,191,603	908,501
CASH AND CASH EQUIVALENTS — ENDING	2,307,788	784,436
Schedule of non-cash investing and financing activities:
Surrender of common stock in connection with exercise of common stock warrant	0	31,250
Interest paid	224,093	219,765
Income taxes paid	$ 1,079,270	$ 35,000

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. generally accepted accounting principles (“GAAP”) and, in the opinion of management, contain all adjustments (which consist of only normal recurring adjustments) necessary for a fair presentation of such financial information. Results of operations for interim periods are not necessarily indicative of those to be achieved for full fiscal years. The condensed consolidated balance sheet as of March 31, 2015 is derived from the March 31, 2015 audited financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with Castle Brands Inc.’s (the “Company”) audited consolidated financial statements for the fiscal year ended March 31, 2015 included in the Company’s annual report on Form 10-K for the year ended March 31, 2015, as amended (“2015 Form 10-K”). Please refer to the notes to the audited consolidated financial statements included in the 2015 Form 10-K for additional disclosures and a description of accounting policies. Description of business 60 Organization and operations Equity investments D. Goodwill and other intangible assets — Goodwill represents the excess of purchase price including related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other identifiable intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives, generally on a straight-line basis, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment of long-lived assets — Under Accounting Standards Codification (“ASC”) 310, “Accounting for the Impairment or Disposal of Long-lived Assets”, the Company periodically reviews whether changes have occurred that would require revisions to the carrying amounts of its definite lived, long-lived assets. When the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Excise taxes and duty G. Foreign currency — The functional currency for the Company’s foreign operations is the Euro in Ireland and the British Pound in the United Kingdom. Under ASC 830, “Foreign Currency Matters”, the translation from the applicable foreign currencies to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive income. Gains or losses resulting from foreign currency transactions are shown as a separate line item in the consolidated statements of operations. Fair value of financial instruments — ASC 825, “Financial Instruments”, defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties and requires disclosure of the fair value of certain financial instruments. The Company believes that there is no material difference between the fair-value and the reported amounts of financial instruments in the Company’s balance sheets due to the short term maturity of these instruments, or with respect to the Company’s debt, as compared to the current borrowing rates available to the Company. The Company’s investments are reported at fair value in accordance with authoritative guidance, which accomplishes the following key objectives: - Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; - Establishes a three-level hierarchy (“valuation hierarchy”) for fair value measurements; - Requires consideration of the Company’s creditworthiness when valuing liabilities; and - Expands disclosures about instruments measured at fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: - Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are directly or indirectly observable for the asset or liability for substantially the full term of the financial instrument. - Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. I. Income taxes — Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is provided to the extent a deferred tax asset is not considered recoverable. The Company has not recognized any adjustments for uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense; however, no such provisions for accrued interest and penalties related to uncertain tax positions have been recorded by the Company. The Company’s income tax expense for the three months ended June 30, 2015 and 2014 consists of federal, state and local taxes attributable to GCP, which does not file a consolidated income tax return with the Company. In connection with the investment in GCP, the Company recorded a deferred tax liability on the ascribed value of the acquired intangible assets of $ 2,222,222 15 523,962 162,962 J. Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”) which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

BASIC AND DILUTED NET LOSS PER

BASIC AND DILUTED NET LOSS PER COMMON SHARE	3 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 2 — BASIC AND DILUTED NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all potentially dilutive common shares that were outstanding during the period that are not anti-dilutive. Potentially dilutive common shares consist of incremental shares issuable upon exercise of stock options and warrants or conversion of convertible notes outstanding. In computing diluted net loss per share for the three months ended June 30, 2015 and 2014, no adjustment has been made to the weighted average outstanding common shares as the assumed exercise of outstanding options and warrants and the assumed conversion of convertible preferred stock and related accrued dividends or the assumed conversion of convertible notes is anti-dilutive. Three months ended June 30, 2015 2014 Stock options 14,440,688 13,242,974 Warrants to purchase common stock 120,000 120,000 5% Convertible notes 1,861,111 2,361,111 Total 16,421,799 15,724,085

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 3 — INVENTORIES June 30, March 31, 2015 2015 Raw materials $ 8,363,766 $ 9,250,893 Finished goods – net 11,603,715 11,817,348 Total $ 19,967,481 $ 21,068,241 As of June 30 and March 31, 2015, 10 4 The Company estimates the allowance for obsolete and slow moving inventory based on analyses and assumptions including, but not limited to, historical usage, expected future demand and market requirements. Inventories are stated at the lower of weighted average cost or market.

EQUITY INVESTMENT

EQUITY INVESTMENT	3 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Cost and Equity Method Investments Disclosure [Text Block]	NOTE 4 — EQUITY INVESTMENT Investment in Gosling-Castle Partners Inc. As referenced in Note 1.I, GCP does not file consolidated tax returns with the Company. For the three months ended June 30, 2015 and 2014, GCP recognized ($ 523,962 162,962 40 209,585 65,185 Investment in Copperhead Distillery Company In June 2015, CB-USA purchased 20 500,000 500,000

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 5 — GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill was $ 496,226 June 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 631,693 631,693 Rights 8,271,555 8,271,555 Product development 178,460 161,321 Patents 994,000 994,000 Other 55,460 55,460 10,301,168 10,284,029 Less: accumulated amortization 6,877,800 6,713,774 Net 3,423,368 3,570,255 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 7,536,340 $ 7,683,227 * Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers. June 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 304,817 295,956 Rights 5,651,148 5,513,162 Product development 24,615 24,002 Patents 727,220 710,654 Other - - Accumulated amortization $ 6,877,800 $ 6,713,774

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Jun. 30, 2015
Restricted Cash Disclosure [Abstract]
Restricted Cash Disclosure [Text Block]	NOTE 6 — RESTRICTED CASH At June 30 and March 31, 2015, the Company had € 303,740 336,981 303,657 329,471

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2015
Long-Term Debt, Unclassified [Abstract]
Long-term Debt [Text Block]	NOTE 7 — NOTES PAYABLE June 30, 2015 March 31, 2015 Notes payable consist of the following: Foreign revolving credit facilities (A) $ — $ 34,141 Note payable – GCP note (B) 214,225 211,580 Credit facility (C) 7,643,627 10,123,544 Bourbon term loan (D) — 744,900 5% Convertible notes (E) 1,675,000 1,675,000 Total $ 9,532,852 $ 12,789,165 A. The Company has arranged various facilities aggregating €303,740 or $336,981 (translated at the June 30, 2015 exchange rate) with an Irish bank, including overdraft coverage, creditors’ insurance, customs and excise guaranty, and a revolving credit facility. These facilities are payable on demand, continue until terminated by either party, are subject to annual review, and call for interest at the lender’s AA1 Rate minus 1.70%. The balance on the credit facilities included in notes payable totaled €0 and €31,466 or $34,141 (translated at the March 31, 2015 exchange rate), at June 30 and March 31, 2015, respectively. B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $211,580 to Gosling's Export (Bermuda) Limited in exchange for credits issued on certain inventory purchases. The GCP Note matures on April 1, 2020, is payable at maturity, subject to certain acceleration events, and calls for annual interest of 5%, to be accrued and paid at maturity. At March 31, 2015, $10,579 of accrued interest was converted to amounts due to affiliates. At June 30, 2015, $214,225, consisting of $211,580 of principal and $2,645 of accrued interest, due on the GCP Note is included in long-term liabilities. At March 31, 2015, $211,580 of principal due on the GCP Note is included in long-term liabilities. C. In August 2011, the Company and CB-USA entered into a loan agreement with Keltic Financial Partners II, LP (“Keltic”), which, as amended, provides for availability (subject to certain terms and conditions) of a facility of up to $12.0 million (the “Credit Facility”) for the purpose of providing the Company with working capital. In September 2014, the Company and CB-USA entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement”) with ACF FinCo I LP (“ACF”), as successor in interest to Keltic, in order to amend certain terms of the Credit Facility and the Bourbon Term Loan (defined below). Among other changes, the Amended Agreement modified certain aspects of the existing Credit Facility, including increasing the maximum amount of the Credit Facility from $8,000,000 to $12,000,000 and increasing the inventory sub-limit from $4,000,000 to $6,000,000. In addition, the term of the Credit Facility was extended from December 31, 2016 to July 31, 2019. The Credit Facility interest rate was reduced to the rate that, when annualized, is the greatest of (a) the Prime Rate plus 3.00%, (b) the LIBOR Rate plus 5.50% and (c) 6.00%. As of June 30, 2015, the Credit Facility interest rate was 6.00%. The monthly facility fee was reduced from 1.00% per annum of the maximum Credit Facility amount to 0.75%. In addition, the Amended Agreement contains EBITDA targets allowing for further interest rate reductions in the future. The Amended Agreement also modifies certain aspects of the EBITDA covenant that was contained in the previously existing loan and security agreement, dated as of August 19, 2011, as amended. The Company paid ACF an aggregate $120,000 amendment fee in connection with the execution of the Amended Agreement. In connection with the amendment, the Company and CB-USA entered into the following ancillary agreements: (i) a Reaffirmation Agreement with (a) certain officers of the Company and CB-USA, including John Glover, the Company’s Chief Operating Officer, T. Kelley Spillane, the Company’s Senior Vice President - Global Sales, and Alfred Small, the Company’s Senior Vice President, Chief Financial Officer, Treasurer and Secretary, (b) certain participants in the Bourbon Term Loan and (c) certain junior lenders to the Company, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and principal shareholder of the Company, Mark E. Andrews, III, a director of the Company and the Company’s Chairman, an affiliate of Richard J. Lampen, a director of the Company and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a director of the Company, Dennis Scholl, a former director of the Company, and Vector Group Ltd., a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer, Henry Beinstein, a director of the Company, is a director and Phillip Frost M.D. is a principal shareholder, which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and ACF, as successor-in-interest to Keltic; (ii) an Amended and Restated Term Note (the "Term Note"); and (iii) an Amended and Restated Revolving Credit Note (the "Revolving Note"). In connection with the Amended Agreement, on September 22, 2014, ACF entered into an amendment to that certain Subordination Agreement, dated as of August 7, 2013 (as amended, the "Subordination Agreement"), by and among ACF, as successor-in-interest to Keltic, and certain junior lenders to the Company; neither the Company nor CB-USA is a party to the Subordination Agreement. The Company and CB-USA are referred to individually and collectively as the Borrower. The Borrower may borrow up to the maximum amount of the Credit Facility, provided that the Borrower has a sufficient borrowing base (as defined under the Amended Agreement). For the three months ended June 30, 2015 and 2014, the Company paid interest at 6.0% and 6.5%, respectively. Interest is payable monthly in arrears, on the first day of every month on the average daily unpaid principal amount of the Credit Facility. After the occurrence and during the continuance of any "Default" or "Event of Default" (as defined under the Amended Agreement), the Borrower is required to pay interest at a rate that is 3.25% per annum above the then applicable Credit Facility interest rate. There have been no Events of Default under the Credit Facility. ACF also receives a collateral management fee of $1,000 per month (increased to $2,000 after the occurrence of and during the continuance of an Event of Default). The Amended Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Amended Agreement includes negative covenants that, among other things, restrict the Borrower’s ability to create additional indebtedness, dispose of properties, incur liens and make distributions or cash dividends. At June 30, 2015, the Company was in compliance, in all respects, with the covenants under the Amended Agreement. At June 30 and March 31, 2015, $7,643,627 and $10,123,544, respectively, due on the Credit Facility was included in long-term liabilities. D. In March 2013, the Company and CB-USA entered into an inventory term loan of $2,496,000 (the "Bourbon Term Loan") that was used to purchase bourbon inventory on March 11, 2013. In August 2013, the Bourbon Term Loan was amended to provide the Company with the ability to increase the maximum aggregate principal amount of the Bourbon Term Loan from $2,500,000 to up to $4,000,000 to finance the purchase of aged whiskies following the identification of junior participants to purchase a portion of the increased Bourbon Term Loan amount. The Bourbon Term Loan interest rate is the rate that, when annualized, is the greatest of (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of March 31, 2015, the Company paid interest of 7.5%. The balance on the Bourbon Term Loan included in notes payable totaled $744,900 at March 31, 2015. In May 2015, the Bourbon Term Loan was paid in full in accordance with its terms. Keltic required as a condition to funding the Bourbon Term Loan that Keltic had entered into a participation agreement (the "Participation Agreement") providing for an initial aggregate amount of $750,000 of the Bourbon Term Loan to be purchased by junior participants. Certain related parties of the Company purchased a portion of these junior participations in the Bourbon Term Loan, including Frost Gamma Investments Trust ($500,000), Mark E. Andrews, III ($50,000) and an affiliate of Richard J. Lampen ($50,000) (amounts shown are initial purchase amounts). Under the terms of the Participation Agreement, the junior participants received interest at the rate of 11% per annum. Neither the Company nor CB-USA was a party to the Participation Agreement. However, the Borrower was party to a fee letter with the junior participants (including the related party junior participants) pursuant to which the Borrower was obligated to pay the junior participants an aggregate commitment fee of $45,000 in three equal annual installments of $15,000. E. In October 2013, the Company entered into a 5% Convertible Subordinated Note Purchase Agreement (the "Note Purchase Agreement") with the purchasers party thereto, under which the Company issued an aggregate initial principal amount of $2,125,000 of unsecured subordinated notes (the "Convertible Notes"). The Convertible Notes bear interest at a rate of 5% per annum, payable quarterly, until their maturity date of December 15, 2018. The Convertible Notes, and accrued but unpaid interest thereon, are convertible in whole or in part from time to time at the option of the holders thereof into shares of the Company’s common stock at a conversion price of $0.90 per share (the "Conversion Price"). The Convertible Notes may be prepaid in whole or in part at any time without penalty or premium, but with payment of accrued interest to the date of prepayment. The Convertible Notes contain customary events of default, which, if uncured, entitle each note holder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the Convertible Notes. The purchasers of the Convertible Notes included related parties of the Company, including an affiliate of Dr. Phillip Frost ($500,000), Mark E. Andrews, III ($50,000), an affiliate of Richard J. Lampen ($50,000), an affiliate of Glenn Halpryn ($200,000), a director, Dennis Scholl ($100,000), a former director, and Vector Group Ltd. ($200,000). The Company may forcibly convert all or any part of the Convertible Notes and all accrued but unpaid interest thereon if (i) the average daily volume of the Company’s common stock (as reported on the principal market or exchange on which the common stock is listed or quoted for trading) exceeds $50,000 per trading day and (ii) the volume weighted average price of the common stock for at least twenty (20) trading days during any thirty (30) consecutive trading day period exceeds 250% of the then-current Conversion Price. Any forced conversion will be applied ratably to the holders of all Convertible Notes issued pursuant to the Note Purchase Agreement based on each holder’s then-current note holdings. In connection with the Note Purchase Agreement, each purchaser of the Convertible Notes was required to execute a joinder to the subordination agreement, by and among Keltic and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2015, $1,675,000 of principal due on the Convertible Notes was included in long-term liabilities, respectively.

EQUITY

EQUITY	3 Months Ended
	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 — EQUITY Equity distribution agreement - In November 2014, the Company entered into an Equity Distribution Agreement (the "2014 Distribution Agreement") with Barrington Research Associates, Inc. ("Barrington"), as sales agent, under which the Company may issue and sell over time and from time to time, to or through Barrington, shares (the "Shares") of its common stock having a gross sales price of up to $ 10,000,000 Sales of the Shares pursuant to the 2014 Distribution Agreement, if any, may be effected by any method permitted by law deemed to be an "at-the-market" offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NYSE MKT LLC or any other existing trading market for the common stock or through a market maker, up to the amount specified, and otherwise to or through Barrington in accordance with the placement notices delivered by the Company to Barrington. Also, with the prior consent of the Company, some of the Shares may be sold in privately negotiated transactions. Under the 2014 Distribution Agreement, Barrington will be entitled to compensation of 2.0 In the three months ended June 30, 2015, the Company sold 2,119,282 3,251,989 65,160 In November 2013, the Company entered into an Equity Distribution Agreement (the "2013 Distribution Agreement") with Barrington, as sales agent, under which the Company could issue and sell over time and from time to time, to or through Barrington, Shares of its common stock having a gross sales price of up to $ 6,000,000 In the three months ended June 30, 2014, the Company sold 1,247,343 1,231,241 38,532 The 2013 Distribution Agreement expired in August 2014 upon the expiration of the primary portion of the Company’s Registration Statement on Form S-3 under which the Shares were sold.

WARRANTS

WARRANTS	3 Months Ended
	Jun. 30, 2015
Warrants [Abstract]
Warrants [Text Block]	NOTE 9 — WARRANTS 2011 Warrants exercised – On April 2, 2014, the Company called for cancellation all 1,657,802 0.38 1,657,802 629,965

FOREIGN CURRENCY FORWARD CONTRA

FOREIGN CURRENCY FORWARD CONTRACTS	3 Months Ended
	Jun. 30, 2015
Foreign Currency [Abstract]
Foreign Currency Disclosure [Text Block]	NOTE 10 — FOREIGN CURRENCY FORWARD CONTRACTS The Company enters into forward contracts from time to time to reduce its exposure to foreign currency fluctuations. The Company recognizes in the balance sheet derivative contracts at fair value, and reflects any net gains and losses currently in earnings. At June 30 and March 31, 2015, the Company had no forward contracts outstanding. Gain or loss on foreign currency forward contracts, which was de minimis during the periods presented, is included in other income and expense.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 11 — STOCK-BASED COMPENSATION In June 2015, the Company granted to employees, directors and certain consultants options to purchase an aggregate of 2,502,500 1.67 2,752,750 Stock-based compensation expense for the three months ended June 30, 2015 and 2014 amounted to $ 239,940 191,456 4,121,329 5,644,750 3.03 50,000 230,033

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 12 — COMMITMENTS AND CONTINGENCIES A. The Company has entered into a supply agreement with Irish Distillers Limited (“IDL”), which provides for the production of blended Irish whiskeys for the Company until the contract is terminated by either party in accordance with the terms of the agreement. IDL may terminate the contract if it provides at least six years prior notice to the Company, except for breach. Under this agreement, the Company provides IDL with a forecast of the estimated amount of liters of pure alcohol it requires for the next four fiscal contract years and agrees to purchase 90 June 30, 2016 833,673 924,910 B. The Company has also entered into a supply agreement with IDL, which provides for the production of single malt Irish whiskeys for the Company until the contract is terminated by either party in accordance with the terms of the agreement. IDL may terminate the contract if it provides at least thirteen years prior notice to the Company, except for breach. Under this agreement, the Company provides IDL with a forecast of the estimated amount of liters of pure alcohol it requires for the next twelve fiscal contract years and agrees to purchase 80 June 30, 2016 343,787 381,411 C. The Company leases office space in New York, NY, Dublin, Ireland and Houston, TX. The New York, NY lease began on May 1, 2010 and expires on April 30, 2016 19,975 October 31, 2016 1,100 1,220 June 26, 2018 3,440 D. As described in Note 7C, in August 2011, the Company and CB-USA entered into the Credit Facility, as amended in July 2012, March 2013, August 2013, November 2013, August 2014 and September 2014. E. The Company believes that neither it nor any of its subsidiaries is currently subject to litigation which, in the opinion of management after consultation with counsel, is likely to have a material adverse effect on the Company. The Company may become involved in litigation from time to time relating to claims arising in the ordinary course of its business. These claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources.

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 13 — CONCENTRATIONS A. Credit Risk — The Company maintains its cash and cash equivalents balances at various large financial institutions that, at times, may exceed federally and internationally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. B. Customers — Sales to one customer, the Southern Wine and Spirits of America, Inc. family of companies, accounted for approximately 30.0 29.3 27.1

GEOGRAPHIC INFORMATION

GEOGRAPHIC INFORMATION	3 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 14 — GEOGRAPHIC INFORMATION The Company operates in one reportable segment — the sale of premium beverage alcohol. The Company’s product categories are rum, whiskey, liqueurs, vodka, tequila and related non-alcoholic beverage products. The Company reports its operations in two geographic areas: International and United States. Three months ended June 30, 2015 2014 Consolidated Sales, net: International $ 2,105,422 12.8 % $ 1,578,730 13.2 % United States 14,407,657 87.2 % 10,403,469 86.8 % Total Consolidated Sales, net $ 16,513,079 100.0 % $ 11,982,199 100.0 % Consolidated Income (Loss) from Operations: International $ 55,023 (289.9) % $ (27,017) 5.2 % United States (74,001) 389.9 % (492,369) 94.8 % Total Consolidated Loss from Operations $ (18,978) 100.0 % $ (519,386) 100.0 % Consolidated Net Income (Loss) Attributable to Controlling Interests: International $ 64,876 (5.8) % $ (60,633) 4.1 % United States (1,188,538) 105.8 % (1,435,198) 95.9 % Total Consolidated Net Loss Attributable to Controlling Interests $ (1,123,662) 100.0 % $ (1,495,831) 100.0 % Income tax expense, net: United States $ (523,962) 100.0 % $ (162,962) 100.0 % Consolidated Sales, net by category: Rum $ 4,563,506 27.6 % $ 4,292,195 35.8 % Whiskey 6,191,059 37.6 % 3,012,079 25.1 % Liqueurs 1,824,515 11.0 % 1,902,443 15.9 % Vodka 524,224 3.2 % 520,583 4.3 % Tequila 73,906 0.4 % 85,329 0.7 % Related Non-Alcoholic Beverage Products 3,335,869 20.2 % 2,169,570 18.2 % Total Consolidated Sales, net $ 16,513,079 100.0 % $ 11,982,199 100.0 % As of June 30, 2015 As of March 31, 2015 Consolidated Assets: International $ 2,069,395 4.8 % 2,052,583 4.7 % United States 41,322,026 95.2 % 41,986,357 95.3 % Total Consolidated Assets $ 43,391,421 100.0 % 44,038,940 100.0 % *Includes related non-beverage alcohol products.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 15 — SUBSEQUENT EVENTS In August 2015, the Company and CB-USA entered into a First Amendment (the “Loan Agreement Amendment”) to the Amended Agreement. Among other changes, the Loan Agreement Amendment increases the amount of the Credit Facility from $ 12,000,000 19,000,000 7,000,000 0.75 2,000 45,000 In connection with the Loan Agreement Amendment, the Company and CB-USA entered into the following ancillary agreements: (i) a Reaffirmation Agreement (the “Reaffirmation Agreement”) with (a) certain officers of the Company and CB-USA, including John Glover, T. Kelley Spillane and Alfred J. Small and (b) certain junior lenders to the Company, including Frost Gamma Investments Trust, Mark E. Andrews, III, an affiliate of Richard J. Lampen, an affiliate of Glenn Halpryn, Dennis Scholl and Vector Group Ltd., which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and ACF and (ii) and Amended and Restated Revolving Credit Note. ACF also required as a condition to entering into the Loan Agreement Amendment that ACF enter into a participation agreement with certain related parties of the Company, including Frost Gamma Investments Trust, Mark E. Andrews, III, Richard J. Lampen and Alfred J. Small, to allow for the sale of participation interests in the Purchased Inventory Sublimit and the inventory purchased with the proceeds thereof. The participation agreement provides that ACF’s commitment to fund each advance of the Purchased Inventory Sublimit shall be limited to seventy percent (70%) 4,900,000 18,000

ORGANIZATION AND SUMMARY OF S24

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	A. Description of business 60
Organization and Operation [Policy Text Block]	B. Organization and operations
Equity Method Investments, Policy [Policy Text Block]	C. Equity investments
Goodwill and Intangible Assets, Policy [Policy Text Block]	D. Goodwill and other intangible assets — Goodwill represents the excess of purchase price including related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other identifiable intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives, generally on a straight-line basis, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	E. Impairment of long-lived assets — Under Accounting Standards Codification (“ASC”) 310, “Accounting for the Impairment or Disposal of Long-lived Assets”, the Company periodically reviews whether changes have occurred that would require revisions to the carrying amounts of its definite lived, long-lived assets. When the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset.
Excise Taxes and Duty [Policy Text Block]	F. Excise taxes and duty
Foreign Currency Transactions and Translations Policy [Policy Text Block]	G. Foreign currency — The functional currency for the Company’s foreign operations is the Euro in Ireland and the British Pound in the United Kingdom. Under ASC 830, “Foreign Currency Matters”, the translation from the applicable foreign currencies to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive income. Gains or losses resulting from foreign currency transactions are shown as a separate line item in the consolidated statements of operations.
Fair Value Of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments — ASC 825, “Financial Instruments”, defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties and requires disclosure of the fair value of certain financial instruments. The Company believes that there is no material difference between the fair-value and the reported amounts of financial instruments in the Company’s balance sheets due to the short term maturity of these instruments, or with respect to the Company’s debt, as compared to the current borrowing rates available to the Company. The Company’s investments are reported at fair value in accordance with authoritative guidance, which accomplishes the following key objectives: - Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; - Establishes a three-level hierarchy (“valuation hierarchy”) for fair value measurements; - Requires consideration of the Company’s creditworthiness when valuing liabilities; and - Expands disclosures about instruments measured at fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: - Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are directly or indirectly observable for the asset or liability for substantially the full term of the financial instrument. - Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Income Tax, Policy [Policy Text Block]	I. Income taxes — Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is provided to the extent a deferred tax asset is not considered recoverable. The Company has not recognized any adjustments for uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense; however, no such provisions for accrued interest and penalties related to uncertain tax positions have been recorded by the Company. The Company’s income tax expense for the three months ended June 30, 2015 and 2014 consists of federal, state and local taxes attributable to GCP, which does not file a consolidated income tax return with the Company. In connection with the investment in GCP, the Company recorded a deferred tax liability on the ascribed value of the acquired intangible assets of $ 2,222,222 15 523,962 162,962
New Accounting Pronouncements, Policy [Policy Text Block]	J. Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”) which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to clarify the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

BASIC AND DILUTED NET LOSS PE25

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Potential common shares not included in calculating diluted net loss per share are as follows: Three months ended June 30, 2015 2014 Stock options 14,440,688 13,242,974 Warrants to purchase common stock 120,000 120,000 5% Convertible notes 1,861,111 2,361,111 Total 16,421,799 15,724,085

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	June 30, March 31, 2015 2015 Raw materials $ 8,363,766 $ 9,250,893 Finished goods – net 11,603,715 11,817,348 Total $ 19,967,481 $ 21,068,241

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intangible assets consist of the following: June 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 631,693 631,693 Rights 8,271,555 8,271,555 Product development 178,460 161,321 Patents 994,000 994,000 Other 55,460 55,460 10,301,168 10,284,029 Less: accumulated amortization 6,877,800 6,713,774 Net 3,423,368 3,570,255 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 7,536,340 $ 7,683,227
Accumulated Amortization [Table Text Block]	Accumulated amortization consists of the following: June 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 304,817 295,956 Rights 5,651,148 5,513,162 Product development 24,615 24,002 Patents 727,220 710,654 Other - - Accumulated amortization $ 6,877,800 $ 6,713,774

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2015
Long-Term Debt, Unclassified [Abstract]
Schedule Of Notes Payable and Credit Facility [Table Text Block]	June 30, 2015 March 31, 2015 Notes payable consist of the following: Foreign revolving credit facilities (A) $ — $ 34,141 Note payable – GCP note (B) 214,225 211,580 Credit facility (C) 7,643,627 10,123,544 Bourbon term loan (D) — 744,900 5% Convertible notes (E) 1,675,000 1,675,000 Total $ 9,532,852 $ 12,789,165 A. The Company has arranged various facilities aggregating €303,740 or $336,981 (translated at the June 30, 2015 exchange rate) with an Irish bank, including overdraft coverage, creditors’ insurance, customs and excise guaranty, and a revolving credit facility. These facilities are payable on demand, continue until terminated by either party, are subject to annual review, and call for interest at the lender’s AA1 Rate minus 1.70%. The balance on the credit facilities included in notes payable totaled €0 and €31,466 or $34,141 (translated at the March 31, 2015 exchange rate), at June 30 and March 31, 2015, respectively. B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $211,580 to Gosling's Export (Bermuda) Limited in exchange for credits issued on certain inventory purchases. The GCP Note matures on April 1, 2020, is payable at maturity, subject to certain acceleration events, and calls for annual interest of 5%, to be accrued and paid at maturity. At March 31, 2015, $10,579 of accrued interest was converted to amounts due to affiliates. At June 30, 2015, $214,225, consisting of $211,580 of principal and $2,645 of accrued interest, due on the GCP Note is included in long-term liabilities. At March 31, 2015, $211,580 of principal due on the GCP Note is included in long-term liabilities. C. In August 2011, the Company and CB-USA entered into a loan agreement with Keltic Financial Partners II, LP (“Keltic”), which, as amended, provides for availability (subject to certain terms and conditions) of a facility of up to $12.0 million (the “Credit Facility”) for the purpose of providing the Company with working capital. In September 2014, the Company and CB-USA entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement”) with ACF FinCo I LP (“ACF”), as successor in interest to Keltic, in order to amend certain terms of the Credit Facility and the Bourbon Term Loan (defined below). Among other changes, the Amended Agreement modified certain aspects of the existing Credit Facility, including increasing the maximum amount of the Credit Facility from $8,000,000 to $12,000,000 and increasing the inventory sub-limit from $4,000,000 to $6,000,000. In addition, the term of the Credit Facility was extended from December 31, 2016 to July 31, 2019. The Credit Facility interest rate was reduced to the rate that, when annualized, is the greatest of (a) the Prime Rate plus 3.00%, (b) the LIBOR Rate plus 5.50% and (c) 6.00%. As of June 30, 2015, the Credit Facility interest rate was 6.00%. The monthly facility fee was reduced from 1.00% per annum of the maximum Credit Facility amount to 0.75%. In addition, the Amended Agreement contains EBITDA targets allowing for further interest rate reductions in the future. The Amended Agreement also modifies certain aspects of the EBITDA covenant that was contained in the previously existing loan and security agreement, dated as of August 19, 2011, as amended. The Company paid ACF an aggregate $120,000 amendment fee in connection with the execution of the Amended Agreement. In connection with the amendment, the Company and CB-USA entered into the following ancillary agreements: (i) a Reaffirmation Agreement with (a) certain officers of the Company and CB-USA, including John Glover, the Company’s Chief Operating Officer, T. Kelley Spillane, the Company’s Senior Vice President - Global Sales, and Alfred Small, the Company’s Senior Vice President, Chief Financial Officer, Treasurer and Secretary, (b) certain participants in the Bourbon Term Loan and (c) certain junior lenders to the Company, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and principal shareholder of the Company, Mark E. Andrews, III, a director of the Company and the Company’s Chairman, an affiliate of Richard J. Lampen, a director of the Company and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a director of the Company, Dennis Scholl, a former director of the Company, and Vector Group Ltd., a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer, Henry Beinstein, a director of the Company, is a director and Phillip Frost M.D. is a principal shareholder, which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and ACF, as successor-in-interest to Keltic; (ii) an Amended and Restated Term Note (the "Term Note"); and (iii) an Amended and Restated Revolving Credit Note (the "Revolving Note"). In connection with the Amended Agreement, on September 22, 2014, ACF entered into an amendment to that certain Subordination Agreement, dated as of August 7, 2013 (as amended, the "Subordination Agreement"), by and among ACF, as successor-in-interest to Keltic, and certain junior lenders to the Company; neither the Company nor CB-USA is a party to the Subordination Agreement. The Company and CB-USA are referred to individually and collectively as the Borrower. The Borrower may borrow up to the maximum amount of the Credit Facility, provided that the Borrower has a sufficient borrowing base (as defined under the Amended Agreement). For the three months ended June 30, 2015 and 2014, the Company paid interest at 6.0% and 6.5%, respectively. Interest is payable monthly in arrears, on the first day of every month on the average daily unpaid principal amount of the Credit Facility. After the occurrence and during the continuance of any "Default" or "Event of Default" (as defined under the Amended Agreement), the Borrower is required to pay interest at a rate that is 3.25% per annum above the then applicable Credit Facility interest rate. There have been no Events of Default under the Credit Facility. ACF also receives a collateral management fee of $1,000 per month (increased to $2,000 after the occurrence of and during the continuance of an Event of Default). The Amended Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Amended Agreement includes negative covenants that, among other things, restrict the Borrower’s ability to create additional indebtedness, dispose of properties, incur liens and make distributions or cash dividends. At June 30, 2015, the Company was in compliance, in all respects, with the covenants under the Amended Agreement. At June 30 and March 31, 2015, $7,643,627 and $10,123,544, respectively, due on the Credit Facility was included in long-term liabilities. D. In March 2013, the Company and CB-USA entered into an inventory term loan of $2,496,000 (the "Bourbon Term Loan") that was used to purchase bourbon inventory on March 11, 2013. In August 2013, the Bourbon Term Loan was amended to provide the Company with the ability to increase the maximum aggregate principal amount of the Bourbon Term Loan from $2,500,000 to up to $4,000,000 to finance the purchase of aged whiskies following the identification of junior participants to purchase a portion of the increased Bourbon Term Loan amount. The Bourbon Term Loan interest rate is the rate that, when annualized, is the greatest of (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of March 31, 2015, the Company paid interest of 7.5%. The balance on the Bourbon Term Loan included in notes payable totaled $744,900 at March 31, 2015. In May 2015, the Bourbon Term Loan was paid in full in accordance with its terms. Keltic required as a condition to funding the Bourbon Term Loan that Keltic had entered into a participation agreement (the "Participation Agreement") providing for an initial aggregate amount of $750,000 of the Bourbon Term Loan to be purchased by junior participants. Certain related parties of the Company purchased a portion of these junior participations in the Bourbon Term Loan, including Frost Gamma Investments Trust ($500,000), Mark E. Andrews, III ($50,000) and an affiliate of Richard J. Lampen ($50,000) (amounts shown are initial purchase amounts). Under the terms of the Participation Agreement, the junior participants received interest at the rate of 11% per annum. Neither the Company nor CB-USA was a party to the Participation Agreement. However, the Borrower was party to a fee letter with the junior participants (including the related party junior participants) pursuant to which the Borrower was obligated to pay the junior participants an aggregate commitment fee of $45,000 in three equal annual installments of $15,000. E. In October 2013, the Company entered into a 5% Convertible Subordinated Note Purchase Agreement (the "Note Purchase Agreement") with the purchasers party thereto, under which the Company issued an aggregate initial principal amount of $2,125,000 of unsecured subordinated notes (the "Convertible Notes"). The Convertible Notes bear interest at a rate of 5% per annum, payable quarterly, until their maturity date of December 15, 2018. The Convertible Notes, and accrued but unpaid interest thereon, are convertible in whole or in part from time to time at the option of the holders thereof into shares of the Company’s common stock at a conversion price of $0.90 per share (the "Conversion Price"). The Convertible Notes may be prepaid in whole or in part at any time without penalty or premium, but with payment of accrued interest to the date of prepayment. The Convertible Notes contain customary events of default, which, if uncured, entitle each note holder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the Convertible Notes. The purchasers of the Convertible Notes included related parties of the Company, including an affiliate of Dr. Phillip Frost ($500,000), Mark E. Andrews, III ($50,000), an affiliate of Richard J. Lampen ($50,000), an affiliate of Glenn Halpryn ($200,000), a director, Dennis Scholl ($100,000), a former director, and Vector Group Ltd. ($200,000). The Company may forcibly convert all or any part of the Convertible Notes and all accrued but unpaid interest thereon if (i) the average daily volume of the Company’s common stock (as reported on the principal market or exchange on which the common stock is listed or quoted for trading) exceeds $50,000 per trading day and (ii) the volume weighted average price of the common stock for at least twenty (20) trading days during any thirty (30) consecutive trading day period exceeds 250% of the then-current Conversion Price. Any forced conversion will be applied ratably to the holders of all Convertible Notes issued pursuant to the Note Purchase Agreement based on each holder’s then-current note holdings. In connection with the Note Purchase Agreement, each purchaser of the Convertible Notes was required to execute a joinder to the subordination agreement, by and among Keltic and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2015, $1,675,000 of principal due on the Convertible Notes was included in long-term liabilities, respectively.

GEOGRAPHIC INFORMATION (Tables)

GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The consolidated financial statements include revenues and assets generated in or held in the U.S. and foreign countries. The following table sets forth the amounts and percentage of consolidated sales, net, consolidated income (loss) from operations, consolidated net income (loss) attributable to controlling interests, consolidated income tax expense and consolidated assets from the U.S. and foreign countries and consolidated sales, net by category. Three months ended June 30, 2015 2014 Consolidated Sales, net: International $ 2,105,422 12.8 % $ 1,578,730 13.2 % United States 14,407,657 87.2 % 10,403,469 86.8 % Total Consolidated Sales, net $ 16,513,079 100.0 % $ 11,982,199 100.0 % Consolidated Income (Loss) from Operations: International $ 55,023 (289.9) % $ (27,017) 5.2 % United States (74,001) 389.9 % (492,369) 94.8 % Total Consolidated Loss from Operations $ (18,978) 100.0 % $ (519,386) 100.0 % Consolidated Net Income (Loss) Attributable to Controlling Interests: International $ 64,876 (5.8) % $ (60,633) 4.1 % United States (1,188,538) 105.8 % (1,435,198) 95.9 % Total Consolidated Net Loss Attributable to Controlling Interests $ (1,123,662) 100.0 % $ (1,495,831) 100.0 % Income tax expense, net: United States $ (523,962) 100.0 % $ (162,962) 100.0 % Consolidated Sales, net by category: Rum $ 4,563,506 27.6 % $ 4,292,195 35.8 % Whiskey 6,191,059 37.6 % 3,012,079 25.1 % Liqueurs 1,824,515 11.0 % 1,902,443 15.9 % Vodka 524,224 3.2 % 520,583 4.3 % Tequila 73,906 0.4 % 85,329 0.7 % Related Non-Alcoholic Beverage Products 3,335,869 20.2 % 2,169,570 18.2 % Total Consolidated Sales, net $ 16,513,079 100.0 % $ 11,982,199 100.0 % As of June 30, 2015 As of March 31, 2015 Consolidated Assets: International $ 2,069,395 4.8 % 2,052,583 4.7 % United States 41,322,026 95.2 % 41,986,357 95.3 % Total Consolidated Assets $ 43,391,421 100.0 % 44,038,940 100.0 % *Includes related non-beverage alcohol products.

ORGANIZATION AND SUMMARY OF S30

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	60.00%
Deferred Tax Liabilities, Intangible Assets	$ 2,222,222
Deferred Income Tax Expense Benefit Period Of Recognition	15 years
Income tax (expense) benefit, net	$ 523,962	$ 162,962

BASIC AND DILUTED NET LOSS PE31

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details) - shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	16,421,799	15,724,085
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	14,440,688	13,242,974
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	120,000	120,000
5% Convertible notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	1,861,111	2,361,111

BASIC AND DILUTED NET LOSS PE32

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details Textual)	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%	5.00%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jul. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Inventory [Line Items]
Raw materials	$ 8,363,766		$ 9,250,893
Finished goods - net	11,603,715		11,817,348
Total	$ 19,967,481	$ 19,967,481	$ 21,068,241

INVENTORIES (Details Textual)

INVENTORIES (Details Textual)	Jun. 30, 2015
Inventory [Line Items]
Percentage Of Raw Materials Located Outside United States	10.00%
Percentage Of Finished Goods Located Outside United States	4.00%

EQUITY INVESTMENT (Details Text

EQUITY INVESTMENT (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Deferred Income Tax Expense (Benefit)	$ (54,038)	$ 162,962
Investment in non-consolidated affiliate, at equity	500,000		$ 0
Income Tax Expense (Benefit)	523,962	162,962
Noncontrolling Interest [Member]
Schedule of Equity Method Investments [Line Items]
Deferred Income Tax Expense (Benefit)	0
Gosling-Castle Partners, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Deferred Income Tax Expense (Benefit)	0
Income Tax Expense (Benefit)	$ 523,962	162,962
Gosling-Castle Partners, Inc [Member] | Noncontrolling Interest [Member]
Schedule of Equity Method Investments [Line Items]
Deferred Income Tax Expense Benefit, Minority Interest Percentage	40.00%
Income Tax Expense (Benefit)	$ 209,585	$ 65,185
Copperhead Distillery Company [Member]
Schedule of Equity Method Investments [Line Items]
Payment To Acquire Finished Goods	$ 500,000

GOODWILL AND INTANGIBLE ASSET36

GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($)		Jun. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Definite life brands		$ 170,000	$ 170,000
Trademarks		631,693	631,693
Rights		8,271,555	8,271,555
Product development		178,460	161,321
Patents		994,000	994,000
Other		55,460	55,460
Finite-Lived Intangible Assets, Gross		10,301,168	10,284,029
Less: accumulated amortization		6,877,800	6,713,774
Net		3,423,368	3,570,255
Other identifiable intangible assets - indefinite lived	[1]	4,112,972	4,112,972
Total intangible assets, net		$ 7,536,340	$ 7,683,227
[1]	Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers.

GOODWILL AND INTANGIBLE ASSET37

GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 6,877,800	$ 6,713,774
Definite Life Brands [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	170,000	170,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	304,817	295,956
Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	5,651,148	5,513,162
Product Development [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	24,615	24,002
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	727,220	710,654
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET38

GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 496,226	$ 496,226

RESTRICTED CASH (Details Textua

RESTRICTED CASH (Details Textual)	Jun. 30, 2015USD ($)	Jun. 30, 2015EUR (€)	Mar. 31, 2015USD ($)	Mar. 31, 2015EUR (€)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents, Noncurrent	$ 336,981	€ 303,740	$ 329,471	€ 303,657

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)		Jun. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Notes payable and credit facility		$ 9,532,852	$ 12,789,165
Foreign revolving credit facilities [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[1]	0	34,141
Note payable - GCP note [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[2]	214,225	211,580
Credit facility [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[3]	7,643,627	10,123,544
Bourbon term loan [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[4]	0	744,900
5% Convertible notes [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[5]	$ 1,675,000	$ 1,675,000
[1]	The Company has arranged various facilities aggregating €303,740 or $336,981 (translated at the June 30, 2015 exchange rate) with an Irish bank, including overdraft coverage, creditors’ insurance, customs and excise guaranty, and a revolving credit facility. These facilities are payable on demand, continue until terminated by either party, are subject to annual review, and call for interest at the lender’s AA1 Rate minus 1.70%. The balance on the credit facilities included in notes payable totaled €0 and €31,466 or $34,141 (translated at the March 31, 2015 exchange rate), at June 30 and March 31, 2015, respectively.
[2]	In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $211,580 to Gosling's Export (Bermuda) Limited in exchange for credits issued on certain inventory purchases. The GCP Note matures on April 1, 2020, is payable at maturity, subject to certain acceleration events, and calls for annual interest of 5%, to be accrued and paid at maturity. At March 31, 2015, $10,579 of accrued interest was converted to amounts due to affiliates. At June 30, 2015, $214,225, consisting of $211,580 of principal and $2,645 of accrued interest, due on the GCP Note is included in long-term liabilities. At March 31, 2015, $211,580 of principal due on the GCP Note is included in long-term liabilities.
[3]	In August 2011, the Company and CB-USA entered into a loan agreement with Keltic Financial Partners II, LP (“Keltic”), which, as amended, provides for availability (subject to certain terms and conditions) of a facility of up to $12.0 million (the “Credit Facility”) for the purpose of providing the Company with working capital.In September 2014, the Company and CB-USA entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement”) with ACF FinCo I LP (“ACF”), as successor in interest to Keltic, in order to amend certain terms of the Credit Facility and the Bourbon Term Loan (defined below). Among other changes, the Amended Agreement modified certain aspects of the existing Credit Facility, including increasing the maximum amount of the Credit Facility from $8,000,000 to $12,000,000 and increasing the inventory sub-limit from $4,000,000 to $6,000,000. In addition, the term of the Credit Facility was extended from December 31, 2016 to July 31, 2019. The Credit Facility interest rate was reduced to the rate that, when annualized, is the greatest of (a) the Prime Rate plus 3.00%, (b) the LIBOR Rate plus 5.50% and (c) 6.00%. As of June 30, 2015, the Credit Facility interest rate was 6.00%. The monthly facility fee was reduced from 1.00% per annum of the maximum Credit Facility amount to 0.75%. In addition, the Amended Agreement contains EBITDA targets allowing for further interest rate reductions in the future. The Amended Agreement also modifies certain aspects of the EBITDA covenant that was contained in the previously existing loan and security agreement, dated as of August 19, 2011, as amended. The Company paid ACF an aggregate $120,000 amendment fee in connection with the execution of the Amended Agreement. In connection with the amendment, the Company and CB-USA entered into the following ancillary agreements: (i) a Reaffirmation Agreement with (a) certain officers of the Company and CB-USA, including John Glover, the Company’s Chief Operating Officer, T. Kelley Spillane, the Company’s Senior Vice President - Global Sales, and Alfred Small, the Company’s Senior Vice President, Chief Financial Officer, Treasurer and Secretary, (b) certain participants in the Bourbon Term Loan and (c) certain junior lenders to the Company, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and principal shareholder of the Company, Mark E. Andrews, III, a director of the Company and the Company’s Chairman, an affiliate of Richard J. Lampen, a director of the Company and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a director of the Company, Dennis Scholl, a former director of the Company, and Vector Group Ltd., a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer, Henry Beinstein, a director of the Company, is a director and Phillip Frost M.D. is a principal shareholder, which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and ACF, as successor-in-interest to Keltic; (ii) an Amended and Restated Term Note (the "Term Note"); and (iii) an Amended and Restated Revolving Credit Note (the "Revolving Note"). In connection with the Amended Agreement, on September 22, 2014, ACF entered into an amendment to that certain Subordination Agreement, dated as of August 7, 2013 (as amended, the "Subordination Agreement"), by and among ACF, as successor-in-interest to Keltic, and certain junior lenders to the Company; neither the Company nor CB-USA is a party to the Subordination Agreement. The Company and CB-USA are referred to individually and collectively as the Borrower. The Borrower may borrow up to the maximum amount of the Credit Facility, provided that the Borrower has a sufficient borrowing base (as defined under the Amended Agreement). For the three months ended June 30, 2015 and 2014, the Company paid interest at 6.0% and 6.5%, respectively. Interest is payable monthly in arrears, on the first day of every month on the average daily unpaid principal amount of the Credit Facility. After the occurrence and during the continuance of any "Default" or "Event of Default" (as defined under the Amended Agreement), the Borrower is required to pay interest at a rate that is 3.25% per annum above the then applicable Credit Facility interest rate. There have been no Events of Default under the Credit Facility. ACF also receives a collateral management fee of $1,000 per month (increased to $2,000 after the occurrence of and during the continuance of an Event of Default). The Amended Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Amended Agreement includes negative covenants that, among other things, restrict the Borrower’s ability to create additional indebtedness, dispose of properties, incur liens and make distributions or cash dividends. At June 30, 2015, the Company was in compliance, in all respects, with the covenants under the Amended Agreement. At June 30 and March 31, 2015, $7,643,627 and $10,123,544, respectively, due on the Credit Facility was included in long-term liabilities.
[4]	In March 2013, the Company and CB-USA entered into an inventory term loan of $2,496,000 (the "Bourbon Term Loan") that was used to purchase bourbon inventory on March 11, 2013. In August 2013, the Bourbon Term Loan was amended to provide the Company with the ability to increase the maximum aggregate principal amount of the Bourbon Term Loan from $2,500,000 to up to $4,000,000 to finance the purchase of aged whiskies following the identification of junior participants to purchase a portion of the increased Bourbon Term Loan amount. The Bourbon Term Loan interest rate is the rate that, when annualized, is the greatest of (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of March 31, 2015, the Company paid interest of 7.5%. The balance on the Bourbon Term Loan included in notes payable totaled $744,900 at March 31, 2015. In May 2015, the Bourbon Term Loan was paid in full in accordance with its terms. Keltic required as a condition to funding the Bourbon Term Loan that Keltic had entered into a participation agreement (the "Participation Agreement") providing for an initial aggregate amount of $750,000 of the Bourbon Term Loan to be purchased by junior participants. Certain related parties of the Company purchased a portion of these junior participations in the Bourbon Term Loan, including Frost Gamma Investments Trust ($500,000), Mark E. Andrews, III ($50,000) and an affiliate of Richard J. Lampen ($50,000) (amounts shown are initial purchase amounts). Under the terms of the Participation Agreement, the junior participants received interest at the rate of 11% per annum. Neither the Company nor CB-USA was a party to the Participation Agreement. However, the Borrower was party to a fee letter with the junior participants (including the related party junior participants) pursuant to which the Borrower was obligated to pay the junior participants an aggregate commitment fee of $45,000 in three equal annual installments of $15,000.
[5]	In October 2013, the Company entered into a 5% Convertible Subordinated Note Purchase Agreement (the "Note Purchase Agreement") with the purchasers party thereto, under which the Company issued an aggregate initial principal amount of $2,125,000 of unsecured subordinated notes (the "Convertible Notes"). The Convertible Notes bear interest at a rate of 5% per annum, payable quarterly, until their maturity date of December 15, 2018. The Convertible Notes, and accrued but unpaid interest thereon, are convertible in whole or in part from time to time at the option of the holders thereof into shares of the Company’s common stock at a conversion price of $0.90 per share (the "Conversion Price"). The Convertible Notes may be prepaid in whole or in part at any time without penalty or premium, but with payment of accrued interest to the date of prepayment. The Convertible Notes contain customary events of default, which, if uncured, entitle each note holder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the Convertible Notes. The purchasers of the Convertible Notes included related parties of the Company, including an affiliate of Dr. Phillip Frost ($500,000), Mark E. Andrews, III ($50,000), an affiliate of Richard J. Lampen ($50,000), an affiliate of Glenn Halpryn ($200,000), a director, Dennis Scholl ($100,000), a former director, and Vector Group Ltd. ($200,000). The Company may forcibly convert all or any part of the Convertible Notes and all accrued but unpaid interest thereon if (i) the average daily volume of the Company’s common stock (as reported on the principal market or exchange on which the common stock is listed or quoted for trading) exceeds $50,000 per trading day and (ii) the volume weighted average price of the common stock for at least twenty (20) trading days during any thirty (30) consecutive trading day period exceeds 250% of the then-current conversion price. Any forced conversion will be applied ratably to the holders of all Convertible Notes issued pursuant to the Note Purchase Agreement based on each holder’s then-current note holdings. In connection with the Note Purchase Agreement, each purchaser of the Convertible Notes was required to execute a joinder to the subordination agreement, by and among Keltic and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2015, $1,675,000 of principal due on the Convertible Notes was included in long-term liabilities, respectively.

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)

1 Months Ended

3 Months Ended

6 Months Ended

Mar. 31, 2015USD ($)

Sep. 30, 2014USD ($)

Jun. 30, 2015USD ($)$ / shares

Jun. 30, 2014

Sep. 30, 2014USD ($)

Jul. 30, 2015USD ($)

Jun. 30, 2015EUR (€)

Mar. 31, 2015EUR (€)

Aug. 31, 2013USD ($)

Mar. 31, 2013USD ($)

Aug. 31, 2011USD ($)

Dec. 31, 2009USD ($)

Debt Instrument [Line Items]

Debt Instrument, Interest Rate At Period End

5.00%

5.00%

Notes Payable, Noncurrent

$ 211,580

$ 214,225

Line Of Credit, Current

34,141

0

€ 31,466

€ 0

Term Loan

744,900

0

$ 2,496,000

Commitment Fee Payable

45,000

Commitment Fee Annual Installment Amount

15,000

Unsecured debt

$ 2,125,000

Debt Instrument, Convertible, Threshold Trading Days

20

Debt Instrument, Convertible, Threshold Consecutive Trading Days

30 days

Convertible Notes Payable, Noncurrent

1,675,000

$ 1,675,000

Convertible Subordinated Debt [Member]

Debt Instrument [Line Items]

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 0.90

Subordinated Borrowing, Interest Rate

5.00%

Convertible Notes Payable [Member]

Debt Instrument [Line Items]

Debt Instrument, Convertible, If-converted Value in Excess of Principal

$ 50,000

Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger

250.00%

GCP Note [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate At Period End

5.00%

Other Accrued Liabilities, Noncurrent

10,579

Notes Payable, Noncurrent

211,580

$ 211,580

Long-term Debt, Gross

$ 211,580

Interest Payable

$ 2,645

Credit Facility [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 12,000,000

Line Of Credit Facility, Interest Rate Description

a) the Prime Rate plus 3.00%, (b) the LIBOR Rate plus 5.50% and (c) 6.00%. As of June 30, 2015, the Credit Facility interest rate was 6.00%. The monthly facility fee was reduced from 1.00% per annum of the maximum Credit Facility amount to 0.75%.

Debt Instrument, Interest Rate During Period

6.00%

6.50%

Long-term Debt, Gross

$ 10,123,544

$ 7,643,627

Line of Credit Facility, Amendment Fees, Amount

$ 120,000

Annual Facility Fee Receivables Description

ACF also receives a collateral management fee of $1,000 per month (increased to $2,000 after the occurrence of and during the continuance of an Event of Default).

Credit Facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Asset Restrictions

4,000,000

Credit Facility [Member] | Maximum [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Asset Restrictions

6,000,000

Irish Bank [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 336,981

€ 303,740

Line Of Credit Facility, Interest Rate During Period

1.70%

Bourbon Term Loan [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Interest Rate Description

The Bourbon Term Loan interest rate is the rate that, when annualized, is the greatest of (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%.

Line Of Credit Facility, Interest Rate During Period

7.50%

Long-term Debt, Gross

$ 2,500,000

Junior Loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

11.00%

11.00%

Dr. Phillip Frost [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

$ 500,000

Mark E. Andrews [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

50,000

Richard J. Lampen [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

50,000

Glenn Halpryn [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

200,000

Dennis Scholl [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

100,000

Vector Group Ltd. [Member]

Debt Instrument [Line Items]

Notes Payable, Noncurrent

200,000

Frost Gamma Investments Trust [Member]

Debt Instrument [Line Items]

Term Loan

500,000

Mark E Andrews Iii [Member]

Debt Instrument [Line Items]

Term Loan

50,000

Affiliate Of Richard J Lampen [Member]

Debt Instrument [Line Items]

Term Loan

50,000

Participation Agreement [Member] | Credit Facility [Member]

Debt Instrument [Line Items]

Term Loan

$ 750,000

Amendment Agreement [Member] | Bourbon Term Loan [Member]

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 4,000,000

Second Amendment [Member] | Credit Facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 8,000,000

$ 8,000,000

Second Amendment [Member] | Credit Facility [Member] | Maximum [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 12,000,000

$ 12,000,000

Second Amendment [Member] | Bourbon Term Loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Debt Default, Description Of Violation Or Event Of Default

After the occurrence and during the continuance of any "Default" or "Event of Default" (as defined under the Amended Agreement), the Borrower is required to pay interest at a rate that is 3.25% per annum above the then applicable Credit Facility interest rate. There have been no Events of Default under the Credit Facility.

EQUITY (Details Textual)

EQUITY (Details Textual) - Equity Component [Domain] - USD ($)	1 Months Ended		3 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 6,000,000	$ 3,251,989	$ 1,231,241
Stock Issued During Period, Value, New Issues			3,186,829
Payments of Stock Issuance Costs			$ 65,160	$ 38,532
Distribution Agreement [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock	$ 10,000,000
Compensation Percentage			2.00%
Intercompany Agreements, Description			Also, the Company will reimburse Barrington for certain expenses incurred in connection with the matters contemplated by the 2014 Distribution Agreement, up to an aggregate of $50,000, plus up to an additional $7,500 per calendar quarter related to ongoing maintenance; provided, however, that such reimbursement amount shall not exceed 8% of the aggregate gross proceeds received by the Company under the 2014 Distribution Agreement.
Stock Issued During Period, Shares, New Issues			2,119,282	1,247,343
Stock Issued During Period, Value, New Issues			$ 3,251,989	$ 1,231,241
Payments of Stock Issuance Costs			$ 65,160	$ 38,532

WARRANTS (Details Textual)

WARRANTS (Details Textual) - USD ($)	Apr. 02, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Warrant or Right [Line Items]
Proceeds from Warrant Exercises		$ 0	$ 598,715
Warrant 2011 [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.38
Number Of Warrants Exercised	1,657,802
Proceeds from Warrant Exercises	$ 629,965
Stock Issued During Period, Shares, New Issues	1,657,802

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	239,940	191,456
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized (in dollars)	$ 4,121,329
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1	3 years 11 days
Employee Service Number Of Share Based Compensation Non vested Awards Total Compensation Cost Not Yet Recognized Stock Options	5,644,750
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	50,000	230,033
Director Stock Option Issued In June 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,502,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.67
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	vest 25% on each of the first four anniversaries of the grant date
Share Based Compensation Arrangement By Share Based Payment Award Option Valued	$ 2,752,750
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes option pricing model

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - 3 months ended Jun. 30, 2015	USD ($)	EUR (€)
New York [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 19,975
Lease Expiration Date	Apr. 30, 2016	Apr. 30, 2016
Dublin [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 1,220	€ 1,100
Lease Expiration Date	Oct. 31, 2016	Oct. 31, 2016
Houston, Tx [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 3,440
Lease Expiration Date	Jun. 26, 2018	Jun. 26, 2018
Four Contract Year [Member]
Supply Commitment [Line Items]
Long Term Purchase Commitment Percentage Agreed To Purchase	90.00%	90.00%
Twelve Contract Year [Member]
Supply Commitment [Line Items]
Long Term Purchase Commitment Percentage Agreed To Purchase	80.00%	80.00%
Irish Whiskey [Member] | Four Contract Year [Member]
Supply Commitment [Line Items]
Contract Year Ending	Jun. 30, 2016	Jun. 30, 2016
Irish Whiskey [Member] | Four Contract Year One [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 924,910	€ 833,673
Irish Whiskey [Member] | Twelve Contract Year [Member]
Supply Commitment [Line Items]
Contract Year Ending	Jun. 30, 2016	Jun. 30, 2016
Irish Whiskey [Member] | Twelve Contract Year One [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 381,411	€ 343,787

CONCENTRATIONS (Details Textual

CONCENTRATIONS (Details Textual)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	30.00%	29.30%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.10%

GEOGRAPHIC INFORMATION (Details

GEOGRAPHIC INFORMATION (Details) - USD ($)		3 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Consolidated Sales, net:
Total Consolidated Sales, net	[1]	$ 16,513,079	$ 11,982,199
Concentration Risk, Percentage		100.00%	100.00%
Consolidated Income (Loss) from Operations:
Total Consolidated Loss from Operations		$ (18,978)	$ (519,386)
Operating Income (Loss), Percentage		100.00%	100.00%
Consolidated Net Loss Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (1,123,662)	$ (1,495,831)
Net Income (Loss) Attributable To Common Shareholders		100.00%	100.00%
Income tax expense, net:
Income tax (expense) benefit, net:		$ (523,962)	$ (162,962)
Consolidated Assets:
Total Consolidated Assets		$ 43,391,421		$ 44,038,940
Assets Percentage		100.00%		100.00%
International [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 2,105,422	$ 1,578,730
Concentration Risk, Percentage		12.80%	13.20%
Consolidated Income (Loss) from Operations:
Total Consolidated Loss from Operations		$ 55,023	$ (27,017)
Operating Income (Loss), Percentage		(289.90%)	5.20%
Consolidated Net Loss Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ 64,876	$ (60,633)
Net Income (Loss) Attributable To Common Shareholders		(5.80%)	4.10%
Consolidated Assets:
Total Consolidated Assets		$ 2,069,395		$ 2,052,583
Assets Percentage		4.80%		4.70%
United States [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 14,407,657	$ 10,403,469
Concentration Risk, Percentage		87.20%	86.80%
Consolidated Income (Loss) from Operations:
Total Consolidated Loss from Operations		$ (74,001)	$ (492,369)
Operating Income (Loss), Percentage		389.90%	94.80%
Consolidated Net Loss Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (1,188,538)	$ (1,435,198)
Net Income (Loss) Attributable To Common Shareholders		105.80%	95.90%
Income tax expense, net:
Income tax (expense) benefit, net:		$ (523,962)	$ (162,962)
Income tax (expense) benefit, net: Percentage		100.00%	100.00%
Consolidated Assets:
Total Consolidated Assets		$ 41,322,026		$ 41,986,357
Assets Percentage		95.20%		95.30%
Rum [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 4,563,506	$ 4,292,195
Concentration Risk, Percentage		27.60%	35.80%
Whiskey [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 6,191,059	$ 3,012,079
Concentration Risk, Percentage		37.60%	25.10%
Liqueurs [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 1,824,515	$ 1,902,443
Concentration Risk, Percentage		11.00%	15.90%
Vodka [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 524,224	$ 520,583
Concentration Risk, Percentage		3.20%	4.30%
Tequila [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 73,906	$ 85,329
Concentration Risk, Percentage		0.40%	0.70%
Related Non-Alcoholic Beverage Products [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 3,335,869	$ 2,169,570
Concentration Risk, Percentage		20.20%	18.20%
[1]	Sales, net and Cost of sales include excise taxes of $1,768,980 and $1,485,515 for the three months ended June 30, 2015 and 2014, respectively.

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Aug. 31, 2015 - Subsequent Event [Member] - USD ($)	Total
Purchased Inventory Sublimit	Purchased Inventory Sublimit shall be limited to seventy percent (70%)
Proceeds from Related Party Debt	$ 4,900,000
Debt Instrument, Fee Amount	45,000
Commitment Fee	18,000
First Amendment [Member]
Long-term Line of Credit	12,000,000
Line of Credit Facility, Maximum Borrowing Capacity	19,000,000
Long-term Debt, Gross	$ 7,000,000
Purchase Inventory Sublimit [Member]
Percentage of Monthly Fee	0.75%
Monthly Facility Fee	$ 2,000