Castle Brands (ROX) 10-Q 9 Nov 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		160,034,464

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Current Assets
Cash and cash equivalents	$ 1,739,240	$ 1,191,603
Accounts receivable — net of allowance for doubtful accounts of $241,873 and $154,434 at September 30 and March 31, 2015, respectively	10,247,809	10,550,990
Due from shareholders and affiliates	1,467	138,750
Inventories— net of allowance for obsolete and slow moving inventory of $327,576 and $266,473 at September 30 and March 31, 2015, respectively	23,590,442	21,068,241
Deferred tax asset	53,000	37,000
Prepaid expenses and other current assets	1,291,021	1,492,806
Total Current Assets	36,922,979	34,479,390
Equipment — net	750,364	665,373
Intangible assets — net of accumulated amortization of $7,041,990 and $6,713,774 at September 30 and March 31, 2015, respectively	7,372,150	7,683,227
Goodwill	496,226	496,226
Investment in non-consolidated affiliate, at equity	504,513	0
Restricted cash	341,568	329,471
Other assets	379,739	385,253
Total Assets	46,767,539	44,038,940
Current Liabilities
Foreign revolving credit facility	0	34,141
Accounts payable	5,949,651	5,753,617
Accrued expenses	2,524,621	1,067,460
Due to shareholders and affiliates	1,471,918	1,963,883
Total Current Liabilities	9,946,190	8,819,101
Long-Term Liabilities
Credit facility (including $315,000 of related-party participation at September 30, 2015)	10,507,618	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 September 30 and March 31, 2015)	1,675,000	1,675,000
Notes payable - GCP Note	216,869	211,580
Deferred tax liability	1,296,076	1,370,152
Total Liabilities	$ 23,641,753	$ 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 September 30 and March 31, 2015	$ 0	$ 0
Common stock, $.01 par value, 300,000,000 shares authorized at September 30 and March 31, 2015, 160,008,164 and 157,187,658 shares issued and outstanding at September 30 and March 31, 2015, respectively	1,600,082	1,571,877
Additional paid-in capital	166,087,811	162,626,893
Accumulated deficit	(145,496,644)	(143,361,711)
Accumulated other comprehensive loss	(2,211,724)	(2,285,925)
Total controlling shareholders’ equity	19,979,525	18,551,134
Noncontrolling interests	3,146,261	2,543,529
Total Equity	23,125,786	21,094,663
Total Liabilities and Equity	$ 46,767,539	$ 44,038,940

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Allowance for doubtful accounts receivable (in dollars)	$ 241,873	$ 154,434
Allowance for obsolete and slow moving inventory (in dollars)	327,576	266,473
Accumulated amortization of Intangible assets (in dollars)	7,041,990	6,713,774
Due to Other Related Parties, Classified, Current	315,000
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	160,008,164	157,187,658
Common stock, shares outstanding	160,008,164	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		6 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales, net	[1]	$ 18,536,509	$ 13,381,704	$ 35,049,588	$ 25,363,903
Cost of sales	[1]	11,480,107	8,498,031	21,365,872	15,933,576
Gross profit		7,056,402	4,883,673	13,683,716	9,430,327
Selling expense		4,941,213	3,591,823	9,293,158	6,831,149
General and administrative expense		1,691,332	1,368,317	3,757,423	2,978,933
Depreciation and amortization		233,069	215,873	461,325	431,971
Income (loss) from operations		190,788	(292,340)	171,810	(811,726)
Other income (expense), net		600	64	(221)	17,006
Foreign exchange loss		(40,360)	(29,011)	(89,579)	(265,458)
Interest expense, net		(257,636)	(288,215)	(514,800)	(576,857)
Income from equity investment in non-consolidated affiliate		4,513	0	4,513	0
Loss before provision for income taxes		(102,095)	(609,502)	(428,277)	(1,637,035)
Income tax expense, net		(579,962)	(259,962)	(1,103,924)	(422,924)
Net loss		(682,057)	(869,464)	(1,532,201)	(2,059,959)
Net income attributable to noncontrolling interests		(329,214)	(211,049)	(602,732)	(516,385)
Net loss attributable to common shareholders		$ (1,011,271)	$ (1,080,513)	$ (2,134,933)	$ (2,576,344)
Net loss per common share, basic and diluted, attributable to common shareholders (in dollars per share)		$ (0.01)	$ (0.01)	$ (0.01)	$ (0.02)
Weighted average shares used in computation, basic and diluted, attributable to common shareholders (in shares)		159,774,811	155,189,679	158,661,309	154,562,875
[1]	Sales, net and Cost of sales include excise taxes of $1,919,019 and $1,574,437 for the three months ended September 30, 2015 and 2014, respectively, and $3,687,999 and $3,058,951 for the six months ended September 30, 2015 and 2014, respectively.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations [Parenthetical] - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Excise taxes	$ 1,919,019	$ 1,574,437	$ 3,687,999	$ 3,058,951

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net loss	$ (682,057)	$ (869,464)	$ (1,532,201)	$ (2,059,959)
Other comprehensive income (loss):
Foreign currency translation adjustment	27,199	(188,105)	74,201	(208,782)
Total other comprehensive income (loss):	27,199	(188,105)	74,201	(208,782)
Comprehensive loss	$ (654,858)	$ (1,057,569)	$ (1,458,000)	$ (2,268,741)

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Equity - 6 months ended Sep. 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	(1,532,201)			(2,134,933)		602,732
Foreign currency translation adjustment	74,201				74,201
Issuance of common stock, net of issuance costs of $95,344	3,156,645	$ 21,193	3,135,452
Issuance of common stock, net of issuance costs of $95,344 (in shares)		2,119,282
Exercise of common stock options	234,088	$ 6,130	227,958
Exercise of common stock options (in shares)		612,989
Common stock issued under 2013 incentive compensation plan	120,000	$ 882	119,118
Common stock issued under 2013 incentive compensation plan (in shares)		88,235
Subsidiary dividend paid to non-controlling interests	(600,000)		(600,000)
Stock-based compensation	578,390		578,390
BALANCE at Sep. 30, 2015	$ 23,125,786	$ 1,600,082	$ 166,087,811	$ (145,496,644)	$ (2,211,724)	$ 3,146,261
BALANCE (in shares) at Sep. 30, 2015		160,008,164

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Changes in Equity (Parenthetical) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Payments of Stock Issuance Costs	$ 95,344	$ 64,198

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,532,201)	$ (2,059,959)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	461,325	431,971
Provision for doubtful accounts	43,000	68,000
Amortization of deferred financing costs	92,181	87,718
Income tax expense, net	(90,076)	422,924
Net income from equity investment in non-consolidated affiliate	(4,513)	0
Effect of changes in foreign exchange	89,579	265,458
Stock-based compensation expense	698,390	400,264
Changes in operations, assets and liabilities:
Accounts receivable	264,416	2,318,343
Due from affiliates	137,283	(26,369)
Inventory	(2,562,691)	(7,262,393)
Prepaid expenses and supplies	202,982	(88,582)
Other assets	(86,667)	(204,372)
Accounts payable and accrued expenses	1,648,871	21,625
Accrued interest	5,289	5,289
Due to related parties	(491,966)	1,040,608
Total adjustments	407,403	(2,519,516)
NET CASH USED IN OPERATING ACTIVITIES	(1,124,798)	(4,579,475)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(202,260)	(214,960)
Acquisition of intangible assets	(17,138)	(27,500)
Investment in non-consolidated affiliate, at equity	(500,000)	0
Change in restricted cash	(159)	(556)
NET CASH USED IN INVESTING ACTIVITIES	(719,557)	(243,016)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from credit facility	384,074	4,954,027
Payments on Bourbon term loan	(744,900)	(429,650)
Payments on Junior loan	0	(1,250,000)
Net (payments on) proceeds from foreign revolving credit facility	(34,896)	115,079
Proceeds from issuance of common stock	3,251,989	1,231,241
Payments for costs of stock issuance	(95,344)	(64,198)
Subsidiary dividend paid to non-controlling interests	(600,000)	0
Proceeds from exercise of common stock warrants	0	598,715
Proceeds from exercise of common stock options	234,088	140,838
NET CASH PROVIDED BY FINANCING ACTIVITIES	2,395,011	5,296,052
EFFECTS OF FOREIGN CURRENCY TRANSLATION	(3,019)	(1,215)
NET INCREASE IN CASH AND CASH EQUIVALENTS	547,637	472,346
CASH AND CASH EQUIVALENTS — BEGINNING	1,191,603	908,501
CASH AND CASH EQUIVALENTS — ENDING	1,739,240	1,380,847
Schedule of non-cash investing and financing activities:
Surrender of common stock in connection with exercise of common stock warrant	0	31,250
Conversion of 5% convertible note to common stock	0	250,000
Interest paid	425,056	485,685
Income taxes paid	$ 1,079,270	$ 35,000

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 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 — The Company is principally engaged in the importation, marketing and sale of premium and super premium rums, whiskey, liqueurs, vodka, tequila and related non-alcoholic beverage products in the United States, Canada, Europe and Asia. Equity investments 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 — 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. There have been no impairments recorded during the six-month periods ended September 30, 2015 and 2014. Excise taxes and duty — Excise taxes and duty are computed at standard rates based on alcohol proof per gallon/liter and are paid after finished goods are imported into the United States or other relevant jurisdiction and then transferred out of “bond.” Excise taxes and duty are recorded to inventory as a component of the cost of the underlying finished goods. When the underlying products are sold “ex warehouse”, the sales price reflects the taxes paid and the inventoried excise taxes and duties are charged to cost of sales. Foreign currency 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-month and six-month periods ended September 30, 2015 and 2014 principally 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 40 I. Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined 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. Early adoption is not permitted. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the delay, the new standard is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of the standard. 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	6 Months Ended
	Sep. 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 and six months ended September 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 notes is anti-dilutive. Six months ended September 2015 2014 Stock options 13,877,699 13,044,024 Warrants to purchase common stock 120,000 120,000 5% Convertible notes 1,861,111 2,083,333 Total 15,858,810 15,247,357

INVENTORIES

INVENTORIES	6 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 3 — INVENTORIES September 30, March 31, 2015 2015 Raw materials $ 11,426,697 $ 9,250,893 Finished goods – net 12,163,745 11,817,348 Total $ 23,590,442 $ 21,068,241 As of September 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	6 Months Ended
	Sep. 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. For the three months ended September 30, 2015 and 2014, GCP had pretax net income on a stand-alone basis of $ 1,440,035 974,623 2,684,831 1,737,964 40 576,014 305,336 1,073,932 695,186 3,146,259 2,543,529 In September 2015, GCP declared and paid a $ 1,500,000 60 900,000 40 600,000 Investment in Copperhead Distillery Company In June 2015, CB-USA purchased 20 500,000 4,513 504,513

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Sep. 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 September 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 7,041,990 6,713,774 Net 3,259,178 3,570,255 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 7,372,150 $ 7,683,227 * Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers. September 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 313,677 295,956 Rights 5,789,137 5,513,162 Product development 25,389 24,002 Patents 743,787 710,654 Other - - Accumulated amortization $ 7,041,990 $ 6,713,774

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Sep. 30, 2015
Restricted Cash Disclosure [Abstract]
Restricted Cash Disclosure [Text Block]	NOTE 6 — RESTRICTED CASH At September 30 and March 31, 2015, the Company had € 303,800 341,568 303,657 329,471

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Sep. 30, 2015
Long-Term Debt, Unclassified [Abstract]
Long-term Debt [Text Block]	NOTE 7 — NOTES PAYABLE September 30, March 31, 2015 2015 Notes payable consist of the following: Foreign revolving credit facilities (A) $ — $ 34,141 Note payable – GCP note (B) 216,869 211,580 Credit facility (C) 10,507,618 10,123,544 Bourbon term loan (D) — 744,900 5% Convertible notes (E) 1,675,000 1,675,000 Total $ 12,399,487 $ 12,789,165 A. The Company has arranged various facilities aggregating € 303,800 341,568 1.70 0 31,466 34,141 B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $ 211,580 5 10,579 216,869 211,580 5,289 211,580 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 $ 19.0 In September 2014, the Company and CB-USA entered into an Amended and Restated Loan and Security Agreement (as amended, 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 12,000,000 4,000,000 6,000,000 120,000 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; and (iii) an Amended and Restated Revolving Credit 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. 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 increased the amount of the Credit Facility from $ 12,000,000 19,000,000 7,000,000 (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of September 30, 2015, the interest rate applicable to the Purchased Inventory Sublimit was 7.50%. 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 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) an 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%), up to an aggregate maximum principal amount for all advances equal to $ 4,900,000 18,000 The Company and CB-USA are referred to individually and collectively as the Borrower. Pursuant to the Loan Agreement Amendment, the Company and CB-USA may borrow up to the lesser of (x) $19,000,000 and (y) the sum of the borrowing base calculated in accordance with the Amended Agreement and the Purchased Inventory Sublimit. For the six months ended September 30, 2015 and 2014, the Company paid interest at 6.0 6.5 In August 2015, the Company used $ 3,000,000 150,000 50,000 100,000 15,000 10,507,618 10,123,544 D. In March 2013, the Company and CB-USA entered into an inventory term loan of $ 2,496,000 2,500,000 4,000,000 7.50 744,900 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 $ 750,000 500,000 50,000 50,000 11 45,000 15,000 E. In October 2013, the Company entered into a 5 2,125,000 5 0.90 The purchasers of the Convertible Notes included related parties of the Company, including an affiliate of Dr. Phillip Frost ($ 500,000 50,000 50,000 200,000 100,000 200,000 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 20 250 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 September 30 and March 31, 2015, $ 1,675,000

EQUITY

EQUITY	6 Months Ended
	Sep. 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 is entitled to compensation of 2.0 In the six months ended September 30, 2015, the Company sold 2,119,282 3,251,989 95,344 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 six months ended September 30, 2014, the Company sold 1,247,343 1,231,241 64,198 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. Subsidiary dividend - In September 2015, GCP declared and paid a $ 1,500,000 40 600,000

WARRANTS

WARRANTS	6 Months Ended
	Sep. 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	6 Months Ended
	Sep. 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 September 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	6 Months Ended
	Sep. 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 In September 2015, the Company issued 88,235 120,000 Stock-based compensation expense for the three months ended September 30, 2015 and 2014 and for the six months ended September 30, 2015 and 2014 amounted to $ 458,450 208,808 698,390 400,264 3,773,776 5,638,467 2.78 612,989 428,983

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 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 833,673 924,910 225,865 253,945 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 343,787 381,411 130,554 146,785 C. The Company has entered into a supply agreement with a bourbon distiller, which provides for the production of newly distilled bourbon whiskey through December 31, 2019. Under this agreement, the distiller provides the Company with an agreed upon amount of original proof gallons of newly distilled bourbon whiskey, subject to certain annual adjustments. For the contract year ending December 31, 2015, the Company has contracted to purchase approximately $ 1,643,000 D. 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 20,375 October 31, 2016 1,100 1,237 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, September 2014 and August 2015. 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	6 Months Ended
	Sep. 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 (“SWS”), accounted for approximately 31.7 26.2 30.9 27.7 35.5

GEOGRAPHIC INFORMATION

GEOGRAPHIC INFORMATION	6 Months Ended
	Sep. 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. The consolidated financial statements include revenues and assets generated in or held in the U.S. and foreign countries. Three Months ended September 30, 2015 2014 Consolidated Sales, net: International $ 1,692,542 9.1 % $ 2,124,759 15.9 % United States 16,843,967 90.9 % 11,256,945 84.1 % Total Consolidated Sales, net $ 18,536,509 100.0 % $ 13,381,704 100.0 % Consolidated Income (Loss) from Operations: International $ (17,990) (9.4) % $ (28,466) 9.7 % United States 208,778 109.4 % (263,874) 90.3 % Total Consolidated Income (Loss) from Operations $ 190,788 100.0 % $ (292,340) 100.0 % Consolidated Net Loss Attributable to Controlling Interests: International $ (10,420) 1.0 % $ (80,566) 7.5 % United States (1,000,851) 99.0 % (999,947) 92.5 % Total Consolidated Net Loss Attributable to Controlling Interests $ (1,011,271) 100.0 % $ (1,080,513) 100.0 % Income tax expense, net: United States 579,962 100.0 % 259,962 100.0 % Consolidated Sales, net by category: Whiskey $ 5,442,195 29.4 % $ 3,139,233 23.5 % Rum 4,827,273 26.0 % 4,286,319 32.0 % Liqueur 2,916,310 15.7 % 2,476,026 18.5 % Vodka 606,317 3.3 % 639,819 4.8 % Tequila 50,130 0.3 % 41,885 0.3 % Related Non-Alcoholic Beverage Products 4,694,285 25.3 % 2,798,422 20.9 % Total Consolidated Sales, net $ 18,536,509 100.0 % $ 13,381,704 100.0 % Six Months ended September 30, 2015 2014 Consolidated Sales, net: International $ 3,797,964 10.8 % $ 3,479,777 13.7 % United States 31,251,624 89.2 % 21,884,126 86.3 % Total Consolidated Sales, net $ 35,049,588 100.0 % $ 25,363,903 100.0 % Consolidated Income (Loss) from Operations: International $ 37,033 21.6 % $ (55,483) 6.8 % United States 134,767 78.4 % (756,243) 93.2 % Total Consolidated Income (Loss) from Operations $ 171,810 100.0 % $ (811,726) 100.0 % Consolidated Net Income (Loss) Attributable to Controlling Interests: International $ 54,456 (2.6) % $ (141,199) 5.5 % United States (2,189,389) 102.6 % (2,435,145) 94.5 % Total Consolidated Net Loss Attributable to Controlling Interests $ (2,134,933) 100.0 % $ (2,576,344) 100.0 % Income tax expense, net: United States (1,103,924) 100.0 % (422,924) 100.0 % Consolidated Sales, net by category: Whiskey $ 11,633,254 33.2 % $ 6,151,312 24.2 % Rum 9,390,780 26.8 % 8,578,512 33.8 % Liqueur 4,740,824 13.5 % 4,378,469 17.3 % Vodka 1,130,541 3.2 % 1,160,402 4.6 % Tequila 124,036 0.4 % 127,214 0.5 % Related Non-Alcoholic Beverage Products 8,030,153 22.9 % 4,967,994 19.6 % Total Consolidated Sales, net $ 35,049,588 100.0 % $ 25,363,903 100.0 % As of September 30, 2015 As of March 31, 2015 Consolidated Assets: International $ 2,437,108 5.2 % 2,052,583 4.7 % United States 44,330,431 94.8 % 41,986,357 95.3 % Total Consolidated Assets $ 46,767,539 100.0 % 44,038,940 100.0 %

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 15 — SUBSEQUENT EVENTS Pallini agreement extension and amendment The New Agreement expires on March 31, 2021, subject to successive five-year renewal periods unless either party delivers a notice of non-renewal six months prior to the end of the term. The Original Agreement had an expiration date of March 31, 2016. Under the New Agreement, if minimum shipment targets are not achieved and not cured, Pallini has the right to terminate the agreement without payment of termination fees to CB-USA. The New Agreement also granted CB-USA the right to distribute the following additional products: Maraschino Pallini and Ferro China Baliva.

ORGANIZATION AND SUMMARY OF S25

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Description of business 60
Organization and Operation [Policy Text Block]	Organization and operations — The Company is principally engaged in the importation, marketing and sale of premium and super premium rums, whiskey, liqueurs, vodka, tequila and related non-alcoholic beverage products in the United States, Canada, Europe and Asia.
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 — 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. There have been no impairments recorded during the six-month periods ended September 30, 2015 and 2014.
Excise Taxes and Duty [Policy Text Block]	Excise taxes and duty — Excise taxes and duty are computed at standard rates based on alcohol proof per gallon/liter and are paid after finished goods are imported into the United States or other relevant jurisdiction and then transferred out of “bond.” Excise taxes and duty are recorded to inventory as a component of the cost of the underlying finished goods. When the underlying products are sold “ex warehouse”, the sales price reflects the taxes paid and the inventoried excise taxes and duties are charged to cost of sales.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency
Income Tax, Policy [Policy Text Block]	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-month and six-month periods ended September 30, 2015 and 2014 principally 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 40
New Accounting Pronouncements, Policy [Policy Text Block]	I. Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined 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. Early adoption is not permitted. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the delay, the new standard is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date of the standard. 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 PE26

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Sep. 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: Six months ended September 2015 2014 Stock options 13,877,699 13,044,024 Warrants to purchase common stock 120,000 120,000 5% Convertible notes 1,861,111 2,083,333 Total 15,858,810 15,247,357

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	September 30, March 31, 2015 2015 Raw materials $ 11,426,697 $ 9,250,893 Finished goods – net 12,163,745 11,817,348 Total $ 23,590,442 $ 21,068,241

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	Intangible assets consist of the following: September 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 7,041,990 6,713,774 Net 3,259,178 3,570,255 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 7,372,150 $ 7,683,227 * Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers.
Accumulated Amortization [Table Text Block]	Accumulated amortization consists of the following: September 30, March 31, 2015 2015 Definite life brands $ 170,000 $ 170,000 Trademarks 313,677 295,956 Rights 5,789,137 5,513,162 Product development 25,389 24,002 Patents 743,787 710,654 Other - - Accumulated amortization $ 7,041,990 $ 6,713,774

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Sep. 30, 2015
Long-Term Debt, Unclassified [Abstract]
Schedule Of Notes Payable and Credit Facility [Table Text Block]	September 30, March 31, 2015 2015 Notes payable consist of the following: Foreign revolving credit facilities (A) $ — $ 34,141 Note payable – GCP note (B) 216,869 211,580 Credit facility (C) 10,507,618 10,123,544 Bourbon term loan (D) — 744,900 5% Convertible notes (E) 1,675,000 1,675,000 Total $ 12,399,487 $ 12,789,165 A. The Company has arranged various facilities aggregating € 303,800 341,568 1.70 0 31,466 34,141 B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $ 211,580 5 10,579 216,869 211,580 5,289 211,580 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 $ 19.0 In September 2014, the Company and CB-USA entered into an Amended and Restated Loan and Security Agreement (as amended, 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 12,000,000 4,000,000 6,000,000 120,000 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; and (iii) an Amended and Restated Revolving Credit 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. 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 increased the amount of the Credit Facility from $ 12,000,000 19,000,000 7,000,000 (a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of September 30, 2015, the interest rate applicable to the Purchased Inventory Sublimit was 7.50%. 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 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) an 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%), up to an aggregate maximum principal amount for all advances equal to $ 4,900,000 18,000 The Company and CB-USA are referred to individually and collectively as the Borrower. Pursuant to the Loan Agreement Amendment, the Company and CB-USA may borrow up to the lesser of (x) $19,000,000 and (y) the sum of the borrowing base calculated in accordance with the Amended Agreement and the Purchased Inventory Sublimit. For the six months ended September 30, 2015 and 2014, the Company paid interest at 6.0 6.5 In August 2015, the Company used $ 3,000,000 150,000 50,000 100,000 15,000 10,507,618 10,123,544 D. In March 2013, the Company and CB-USA entered into an inventory term loan of $ 2,496,000 2,500,000 4,000,000 7.50 744,900 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 $ 750,000 500,000 50,000 50,000 11 45,000 15,000 E. In October 2013, the Company entered into a 5 2,125,000 5 0.90 The purchasers of the Convertible Notes included related parties of the Company, including an affiliate of Dr. Phillip Frost ($ 500,000 50,000 50,000 200,000 100,000 200,000 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 20 250 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 September 30 and March 31, 2015, $ 1,675,000

GEOGRAPHIC INFORMATION (Tables)

GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	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 September 30, 2015 2014 Consolidated Sales, net: International $ 1,692,542 9.1 % $ 2,124,759 15.9 % United States 16,843,967 90.9 % 11,256,945 84.1 % Total Consolidated Sales, net $ 18,536,509 100.0 % $ 13,381,704 100.0 % Consolidated Income (Loss) from Operations: International $ (17,990) (9.4) % $ (28,466) 9.7 % United States 208,778 109.4 % (263,874) 90.3 % Total Consolidated Income (Loss) from Operations $ 190,788 100.0 % $ (292,340) 100.0 % Consolidated Net Loss Attributable to Controlling Interests: International $ (10,420) 1.0 % $ (80,566) 7.5 % United States (1,000,851) 99.0 % (999,947) 92.5 % Total Consolidated Net Loss Attributable to Controlling Interests $ (1,011,271) 100.0 % $ (1,080,513) 100.0 % Income tax expense, net: United States 579,962 100.0 % 259,962 100.0 % Consolidated Sales, net by category: Whiskey $ 5,442,195 29.4 % $ 3,139,233 23.5 % Rum 4,827,273 26.0 % 4,286,319 32.0 % Liqueur 2,916,310 15.7 % 2,476,026 18.5 % Vodka 606,317 3.3 % 639,819 4.8 % Tequila 50,130 0.3 % 41,885 0.3 % Related Non-Alcoholic Beverage Products 4,694,285 25.3 % 2,798,422 20.9 % Total Consolidated Sales, net $ 18,536,509 100.0 % $ 13,381,704 100.0 % Six Months ended September 30, 2015 2014 Consolidated Sales, net: International $ 3,797,964 10.8 % $ 3,479,777 13.7 % United States 31,251,624 89.2 % 21,884,126 86.3 % Total Consolidated Sales, net $ 35,049,588 100.0 % $ 25,363,903 100.0 % Consolidated Income (Loss) from Operations: International $ 37,033 21.6 % $ (55,483) 6.8 % United States 134,767 78.4 % (756,243) 93.2 % Total Consolidated Income (Loss) from Operations $ 171,810 100.0 % $ (811,726) 100.0 % Consolidated Net Income (Loss) Attributable to Controlling Interests: International $ 54,456 (2.6) % $ (141,199) 5.5 % United States (2,189,389) 102.6 % (2,435,145) 94.5 % Total Consolidated Net Loss Attributable to Controlling Interests $ (2,134,933) 100.0 % $ (2,576,344) 100.0 % Income tax expense, net: United States (1,103,924) 100.0 % (422,924) 100.0 % Consolidated Sales, net by category: Whiskey $ 11,633,254 33.2 % $ 6,151,312 24.2 % Rum 9,390,780 26.8 % 8,578,512 33.8 % Liqueur 4,740,824 13.5 % 4,378,469 17.3 % Vodka 1,130,541 3.2 % 1,160,402 4.6 % Tequila 124,036 0.4 % 127,214 0.5 % Related Non-Alcoholic Beverage Products 8,030,153 22.9 % 4,967,994 19.6 % Total Consolidated Sales, net $ 35,049,588 100.0 % $ 25,363,903 100.0 % As of September 30, 2015 As of March 31, 2015 Consolidated Assets: International $ 2,437,108 5.2 % 2,052,583 4.7 % United States 44,330,431 94.8 % 41,986,357 95.3 % Total Consolidated Assets $ 46,767,539 100.0 % 44,038,940 100.0 %

ORGANIZATION AND SUMMARY OF S31

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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		$ 2,222,222
Deferred Income Tax Expense Benefit Period Of Recognition			15 years
Income tax expense, net	(579,962)	$ (259,962)	$ (1,103,924)	$ (422,924)
Current Income Tax Expense (Benefit), Total	(633,000)	(30,000)	(1,194,000)	(50,000)
Deferred Income Tax Expense (Benefit), Total	53,038	(229,962)	$ 90,076	(422,924)
Percentage of Subsidiary Dividend Allocated To Noncontrolling Interests			40.00%
Noncontrolling Interest [Member]
Summary Of Significant Accounting Policies [Line Items]
Income tax expense, net	$ (2,231,985)	$ (103,985)	$ (441,570)	$ (69,170)

BASIC AND DILUTED NET LOSS PE32

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details) - shares	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	15,858,810	15,247,357
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	13,877,699	13,044,024
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	2,083,333

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Inventory [Line Items]
Raw materials	$ 11,426,697	$ 9,250,893
Finished goods - net	12,163,745	11,817,348
Total	$ 23,590,442	$ 21,068,241

INVENTORIES (Details Textual)

INVENTORIES (Details Textual)	Sep. 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 ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		20.00%		20.00%
Income (Loss) From Equity Method Investments		$ 4,513	$ 0	$ 4,513	$ 0
Investment in non-consolidated affiliate, at equity		504,513		504,513		$ 0
Income Tax Expense (Benefit)		579,962	259,962	1,103,924	422,924
Subsidiary Dividend				$ 1,500,000
Percentage of Subsidiary Dividend Allocated To Noncontrolling Interests				40.00%
Payments of Ordinary Dividends, Noncontrolling Interest				$ 600,000	0
Stockholders Equity Attributable To Noncontrolling Interest		3,146,261		3,146,261		2,543,529
Noncontrolling Interest [Member]
Schedule of Equity Method Investments [Line Items]
Income Tax Expense (Benefit)		2,231,985	103,985	441,570	69,170
Gosling-Castle Partners, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Subsidiaries, before Tax		1,440,035	974,623	2,684,831	1,737,964
Stockholders Equity Attributable To Noncontrolling Interest		$ 3,146,259		$ 3,146,259		$ 2,543,529
Percentage Of Subsidiary Dividend Allocated				60.00%
Investment Income, Dividend				$ 900,000
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)		$ 576,014	$ 305,336	$ 1,073,932	$ 695,186
Copperhead Distillery Company [Member]
Schedule of Equity Method Investments [Line Items]
Payment To Acquire Finished Goods	$ 500,000
Equity Method Investment, Ownership Percentage	20.00%

GOODWILL AND INTANGIBLE ASSET36

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)		Sep. 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		7,041,990	6,713,774
Net		3,259,178	3,570,255
Other identifiable intangible assets - indefinite lived	[1]	4,112,972	4,112,972
Total intangible assets, net		$ 7,372,150	$ 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 1) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 7,041,990	$ 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	313,677	295,956
Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	5,789,137	5,513,162
Product Development [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	25,389	24,002
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	743,787	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 ($)	Sep. 30, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 496,226	$ 496,226

RESTRICTED CASH (Details Textua

RESTRICTED CASH (Details Textual)	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)	Mar. 31, 2015USD ($)	Mar. 31, 2015EUR (€)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents, Noncurrent	$ 341,568	€ 303,800	$ 329,471	€ 303,657

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)		Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Notes payable and credit facility		$ 12,399,487	$ 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]	216,869	211,580
Credit facility [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[3]	10,507,618	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 €303,800 or $341,568 (translated at the September 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 September 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 September 30, 2015, $216,869, consisting of $211,580 of principal and $5,289 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 $19.0 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 (as amended, 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 September 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; and (iii) an Amended and Restated Revolving Credit 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. 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 increased the amount of the Credit Facility from $12,000,000 to $19,000,000, including a sublimit in the maximum principal amount of $7,000,000 to permit the Company to acquire aged whiskey inventory (the “Purchased Inventory Sublimit”) subject to certain conditions set forth in the Amended Agreement. The Company and CB-USA are permitted to prepay the Credit Facility in whole or the Purchased Inventory Sublimit, in whole or in part, subject to certain prepayment penalties as set forth in the Loan Agreement Amendment. The Purchased Inventory Sublimit replaces the Bourbon Term Loan, which was paid in full in the normal course of business. The Purchased Inventory Sublimit 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 September 30, 2015, the interest rate applicable to the Purchased Inventory Sublimit was 7.50%. The monthly facility fee remains 0.75% per annum of the maximum principal amount of the Credit Facility (excluding the Purchased Inventory Sublimit). Also, the Company must pay a monthly facility fee of $2,000 with respect to the Purchased Inventory Sublimit until all obligations with respect thereof are fully paid and performed. The Company paid ACF an aggregate $45,000 commitment fee in connection with the Loan Agreement Amendment. In connection with the Loan Agreement 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, 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) an 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%), up to an aggregate maximum principal amount for all advances equal to $4,900,000. Neither the Company nor CB-USA is a party to the participation agreement. However, the Company and CB-USA are party to a fee letter with the junior participants (including the related party junior participants) pursuant to which the Company and CB-USA were obligated to pay the junior participants a closing fee of $18,000 on the effective date of the Loan Agreement Amendment and are obligated to pay a commitment fee of $18,000 on each anniversary of the effective date until the junior participants’ obligations are terminated pursuant to the participation agreement. The Company and CB-USA are referred to individually and collectively as the Borrower. Pursuant to the Loan Agreement Amendment, the Company and CB-USA may borrow up to the lesser of (x) $19,000,000 and (y) the sum of the borrowing base calculated in accordance with the Amended Agreement and the Purchased Inventory Sublimit. For the six months ended September 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) in addition to the facility fee with respect to the Purchased Inventory Sublimit. 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. The obligations of the Borrower under the Loan Agreement Amendment are secured by the grant of a pledge and security interest in all of the assets of the Borrower. At September 30, 2015, the Company was in compliance, in all respects, with the covenants under the Amended Agreement. In August 2015, the Company used $3,000,000 of the Purchased Inventory Sublimit to acquire aged bourbon inventory. Frost Gamma Investments Trust ($150,000), Mark E. Andrews, III ($50,000), Richard J. Lampen ($100,000) and Alfred J. Small ($15,000) each acquired participation interests in the Purchased Inventory Sublimit and the inventory purchased with the proceeds thereof. At September 30 and March 31, 2015, $10,507,618 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), Dennis Scholl ($100,000), 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 September 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

6 Months Ended

Aug. 31, 2015USD ($)

Mar. 31, 2015USD ($)

Sep. 30, 2014USD ($)

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

Sep. 30, 2014USD ($)

Sep. 30, 2015EUR (€)

Jul. 30, 2015USD ($)

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

$ 216,869

Debt Instrument, Interest Rate During Period

6.00%

6.50%

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

Debt Instrument, Fee Amount

$ 45,000

Purchased Inventory Sublimit

Purchased Inventory Sublimit shall be limited to seventy percent (70%)

Proceeds from Related Party Debt

$ 4,900,000

Commitment Fee

18,000

Due to Other Related Parties, Classified, Current

$ 315,000

Used Purchased Inventory Sublimit Amount To Acquire Inventory

$ 3,000,000

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%

Purchase Inventory Sublimit [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.50%

7.50%

Percentage of Monthly Fee

0.75%

Monthly Facility Fee

$ 2,000

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

$ 5,289

Credit Facility [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 19,000,000

Line Of Credit Facility, Interest Rate Description

(a) the Prime Rate plus 4.25%, (b) the LIBOR Rate plus 6.75% and (c) 7.50%. As of September 30, 2015, the interest rate applicable to the Purchased Inventory Sublimit was 7.50%.

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%.

Long-term Debt, Gross

$ 10,123,544

$ 10,507,618

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

$ 341,568

€ 303,800

Line Of Credit Facility, Interest Rate During Period

1.70%

Bourbon Term Loan [Member]

Debt Instrument [Line Items]

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

Due to Other Related Parties, Classified, Current

$ 150,000

Mark E Andrews Iii [Member]

Debt Instrument [Line Items]

Term Loan

50,000

Due to Other Related Parties, Classified, Current

50,000

Affiliate Of Richard J Lampen [Member]

Debt Instrument [Line Items]

Term Loan

50,000

Due to Other Related Parties, Classified, Current

100,000

Alfred J. Small [Member]

Debt Instrument [Line Items]

Due to Other Related Parties, Classified, Current

$ 15,000

Participation Agreement [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

11.00%

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

First Amendment [Member]

Debt Instrument [Line Items]

Line Of Credit Facility, Maximum Borrowing Capacity

$ 19,000,000

Long-term Debt, Gross

7,000,000

Long-term Line of Credit

$ 12,000,000

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

EQUITY (Details Textual)

EQUITY (Details Textual) - USD ($)	1 Months Ended		6 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Sep. 30, 2015	Sep. 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			3,156,645
Payments of Stock Issuance Costs			$ 95,344	64,198
Percentage of Subsidiary Dividend Allocated To Noncontrolling Interests			40.00%
Subsidiary Dividend			$ 1,500,000
Payments of Ordinary Dividends, Noncontrolling Interest			$ 600,000	$ 0
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			$ 95,344	$ 64,198

WARRANTS (Details Textual)

WARRANTS (Details Textual) - USD ($)	Apr. 02, 2014	Sep. 30, 2015	Sep. 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		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	458,450	208,808	698,390	400,264
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized (in dollars)	$ 3,773,776		$ 3,773,776
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1			2 years 9 months 11 days
Employee Service Number Of Share Based Compensation Non vested Awards Total Compensation Cost Not Yet Recognized Stock Options	5,638,467		5,638,467
Stock Issued During Period, Shares, Share-based Compensation, Gross			88,235
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 120,000
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			612,989	428,983
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 Option Valued	$ 2,752,750
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used			vest 25% on each of the first four anniversaries of the grant date

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual)	3 Months Ended		6 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)
New York [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue			$ 20,375
Lease Expiration Date			Apr. 30, 2016	Apr. 30, 2016
Dublin [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 1,237			€ 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
Purchased Product Under Supply Agreement			$ 253,945	€ 225,865
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
Purchased Product Under Supply Agreement			$ 146,785	€ 130,554
Newly Distilled Bourbon [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount			$ 1,643,000

CONCENTRATIONS (Details Textual

CONCENTRATIONS (Details Textual)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	31.70%	26.20%	30.90%	27.70%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage			35.50%

GEOGRAPHIC INFORMATION (Details

GEOGRAPHIC INFORMATION (Details) - USD ($)		3 Months Ended		6 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Consolidated Sales, net:
Total Consolidated Sales, net	[1]	$ 18,536,509	$ 13,381,704	$ 35,049,588	$ 25,363,903
Concentration Risk, Percentage		100.00%	100.00%	100.00%	100.00%
Consolidated Income (Loss) from Operations:
Total Consolidated Income (Loss) from Operations		$ 190,788	$ (292,340)	$ 171,810	$ (811,726)
Operating Income (Loss), Percentage		100.00%	100.00%	100.00%	100.00%
Consolidated Net Income (Loss) Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (1,011,271)	$ (1,080,513)	$ (2,134,933)	$ (2,576,344)
Net Income (Loss) Attributable To Common Shareholders		100.00%	100.00%	100.00%	100.00%
Income tax expense, net:
Income tax (expense) benefit, net:		$ (579,962)	$ (259,962)	$ (1,103,924)	$ (422,924)
Consolidated Assets:
Total Consolidated Assets		$ 46,767,539		$ 46,767,539		$ 44,038,940
Assets Percentage		100.00%		100.00%		100.00%
International [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 1,692,542	$ 2,124,759	$ 3,797,964	$ 3,479,777
Concentration Risk, Percentage		9.10%	15.90%	10.80%	13.70%
Consolidated Income (Loss) from Operations:
Total Consolidated Income (Loss) from Operations		$ (17,990)	$ (28,466)	$ 37,033	$ (55,483)
Operating Income (Loss), Percentage		(9.40%)	9.70%	21.60%	6.80%
Consolidated Net Income (Loss) Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (10,420)	$ (80,566)	$ 54,456	$ (141,199)
Net Income (Loss) Attributable To Common Shareholders		1.00%	7.50%	(2.60%)	5.50%
Consolidated Assets:
Total Consolidated Assets		$ 2,437,108		$ 2,437,108		$ 2,052,583
Assets Percentage		5.20%		5.20%		4.70%
United States [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 16,843,967	$ 11,256,945	$ 31,251,624	$ 21,884,126
Concentration Risk, Percentage		90.90%	84.10%	89.20%	86.30%
Consolidated Income (Loss) from Operations:
Total Consolidated Income (Loss) from Operations		$ 208,778	$ (263,874)	$ 134,767	$ (756,243)
Operating Income (Loss), Percentage		109.40%	90.30%	78.40%	93.20%
Consolidated Net Income (Loss) Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (1,000,851)	$ (999,947)	$ (2,189,389)	$ (2,435,145)
Net Income (Loss) Attributable To Common Shareholders		99.00%	92.50%	102.60%	94.50%
Income tax expense, net:
Income tax (expense) benefit, net:		$ 579,962	$ 259,962	$ (1,103,924)	$ (422,924)
Income tax (expense) benefit, net: Percentage		100.00%	100.00%	100.00%	100.00%
Consolidated Assets:
Total Consolidated Assets		$ 44,330,431		$ 44,330,431		$ 41,986,357
Assets Percentage		94.80%		94.80%		95.30%
Rum [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 4,827,273	$ 4,286,319	$ 9,390,780	$ 8,578,512
Concentration Risk, Percentage		26.00%	32.00%	26.80%	33.80%
Whiskey [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 5,442,195	$ 3,139,233	$ 11,633,254	$ 6,151,312
Concentration Risk, Percentage		29.40%	23.50%	33.20%	24.20%
Liqueurs [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 2,916,310	$ 2,476,026	$ 4,740,824	$ 4,378,469
Concentration Risk, Percentage		15.70%	18.50%	13.50%	17.30%
Vodka [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 606,317	$ 639,819	$ 1,130,541	$ 1,160,402
Concentration Risk, Percentage		3.30%	4.80%	3.20%	4.60%
Tequila [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 50,130	$ 41,885	$ 124,036	$ 127,214
Concentration Risk, Percentage		0.30%	0.30%	0.40%	0.50%
Related Non-Alcoholic Beverage Products [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 4,694,285	$ 2,798,422	$ 8,030,153	$ 4,967,994
Concentration Risk, Percentage		25.30%	20.90%	22.90%	19.60%
[1]	Sales, net and Cost of sales include excise taxes of $1,919,019 and $1,574,437 for the three months ended September 30, 2015 and 2014, respectively, and $3,687,999 and $3,058,951 for the six months ended September 30, 2015 and 2014, respectively.