Castle Brands (ROX) 10-Q 9 Aug 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Castle Brands Inc
Entity Central Index Key	1,311,538
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ROX
Entity Common Stock, Shares Outstanding		160,658,777

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)
Current Assets
Cash and cash equivalents	$ 329,873	$ 1,430,532
Accounts receivable — net of allowance for doubtful accounts of $285,001 and $245,238 at June 30 and March 31, 2016, respectively	10,135,057	10,410,571
Due from shareholders and affiliates	2,351	3,279
Inventories— net of allowance for obsolete and slow moving inventory of $348,949 and $331,008 at June 30 and March 31, 2016, respectively	28,840,782	27,233,322
Prepaid expenses and other current assets	2,326,003	1,611,797
Total Current Assets	41,634,066	40,689,501
Equipment - net	917,408	876,255
Intangible assets — net of accumulated amortization of $7,533,429 and $7,372,585 at June 30 and March 31, 2016, respectively	6,887,458	7,048,302
Goodwill	496,226	496,226
Investment in non-consolidated affiliate, at equity	523,150	518,667
Restricted cash	344,541	345,076
Other assets	114,546	129,486
Total Assets	50,917,395	50,103,513
Current Liabilities
Foreign revolving credit facility	59,432	0
Accounts payable	6,377,086	5,652,260
Accrued expenses	4,259,398	4,352,170
Due to shareholders and affiliates	1,866,930	1,338,072
Total Current Liabilities	12,562,846	11,342,502
Long-Term Liabilities
Credit facility, net (including $263,970 and $275,625 of related-party participation at June 30 and March 31, 2016, respectively)	11,800,055	11,917,694
Notes payable - 5% Convertible notes (including $1,100,000 of related party participation at June 30 and March 31, 2016)	1,675,000	1,675,000
Notes payable - GCP Note	214,225	211,580
Deferred tax liability	1,166,962	1,204,000
Total Liabilities	27,419,088	26,350,776
Commitments and Contingencies (Note 11)
Equity
Preferred stock, $.01 par value, 25,000,000 shares authorized, no shares issued and outstanding at June 30 and March 31, 2016	0	0
Common stock, $.01 par value, 300,000,000 shares authorized at June 30 and March 31, 2016, 160,558,777 and 160,474,777 shares issued and outstanding at June 30 and March 31, 2016, respectively	1,605,588	1,604,748
Additional paid-in capital	167,251,076	166,866,671
Accumulated deficit	(146,643,898)	(145,878,079)
Accumulated other comprehensive loss	(2,237,766)	(2,193,794)
Total controlling shareholders’ equity	19,975,000	20,399,546
Noncontrolling interests	3,523,307	3,353,191
Total Equity	23,498,307	23,752,737
Total Liabilities and Equity	$ 50,917,395	$ 50,103,513

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Allowance for doubtful accounts receivable (in dollars)	$ 285,001	$ 245,238
Allowance for obsolete and slow moving inventory (in dollars)	348,949	331,008
Accumulated amortization of Intangible assets (in dollars)	7,533,429	7,372,585
Due to Other Related Parties, Classified, Current	263,970	275,625
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
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
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	160,558,777	160,474,777
Common stock, shares outstanding	160,558,777	160,474,777
Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)		3 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Sales, net	[1]	$ 16,750,925	$ 16,513,079
Cost of sales	[1]	10,034,810	9,885,765
Gross profit		6,716,115	6,627,314
Selling expense		4,630,915	4,351,945
General and administrative expense		1,990,235	2,066,091
Depreciation and amortization		253,634	228,256
Loss from operations		(158,669)	(18,978)
Other expense, net		(306)	(821)
Income from equity investment in non-consolidated affiliate		4,483	0
Foreign exchange gain (loss)		79,863	(49,219)
Interest expense, net		(310,261)	(257,164)
Loss before provision for income taxes		(384,890)	(326,182)
Income tax expense, net		(210,813)	(523,962)
Net loss		(595,703)	(850,144)
Net income attributable to noncontrolling interests		(170,116)	(273,518)
Net loss attributable to common shareholders		$ (765,819)	$ (1,123,662)
Net loss per common share, basic and diluted, attributable to common shareholders (in dollars per share)		$ 0	$ (0.01)
Weighted average shares used in computation, basic and diluted, attributable to common shareholders (in shares)		160,521,947	157,535,571
[1]	Sales, net and Cost of sales include excise taxes of $1,715,961 and $1,768,980 for the three months ended June 30, 2016 and 2015, respectively.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations [Parenthetical] - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Excise taxes	$ 1,715,961	$ 1,768,980

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net loss	$ (595,703)	$ (850,144)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(43,972)	47,002
Total other comprehensive (loss) income:	(43,972)	47,002
Comprehensive loss	$ (639,675)	$ (803,142)

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Equity - 3 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Noncontrolling Interests [Member]
BALANCE at Mar. 31, 2016	$ 23,752,737	$ 1,604,748	$ 166,866,671	$ (145,878,079)	$ (2,193,794)	$ 3,353,191
BALANCE (in shares) at Mar. 31, 2016		160,474,777
Net loss	(595,703)			(765,819)		170,116
Foreign currency translation adjustment	(43,972)				(43,972)
Common stock issuance costs	(12,000)	$ 0	(12,000)
Exercise of common stock options	44,845	$ 840	44,005
Exercise of common stock options (in shares)		84,000
Stock-based compensation	352,400		352,400
BALANCE at Jun. 30, 2016	$ 23,498,307	$ 1,605,588	$ 167,251,076	$ (146,643,898)	$ (2,237,766)	$ 3,523,307
BALANCE (in shares) at Jun. 30, 2016		160,558,777

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (595,703)	$ (850,144)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	253,634	228,256
Provision for doubtful accounts	11,550	36,674
Amortization of deferred financing costs	44,804	43,459
Deferred income tax benefit, net	(37,038)	(54,038)
Net income from equity investment in non-consolidated affiliate	(4,483)	0
Effect of changes in foreign currency translation	(79,863)	49,219
Stock-based compensation expense	352,400	239,940
Addition to provision for obsolete inventories	50,000	100,000
Changes in operations, assets and liabilities:
Accounts receivable	261,134	987,973
Due from affiliates	928	138,750
Inventory	(1,613,666)	982,293
Prepaid expenses and supplies	(715,339)	(107,240)
Other assets	(23,097)	(5,480)
Accounts payable and accrued expenses	635,823	122,497
Accrued interest	2,645	2,645
Due to related parties	528,859	(128,716)
Total adjustments	(331,709)	2,636,232
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(927,412)	1,786,088
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(134,147)	(105,667)
Acquisition of intangible assets	0	(17,138)
Investment in non-consolidated affiliate, at equity	0	(500,000)
Change in restricted cash	(7,228)	(92)
NET CASH USED IN INVESTING ACTIVITIES	(141,375)	(622,897)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net payments on credit facility	(124,406)	(2,479,917)
Payments on Bourbon term loan	0	(744,900)
Net proceeds from (payments on) foreign revolving credit facility	60,440	(34,795)
Proceeds from issuance of common stock	0	3,251,989
Payments for costs of stock issuance	(12,000)	(65,160)
Proceeds from exercise of common stock options	44,845	25,250
NET CASH USED IN FINANCING ACTIVITIES	(31,121)	(47,533)
EFFECTS OF FOREIGN CURRENCY TRANSLATION	(751)	527
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,100,659)	1,116,185
CASH AND CASH EQUIVALENTS - BEGINNING	1,430,532	1,191,603
CASH AND CASH EQUIVALENTS - ENDING	329,873	2,307,788
SUPPLEMENTAL DISCLOSURES:
Interest paid	276,762	224,093
Income taxes paid	$ 1,010,780	$ 1,079,270

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2016
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, 2016 is derived from the March 31, 2016 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, 2016 included in the Company’s annual report on Form 10-K for the year ended March 31, 2016, as amended (“2016 Form 10-K”). Please refer to the notes to the audited consolidated financial statements included in the 2016 Form 10-K for additional disclosures and a description of accounting policies. A. Description of business B. Liquidity C . Organization and operations D . Equity investments E. Goodwill and other intangible assets F . Impairment of long-lived assets G . Excise taxes and duty H . Foreign currency I . Fair value of financial instruments The Company’s investments are reported at fair value in accordance with authoritative guidance, which accomplishes the following key objectives: - Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; - Establishes a three-level hierarchy (“valuation hierarchy”) for fair value measurements; - Requires consideration of the Company’s creditworthiness when valuing liabilities; and - Expands disclosures about instruments measured at fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: - Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are directly or indirectly observable for the asset or liability for substantially the full term of the financial instrument. - Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. J. Income taxes — Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is provided to the extent a deferred tax asset is not considered recoverable. The Company has not recognized any adjustments for uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense; however, no such provisions for accrued interest and penalties related to uncertain tax positions have been recorded by the Company. The Company’s income tax expense for the three months ended June 30, 2016 and 2015 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, increasing the value of the asset. The difference between the book basis and tax basis created a deferred tax liability that is being amortized over a period of 15 years (the life of the licensing agreement) on a straight-line basis. For the three months ended June 30, 2016 and June 30, 2015, the Company recognized ($210,813) and ($523,962) of income tax expense, net, respectively. K. Recent accounting pronouncements — In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases.” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. 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 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 April 1, 2017, 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 beginning after December 15, 2017. 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. L. Accounting standards adopted — In September 2015, the FASB issued ASU 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments”, which requires adjustments to provisional amounts initially recorded in a business combination that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires the disclosure of the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance became effective for the Company beginning April 1, 2016. The Company will apply the guidance prospectively for all future business combinations. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company applied the new guidance on a retrospective basis and adjusted the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance became effective for the Company beginning April 1, 2016. In June, 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement” at June 18, 2015 EITF Meeting. This update addresses presentation and subsequent measurement of debt issuance costs related to line of credit arrangements. Commitment fees paid to the lender represent the benefit of being able to access capital over the contractual term, and therefore, are not in the scope of the new guidance and it is appropriate to present such fees as an asset on the balance sheet, regardless of whether or not there are outstanding borrowings under the revolver. The Company determined that the adoption of this guidance will not have a material effect on the Company’s results of operations, cash flows and financial condition.

BASIC AND DILUTED NET LOSS PER

BASIC AND DILUTED NET LOSS PER COMMON SHARE	3 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 2 — BASIC AND DILUTED NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all potentially dilutive common shares that were outstanding during the period that are not anti-dilutive. Potentially dilutive common shares consist of incremental shares issuable upon exercise of stock options and warrants or conversion of convertible notes outstanding. In computing diluted net loss per share for the three months ended June 30, 2016 and 2015, 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. Three months ended June 30, 2016 2015 Stock options 16,339,086 14,440,688 Warrants to purchase common stock -- 120,000 5% Convertible notes 1,861,111 1,861,111 Total 18,200,197 16,421,799

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 3 — INVENTORIES June 30, March 31, 2016 2016 Raw materials $ 12,401,725 $ 11,976,561 Finished goods – net 16,439,057 15,256,761 Total $ 28,840,782 $ 27,233,322 As of June 30 and March 31, 2016, 13 11 4 5 In the three months ended June 30, 2016, the Company acquired $ 1,485,422 The Company estimates the allowance for obsolete and slow moving inventory based on analyses and assumptions including, but not limited to, historical usage, expected future demand and market requirements. Inventories are stated at the lower of weighted average cost or market.

EQUITY INVESTMENT

EQUITY INVESTMENT	3 Months Ended
	Jun. 30, 2016
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., consolidated For the three months ended June 30, 2016 and 2015, GCP had pretax net income on a stand-alone basis of $ 636,103 1,244,796 40 254,441 497,918 3,523,307 3,353,191 Investment in Copperhead Distillery Company, equity method In June 2015, CB-USA purchased 20 500,000 4,483 0 523,150 518,667

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 5 — GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill was $ 496,226 June 30, March 31, 2016 2016 Definite life brands $ 170,000 $ 170,000 Trademarks 631,693 631,693 Rights 8,271,555 8,271,555 Product development 185,207 185,207 Patents 994,000 994,000 Other 55,460 55,460 10,307,915 10,307,915 Less: accumulated amortization 7,533,429 7,372,585 Net 2,774,486 2,935,330 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 6,887,458 $ 7,048,302 * Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers. June 30, March 31, 2016 2016 Definite life brands $ 170,000 $ 170,000 Trademarks 337,655 331,366 Rights 6,203,098 6,065,111 Product development 29,189 29,188 Patents 793,487 776,920 Other - - Accumulated amortization $ 7,533,429 $ 7,372,585

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Jun. 30, 2016
Restricted Cash Disclosure [Abstract]
Restricted Cash Disclosure [Text Block]	NOTE 6 — RESTRICTED CASH At June 30 and March 31, 2016, the Company had € 310,291 344,541 303,890 345,076

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2016
Long-Term Debt, Unclassified [Abstract]
Long-term Debt [Text Block]	NOTE 7 — NOTES PAYABLE June 30, March 31, 2016 2016 Notes payable consist of the following: Foreign revolving credit facilities (A) $ 59,432 $ — Note payable – GCP note (B) 214,225 211,580 Credit facility, net (C) 11,800,055 11,917,694 5% Convertible notes (D) 1,675,000 1,675,000 Total $ 13,748,712 $ 13,804,274 A. The Company has arranged various facilities aggregating € 310,291 344,541 1.70 53,524 59,432 0 B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $ 211,580 5 10,579 214,225 211,580 2,645 211,580 C. The Company and CB-USA are parties to an Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”) with ACF FinCo I LP (“ACF”), which provides for availability (subject to certain terms and conditions) of a facility (the “Credit Facility”) to provide working capital, including capital to finance purchases of aged whiskeys in support of the growth of the Jefferson’s bourbons, in the amount of $ 19.0 7.0 July 31, 2019 The monthly facility fee is 0.75% per annum of the maximum Credit Facility Pursuant to the Loan Agreement, the Company and CB-USA may borrow up to the lesser of (x) $19.0 million and (y) the sum of the borrowing base calculated in accordance with the Loan Agreement and the Purchased Inventory Sublimit. The Company and CB-USA may prepay the Credit Facility in whole or the Purchased Inventory Sublimit, in whole or in part, subject to certain prepayment penalties as set forth in the Loan Agreement. The Purchased Inventory Sublimit replaced the bourbon term loan (the “Bourbon Term Loan”), which was paid in full in the normal course of business in May 2015. In connection with the Loan Agreement, the Company entered into a Reaffirmation Agreement with (i) certain of its officers, including John Glover, Chief Operating Officer, T. Kelley Spillane, Senior Vice President - Global Sales, and Alfred J. Small, Senior Vice President, Chief Financial Officer, Treasurer & Secretary and (ii) certain junior lenders, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and a principal shareholder of the Company, Mark E. Andrews, III, the Company’s Chairman, an affiliate of Richard J. Lampen, a director and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a former director, Dennis Scholl, a former director, and Vector Group Ltd., a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer, Henry Beinstein, a director of the Company, is a director and Phillip Frost, M.D. is a principal shareholder, which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company and ACF. ACF also required as a condition to entering into an amendment to the Loan Agreement in August 2015 that ACF enter into a participation agreement with certain related parties of the Company, including Frost Gamma Investments Trust ($ 150,000 50,000 100,000 15,000 Purchased Inventory Sublimit shall be limited to seventy percent (70%), 4.9 11 18,000 18,000 The Company may borrow up to the maximum amount of the Credit Facility, provided that the Company has a sufficient borrowing base (as defined in the Loan Agreement). The Credit Facility interest rate (other than with respect to the Purchased Inventory Sublimit) is 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) 6.0% Purchased Inventory Sublimit 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%. 3.25 6.0 7.75 The Loan Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Loan Agreement includes negative covenants that, among other things, restrict the Company’s ability to create additional indebtedness, dispose of properties, incur liens, and make distributions or cash dividends. At June 30, 2016, the Company was in compliance, in all material respects, with the covenants under the Loan Agreement. At June 30 and March 31, 2016, $ 11,800,055 11,917,694 2,514,000 2,625,000 7,035,812 6,911,406 D. In October 2013, the Company entered into a 5 2,125,000 5 December 15, 2018 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 30 250 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 ACF and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2016, $ 1,675,000

EQUITY

EQUITY	3 Months Ended
	Jun. 30, 2016
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 — EQUITY Equity distribution agreement 10,000,000 Sales of the Shares pursuant to the 2014 Distribution Agreement, if any, may be effected by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NYSE MKT LLC or any other existing trading market for the common stock or through a market maker, up to the amount specified, and otherwise to or through Barrington in accordance with the placement notices delivered by the Company to Barrington. Also, with the prior consent of the Company, some of the Shares may be sold in privately negotiated transactions. Under the 2014 Distribution Agreement, Barrington will be entitled to compensation of 2.0 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. The Company did not sell any Shares pursuant to the 2014 Distribution Agreement during the three months ended June 30, 2016, but incurred $ 12,000 During the three months ended June 30, 2015, the Company sold 2,119,282 3,251,989 65,160

FOREIGN CURRENCY FORWARD CONTRA

FOREIGN CURRENCY FORWARD CONTRACTS	3 Months Ended
	Jun. 30, 2016
Foreign Currency [Abstract]
Foreign Currency Disclosure [Text Block]	NOTE 9 — FOREIGN CURRENCY FORWARD CONTRACTS The Company enters into forward contracts from time to time to reduce its exposure to foreign currency fluctuations. The Company recognizes in the balance sheet derivative contracts at fair value, and reflects any net gains and losses currently in earnings. At June 30 and March 31, 2016, the Company had no forward contracts outstanding. Gain or loss on foreign currency forward contracts, which was de minimis during the periods presented, is included in other income and expense.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 10 — STOCK-BASED COMPENSATION In June 2016, the Company granted to employees, directors and certain consultants options to purchase an aggregate of 3,170,000 0.90 vest 25% on each of the first four anniversaries of the grant date 1,806,900 Stock-based compensation expense for the three months ended June 30, 2016 and 2015 amounted to $ 352,400 239,940 4,522,997 6,635,125 3.08 84,000 50,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 11 — COMMITMENTS AND CONTINGENCIES A. The Company has entered into a supply agreement with an Irish distiller (“Irish Distillery”), 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. The Irish Distillery 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 the Irish Distillery 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, 2017 900,386 999,771 B. The Company has also entered into a supply agreement with the Irish Distillery, 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. The Irish Distillery 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 the Irish Distillery 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, 2017 438,557 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 ended December 31, 2015, the Company contracted and purchased approximately $ 1,643,000 2,053,750 964,725 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 February 29, 2020 26,255 October 31, 2016 1,100 1,221 June 26, 2018 3,440 E. 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. F. Except as set forth below, the Company believes that neither it nor any of its subsidiaries is currently subject to litigation which, in the opinion of management after consultation with counsel, is likely to have a material adverse effect on the Company. The Company may become involved in litigation from time to time relating to claims arising in the ordinary course of its business. These claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources.

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	NOTE 12 — CONCENTRATIONS A. Credit Risk B. Customers 23.1 30.0 23.6 27.7

GEOGRAPHIC INFORMATION

GEOGRAPHIC INFORMATION	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 13 — 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 June 30, 2016 2015 Consolidated Sales, net: International $ 1,739,499 10.4 % $ 2,105,422 12.8 % United States 15,011,426 89.6 % 14,407,657 87.2 % Total Consolidated Sales, net $ 16,750,925 100.0 % $ 16,513,079 100.0 % Consolidated (Loss) Income from Operations: International $ (98,224) 61.9 % $ 55,023 (289.9) % United States (60,445) 38.1 % (74,001) 389.9 % Total Consolidated Loss from Operations $ (158,669) 100.0 % $ (18,978) 100.0 % Consolidated Net (Loss) Income Attributable to Controlling Interests: International $ (80,005) 10.4 % $ 64,876 (5.8) % United States (685,814) 89.6 % (1,188,538) 105.8 % Total Consolidated Net Loss Attributable to Controlling Interests $ (765,819) 100.0 % $ (1,123,662) 100.0 % Income tax expense, net: United States $ (210,813) 100.0 % $ (523,962) 100.0 % Consolidated Sales, net by category: Rum $ 4,611,916 27.5 % $ 4,563,506 27.6 % Whiskey 5,499,418 32.8 % 6,191,059 37.6 % Liqueurs 1,945,373 11.6 % 1,824,515 11.0 % Vodka 377,585 2.3 % 524,224 3.2 % Tequila 58,608 0.4 % 73,906 0.4 % Related Non-Alcoholic Beverage Products 4,258,025 25.4 % 3,335,869 20.2 % Total Consolidated Sales, net $ 16,750,925 100.0 % $ 16,513,079 100.0 % As of June 30, 2016 As of March 31, 2016 Consolidated Assets: International $ 2,872,742 5.6 % $ 2,786,333 5.6 % United States 48,044,653 94.4 % 47,317,180 94.4 % Total Consolidated Assets $ 50,917,395 100.0 % $ 50,103,513 100.0 % *Includes related non-beverage alcohol products.

ORGANIZATION AND SUMMARY OF S22

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	A. Description of business
Liquidity [Policy Text Block]	B. Liquidity
Organization and Operation [Policy Text Block]	C . Organization and operations
Equity Method Investments, Policy [Policy Text Block]	D . Equity investments
Goodwill and Intangible Assets, Policy [Policy Text Block]	E. Goodwill and other intangible assets
Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block]	F . Impairment of long-lived assets
Excise Taxes and Duty [Policy Text Block]	G . Excise taxes and duty
Foreign Currency Transactions and Translations Policy [Policy Text Block]	H . Foreign currency
Fair Value Of Financial Instruments, Policy [Policy Text Block]	I . Fair value of financial instruments The Company’s investments are reported at fair value in accordance with authoritative guidance, which accomplishes the following key objectives: - Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; - Establishes a three-level hierarchy (“valuation hierarchy”) for fair value measurements; - Requires consideration of the Company’s creditworthiness when valuing liabilities; and - Expands disclosures about instruments measured at fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: - Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are directly or indirectly observable for the asset or liability for substantially the full term of the financial instrument. - Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Income Tax, Policy [Policy Text Block]	J. Income taxes — Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is provided to the extent a deferred tax asset is not considered recoverable. The Company has not recognized any adjustments for uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense; however, no such provisions for accrued interest and penalties related to uncertain tax positions have been recorded by the Company. The Company’s income tax expense for the three months ended June 30, 2016 and 2015 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, increasing the value of the asset. The difference between the book basis and tax basis created a deferred tax liability that is being amortized over a period of 15 years (the life of the licensing agreement) on a straight-line basis. For the three months ended June 30, 2016 and June 30, 2015, the Company recognized ($210,813) and ($523,962) of income tax expense, net, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]	K. Recent accounting pronouncements — In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases.” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. 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 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 April 1, 2017, 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 beginning after December 15, 2017. 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.
Accounting Standards Adopted Policy [Policy Text Block]	L. Accounting standards adopted — In September 2015, the FASB issued ASU 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments”, which requires adjustments to provisional amounts initially recorded in a business combination that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires the disclosure of the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance became effective for the Company beginning April 1, 2016. The Company will apply the guidance prospectively for all future business combinations. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company applied the new guidance on a retrospective basis and adjusted the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance became effective for the Company beginning April 1, 2016. In June, 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement” at June 18, 2015 EITF Meeting. This update addresses presentation and subsequent measurement of debt issuance costs related to line of credit arrangements. Commitment fees paid to the lender represent the benefit of being able to access capital over the contractual term, and therefore, are not in the scope of the new guidance and it is appropriate to present such fees as an asset on the balance sheet, regardless of whether or not there are outstanding borrowings under the revolver. The Company determined that the adoption of this guidance will not have a material effect on the Company’s results of operations, cash flows and financial condition.

BASIC AND DILUTED NET LOSS PE23

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three months ended June 30, 2016 2015 Stock options 16,339,086 14,440,688 Warrants to purchase common stock -- 120,000 5% Convertible notes 1,861,111 1,861,111 Total 18,200,197 16,421,799

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	June 30, March 31, 2016 2016 Raw materials $ 12,401,725 $ 11,976,561 Finished goods – net 16,439,057 15,256,761 Total $ 28,840,782 $ 27,233,322

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intangible assets consist of the following: June 30, March 31, 2016 2016 Definite life brands $ 170,000 $ 170,000 Trademarks 631,693 631,693 Rights 8,271,555 8,271,555 Product development 185,207 185,207 Patents 994,000 994,000 Other 55,460 55,460 10,307,915 10,307,915 Less: accumulated amortization 7,533,429 7,372,585 Net 2,774,486 2,935,330 Other identifiable intangible assets — indefinite lived* 4,112,972 4,112,972 $ 6,887,458 $ 7,048,302 * 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: June 30, March 31, 2016 2016 Definite life brands $ 170,000 $ 170,000 Trademarks 337,655 331,366 Rights 6,203,098 6,065,111 Product development 29,189 29,188 Patents 793,487 776,920 Other - - Accumulated amortization $ 7,533,429 $ 7,372,585

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2016
Long-Term Debt, Unclassified [Abstract]
Schedule Of Notes Payable and Credit Facility [Table Text Block]	June 30, March 31, 2016 2016 Notes payable consist of the following: Foreign revolving credit facilities (A) $ 59,432 $ — Note payable – GCP note (B) 214,225 211,580 Credit facility, net (C) 11,800,055 11,917,694 5% Convertible notes (D) 1,675,000 1,675,000 Total $ 13,748,712 $ 13,804,274 A. The Company has arranged various facilities aggregating € 310,291 344,541 1.70 53,524 59,432 0 B. In December 2009, GCP issued a promissory note (the “GCP Note”) in the aggregate principal amount of $ 211,580 5 10,579 214,225 211,580 2,645 211,580 C. The Company and CB-USA are parties to an Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”) with ACF FinCo I LP (“ACF”), which provides for availability (subject to certain terms and conditions) of a facility (the “Credit Facility”) to provide working capital, including capital to finance purchases of aged whiskeys in support of the growth of the Jefferson’s bourbons, in the amount of $ 19.0 7.0 July 31, 2019 The monthly facility fee is 0.75% per annum of the maximum Credit Facility Pursuant to the Loan Agreement, the Company and CB-USA may borrow up to the lesser of (x) $19.0 million and (y) the sum of the borrowing base calculated in accordance with the Loan Agreement and the Purchased Inventory Sublimit. The Company and CB-USA may prepay the Credit Facility in whole or the Purchased Inventory Sublimit, in whole or in part, subject to certain prepayment penalties as set forth in the Loan Agreement. The Purchased Inventory Sublimit replaced the bourbon term loan (the “Bourbon Term Loan”), which was paid in full in the normal course of business in May 2015. In connection with the Loan Agreement, the Company entered into a Reaffirmation Agreement with (i) certain of its officers, including John Glover, Chief Operating Officer, T. Kelley Spillane, Senior Vice President - Global Sales, and Alfred J. Small, Senior Vice President, Chief Financial Officer, Treasurer & Secretary and (ii) certain junior lenders, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and a principal shareholder of the Company, Mark E. Andrews, III, the Company’s Chairman, an affiliate of Richard J. Lampen, a director and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a former director, Dennis Scholl, a former director, and Vector Group Ltd., a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer, Henry Beinstein, a director of the Company, is a director and Phillip Frost, M.D. is a principal shareholder, which, among other things, reaffirms the existing Validity and Support Agreements by and among each officer, the Company and ACF. ACF also required as a condition to entering into an amendment to the Loan Agreement in August 2015 that ACF enter into a participation agreement with certain related parties of the Company, including Frost Gamma Investments Trust ($ 150,000 50,000 100,000 15,000 Purchased Inventory Sublimit shall be limited to seventy percent (70%), 4.9 11 18,000 18,000 The Company may borrow up to the maximum amount of the Credit Facility, provided that the Company has a sufficient borrowing base (as defined in the Loan Agreement). The Credit Facility interest rate (other than with respect to the Purchased Inventory Sublimit) is 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) 6.0% Purchased Inventory Sublimit 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%. 3.25 6.0 7.75 The Loan Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Loan Agreement includes negative covenants that, among other things, restrict the Company’s ability to create additional indebtedness, dispose of properties, incur liens, and make distributions or cash dividends. At June 30, 2016, the Company was in compliance, in all material respects, with the covenants under the Loan Agreement. At June 30 and March 31, 2016, $ 11,800,055 11,917,694 2,514,000 2,625,000 7,035,812 6,911,406 D. In October 2013, the Company entered into a 5 2,125,000 5 December 15, 2018 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 30 250 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 ACF and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2016, $ 1,675,000

GEOGRAPHIC INFORMATION (Tables)

GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, 2016 2015 Consolidated Sales, net: International $ 1,739,499 10.4 % $ 2,105,422 12.8 % United States 15,011,426 89.6 % 14,407,657 87.2 % Total Consolidated Sales, net $ 16,750,925 100.0 % $ 16,513,079 100.0 % Consolidated (Loss) Income from Operations: International $ (98,224) 61.9 % $ 55,023 (289.9) % United States (60,445) 38.1 % (74,001) 389.9 % Total Consolidated Loss from Operations $ (158,669) 100.0 % $ (18,978) 100.0 % Consolidated Net (Loss) Income Attributable to Controlling Interests: International $ (80,005) 10.4 % $ 64,876 (5.8) % United States (685,814) 89.6 % (1,188,538) 105.8 % Total Consolidated Net Loss Attributable to Controlling Interests $ (765,819) 100.0 % $ (1,123,662) 100.0 % Income tax expense, net: United States $ (210,813) 100.0 % $ (523,962) 100.0 % Consolidated Sales, net by category: Rum $ 4,611,916 27.5 % $ 4,563,506 27.6 % Whiskey 5,499,418 32.8 % 6,191,059 37.6 % Liqueurs 1,945,373 11.6 % 1,824,515 11.0 % Vodka 377,585 2.3 % 524,224 3.2 % Tequila 58,608 0.4 % 73,906 0.4 % Related Non-Alcoholic Beverage Products 4,258,025 25.4 % 3,335,869 20.2 % Total Consolidated Sales, net $ 16,750,925 100.0 % $ 16,513,079 100.0 % As of June 30, 2016 As of March 31, 2016 Consolidated Assets: International $ 2,872,742 5.6 % $ 2,786,333 5.6 % United States 48,044,653 94.4 % 47,317,180 94.4 % Total Consolidated Assets $ 50,917,395 100.0 % $ 50,103,513 100.0 % *Includes related non-beverage alcohol products.

ORGANIZATION AND SUMMARY OF S28

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Summary Of Significant Accounting Policies [Line Items]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	60.00%
Deferred Tax Liabilities, Intangible Assets	$ 2,222,222
Deferred Income Tax Expense Benefit Period Of Recognition	15 years
Income tax (expense) benefit, net:	$ (210,813)	$ (523,962)

BASIC AND DILUTED NET LOSS PE29

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details) - shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares not included in calculating diluted net loss per share	18,200,197	16,421,799
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	16,339,086	14,440,688
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	0	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	1,861,111

BASIC AND DILUTED NET LOSS PE30

BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details Textual)	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%	5.00%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Inventory [Line Items]
Raw materials	$ 12,401,725	$ 11,976,561
Finished goods - net	16,439,057	15,256,761
Total	$ 28,840,782	$ 27,233,322

INVENTORIES (Details Textual)

INVENTORIES (Details Textual) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Inventory [Line Items]
Percentage Of Raw Materials Located Outside United States	13.00%	11.00%
Percentage Of Finished Goods Located Outside United States	4.00%	5.00%
Payments To Acquire Inventory	$ 1,485,422

EQUITY INVESTMENT (Details Text

EQUITY INVESTMENT (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Income (Loss) From Equity Method Investments		$ 4,483	$ 0
Investment in non-consolidated affiliate, at equity		523,150		$ 518,667
Stockholders Equity Attributable To Noncontrolling Interest		3,523,307		3,353,191
Net Income (Loss) Attributable To Noncontrolling Interest		170,116	273,518
Gosling-Castle Partners, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Subsidiaries, before Tax		636,103	1,244,796
Stockholders Equity Attributable To Noncontrolling Interest		3,523,307		$ 3,353,191
Net Income (Loss) Attributable To Noncontrolling Interest		$ 254,441	$ 497,918
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%	40.00%
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%		20.00%
Income (Loss) From Equity Method Investments		$ 4,483	$ 0
Investment in non-consolidated affiliate, at equity	$ 518,667	$ 523,150	$ 518,667

GOODWILL AND INTANGIBLE ASSET34

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)		Jun. 30, 2016	Mar. 31, 2016
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		185,207	185,207
Patents		994,000	994,000
Other		55,460	55,460
Finite-Lived Intangible Assets, Gross		10,307,915	10,307,915
Less: accumulated amortization		7,533,429	7,372,585
Net		2,774,486	2,935,330
Other identifiable intangible assets - indefinite lived	[1]	4,112,972	4,112,972
Total intangible assets, net		$ 6,887,458	$ 7,048,302
[1]	Other identifiable intangible assets — indefinite lived consists of product formulations and the Company’s relationships with its distillers.

GOODWILL AND INTANGIBLE ASSET35

GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 7,533,429	$ 7,372,585
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	337,655	331,366
Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	6,203,098	6,065,111
Product development [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	29,189	29,188
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	793,487	776,920
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSET36

GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 496,226	$ 496,226

RESTRICTED CASH (Details Textua

RESTRICTED CASH (Details Textual)	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents, Noncurrent	$ 344,541	€ 310,291	$ 345,076	€ 303,890

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)		Jun. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Notes payable and credit facility		$ 13,748,712	$ 13,804,274
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[1]	59,432	0
Note payable - GCP note [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[2]	214,225	211,580
Credit facility, net [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[3]	11,800,055	11,917,694
5% Convertible notes [Member]
Debt Instrument [Line Items]
Notes payable and credit facility	[4]	$ 1,675,000	$ 1,675,000
[1]	The Company has arranged various facilities aggregating €310,291 or $344,541 (translated at the June 30, 2016 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 €53,524 or $59,432 (translated at the June 30, 2016 exchange rate) and €0 at June 30 and March 31, 2016, 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, 2016, $10,579 of accrued interest was converted to amounts due to affiliates. At June 30, 2016, $214,225, consisting of $211,580 of principal and $2,645 of accrued interest, due on the GCP Note is included in long-term liabilities. At March 31, 2016, $211,580 of principal due on the GCP Note is included in long-term liabilities.
[3]	The Company and CB-USA are parties to an Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”) with ACF FinCo I LP (“ACF”), which provides for availability (subject to certain terms and conditions) of a facility (the “Credit Facility”) to provide working capital, including capital to finance purchases of aged whiskeys in support of the growth of the Jefferson’s bourbons, in the amount of $19.0 million, including a sublimit in the maximum principal amount of $7.0 million to permit the Company to acquire aged whiskey inventory (the “Purchased Inventory Sublimit”) subject to certain conditions set forth in the Loan Agreement. The Credit Facility matures on July 31, 2019 (the “Maturity Date”). The monthly facility fee is 0.75% per annum of the maximum Credit Facility amount (excluding the Purchased Inventory Sublimit). Pursuant to the Loan Agreement, the Company and CB-USA may borrow up to the lesser of (x) $19.0 million and (y) the sum of the borrowing base calculated in accordance with the Loan Agreement and the Purchased Inventory Sublimit. The Company and CB-USA may 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. The Purchased Inventory Sublimit replaced the bourbon term loan (the “Bourbon Term Loan”), which was paid in full in the normal course of business in May 2015. In connection with the Loan Agreement, the Company entered into a Reaffirmation Agreement with (i) certain of its officers, including John Glover, Chief Operating Officer, T. Kelley Spillane, Senior Vice President - Global Sales, and Alfred J. Small, Senior Vice President, Chief Financial Officer, Treasurer & Secretary and (ii) certain junior lenders, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and a principal shareholder of the Company, Mark E. Andrews, III, the Company’s Chairman, an affiliate of Richard J. Lampen, a director and the Company’s President and Chief Executive Officer, an affiliate of Glenn Halpryn, a former director, Dennis Scholl, a former director, 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 and ACF. ACF also required as a condition to entering into an amendment to the Loan Agreement in August 2015 that ACF enter into a participation agreement with certain related parties of the Company, including Frost Gamma Investments Trust ($150,000), Mark E. Andrews, III ($50,000), Richard J. Lampen ($100,000), and Alfred J. Small ($15,000), 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 $4.9 million. Under the terms of the participation agreement, the participants receive interest at the rate of 11% per annum. The Company is not 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 First Amendment to the Loan Agreement 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 may borrow up to the maximum amount of the Credit Facility, provided that the Company has a sufficient borrowing base (as defined in the Loan Agreement). The Credit Facility interest rate (other than with respect to the Purchased Inventory Sublimit) is 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) 6.0%. The interest rate applicable to the Purchased Inventory Sublimit 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%. 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 Loan Agreement), the Company is required to pay interest at a rate that is 3.25% per annum above the then applicable Credit Facility interest rate. The Loan Agreement contains EBITDA targets allowing for further interest rate reductions in the future. The Credit Facility currently bears interest at 6.0% (reflecting a discount for achieving one such EBITDA target) and the Purchased Inventory Sublimit currently bears interest at 7.75%. The Company is required to pay down the principal balance of the Purchased Inventory Sublimit within 15 banking days from the completion of a bottling run of bourbon from the bourbon inventory stock purchased with funds borrowed under the Purchased Inventory Sublimit in an amount equal to the purchase price of such bourbon. The unpaid principal balance of the Credit Facility, all accrued and unpaid interest thereon, and all fees, costs and expenses payable in connection with the Credit Facility, are due and payable in full on the Maturity Date. In addition to closing fees, ACF receives facility fees and a collateral management fee (each as set forth in the Loan Agreement). The Company’s obligations under the Loan Agreement are secured by the grant of a pledge and a security interest in all of its assets. The Loan Agreement contains standard borrower representations and warranties for asset-based borrowing and a number of reporting obligations and affirmative and negative covenants. The Loan Agreement includes negative covenants that, among other things, restrict the Company’s ability to create additional indebtedness, dispose of properties, incur liens, and make distributions or cash dividends. At June 30, 2016, the Company was in compliance, in all material respects, with the covenants under the Loan Agreement. At June 30 and March 31, 2016, $11,800,055 and $11,917,694, respectively, due on the Credit Facility, net, was included in long-term liabilities, including $2,514,000 and $2,625,000 outstanding under the Purchased Inventory Sublimit, respectively. At June 30 and March 31, 2016, there was $7,035,812 and $6,911,406, respectively, in potential availability under the Credit Facility, net.
[4]	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 ACF and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. At each of June 30 and March 31, 2016, $1,675,000 of principal due on the Convertible Notes was included in long-term liabilities, respectively.

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	1 Months Ended		3 Months Ended
	Aug. 31, 2015USD ($)	Oct. 31, 2013USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Jun. 30, 2015	Dec. 31, 2009USD ($)
Debt Instrument [Line Items]
Notes Payable, Noncurrent			$ 214,225		$ 211,580
Debt Instrument, Interest Rate During Period			6.00%
Line Of Credit, Current			$ 59,432	€ 53,524	0	€ 0
Convertible Notes Payable, Noncurrent			1,675,000		1,675,000
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			263,970		275,625
Closing Fee Payable	$ 18,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 7,035,812		$ 6,911,406
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate At Period End		5.00%
Unsecured debt		$ 2,125,000
Debt Instrument, Interest Rate, Stated Percentage			5.00%	5.00%	5.00%	5.00%	5.00%
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 0.90
Debt Instrument, Convertible, If-converted Value in Excess of Principal			$ 50,000
Debt Instrument, Convertible, Threshold Trading Days			20
Debt Instrument, Convertible, Threshold Consecutive Trading Days			30 days
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger			250.00%
Subordinated Borrowing, Interest Rate		5.00%
Debt Instrument, Maturity Date		Dec. 15, 2018
Purchase Inventory Sublimit [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Interest Rate Description			Purchased Inventory Sublimit 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%.
Debt Instrument, Interest Rate During Period			7.75%
GCP Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate At Period End								5.00%
Other Accrued Liabilities, Noncurrent					$ 10,579
Notes Payable, Noncurrent					211,580			$ 211,580
Long-term Debt, Gross			$ 211,580
Interest Payable			$ 2,645
Credit Facility Net [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Interest Rate Description			is 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) 6.0%
Debt Instrument, Interest Rate During Period			3.25%
Long-term Debt, Gross			$ 11,800,055		11,917,694
Credit Facility Net [Member] | Purchase Inventory Sublimit [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross			2,514,000		$ 2,625,000
Irish Bank [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Maximum Borrowing Capacity			$ 344,541	€ 310,291
Line Of Credit Facility, Interest Rate During Period			1.70%
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
Loan Agreement [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Maximum Borrowing Capacity			$ 19,000,000
Line Of Credit Facility, Interest Rate Description			The monthly facility fee is 0.75% per annum of the maximum Credit Facility
Line of Credit Facility, Expiration Date			Jul. 31, 2019
Loan Agreement [Member] | Purchase Inventory Sublimit [Member]
Debt Instrument [Line Items]
Line Of Credit Facility, Maximum Borrowing Capacity			$ 7,000,000
Frost Gamma Investments Trust [Member]
Debt Instrument [Line Items]
Due to Other Related Parties, Classified, Current			150,000
Mark E Andrews III [Member]
Debt Instrument [Line Items]
Due to Other Related Parties, Classified, Current			50,000
Affiliate Of Richard J Lampen [Member]
Debt Instrument [Line Items]
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%

EQUITY (Details Textual)

EQUITY (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2014	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 0	$ 3,251,989
Payments of Stock Issuance Costs		$ 12,000	$ 65,160
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
Stock Issued During Period, Value, New Issues			$ 3,251,989
Payments of Stock Issuance Costs		$ 12,000	$ 65,160

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized (in dollars)	$ 4,522,997
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1	3 years 29 days
Employee Service Number Of Share Based Compensation Non vested Awards Total Compensation Cost Not Yet Recognized Stock Options	6,635,125
Share-Based Compensation	$ 352,400	$ 239,940
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	84,000	50,000
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, Expiration Date	Jun. 30, 2026
2013 Incentive Compensation Plan [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	3,170,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.90
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	vest 25% on each of the first four anniversaries of the grant date
Share Based Compensation Arrangement By Share Based Payment Award Option Valued	$ 1,806,900

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual)	3 Months Ended		9 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue | €		€ 1,100
NY [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 26,255
Lease Expiration Date	Feb. 29, 2020	Feb. 29, 2020
Dublin [Member]
Supply Commitment [Line Items]
Operating Leases, Income Statement, Contingent Revenue	$ 1,221
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
Irish Whiskey [Member] | Four Contract Year [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 999,771	€ 900,386
Long Term Purchase Commitment Percentage Agreed To Purchase	90.00%	90.00%
Contract Year Ending	Jun. 30, 2017	Jun. 30, 2017
Irish Whiskey [Member] | Thirteen Contract Year [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 438,557	€ 900,386
Long Term Purchase Commitment Percentage Agreed To Purchase	80.00%	80.00%
Contract Year Ending	Jun. 30, 2017	Jun. 30, 2017
Newly Distilled Bourbon [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 964,725			$ 1,643,000
Newly Distilled Bourbon [Member] | Scenario, Forecast [Member]
Supply Commitment [Line Items]
Long-term Purchase Commitment, Amount			$ 2,053,750

CONCENTRATIONS (Details Textual

CONCENTRATIONS (Details Textual)	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Concentration Risk [Line Items]
Concentration Risk, Percentage		100.00%	100.00%
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		23.10%	30.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.70%	23.60%

GEOGRAPHIC INFORMATION (Details

GEOGRAPHIC INFORMATION (Details) - USD ($)		3 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Consolidated Sales, net:
Total Consolidated Sales, net	[1]	$ 16,750,925	$ 16,513,079
Concentration Risk, Percentage		100.00%	100.00%
Consolidated (Loss) Income from Operations:
Total Consolidated Income (Loss) from Operations		$ (158,669)	$ (18,978)
Operating Income (Loss), Percentage		100.00%	100.00%
Consolidated Net (Loss) Income Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (765,819)	$ (1,123,662)
Net Income (Loss) Attributable To Common Shareholders		100.00%	100.00%
Income tax expense, net:
Income tax (expense) benefit, net:		$ (210,813)	$ (523,962)
Consolidated Assets:
Total Consolidated Assets		$ 50,917,395		$ 50,103,513
Assets Percentage		100.00%		100.00%
Sales Revenue, Net [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 16,750,925	$ 16,513,079
Concentration Risk, Percentage		100.00%	100.00%
International [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 1,739,499	$ 2,105,422
Consolidated (Loss) Income from Operations:
Total Consolidated Income (Loss) from Operations		$ (98,224)	$ 55,023
Operating Income (Loss), Percentage		61.90%	(289.90%)
Consolidated Net (Loss) Income Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (80,005)	$ 64,876
Net Income (Loss) Attributable To Common Shareholders		10.40%	(5.80%)
Consolidated Assets:
Total Consolidated Assets		$ 2,872,742		$ 2,786,333
Assets Percentage		5.60%		5.60%
International [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		10.40%	12.80%
United States [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 15,011,426	$ 14,407,657
Consolidated (Loss) Income from Operations:
Total Consolidated Income (Loss) from Operations		$ (60,445)	$ (74,001)
Operating Income (Loss), Percentage		38.10%	389.90%
Consolidated Net (Loss) Income Attributable to Controlling Interests:
Total Consolidated Net Loss Attributable to Controlling Interests		$ (685,814)	$ (1,188,538)
Net Income (Loss) Attributable To Common Shareholders		89.60%	105.80%
Income tax expense, net:
Income tax (expense) benefit, net:		$ (210,813)	$ (523,962)
Income tax (expense) benefit, net: Percentage		100.00%	100.00%
Consolidated Assets:
Total Consolidated Assets		$ 48,044,653		$ 47,317,180
Assets Percentage		94.40%		94.40%
United States [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		89.60%	87.20%
Rum [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 4,611,916	$ 4,563,506
Rum [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		27.50%	27.60%
Whiskey [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 5,499,418	$ 6,191,059
Whiskey [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		32.80%	37.60%
Liqueurs [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 1,945,373	$ 1,824,515
Liqueurs [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		11.60%	11.00%
Vodka [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 377,585	$ 524,224
Vodka [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		2.30%	3.20%
Tequila [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 58,608	$ 73,906
Tequila [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		0.40%	0.40%
Related Non-Alcoholic Beverage Products [Member]
Consolidated Sales, net:
Total Consolidated Sales, net		$ 4,258,025	$ 3,335,869
Related Non-Alcoholic Beverage Products [Member] | Sales Revenue, Net [Member]
Consolidated Sales, net:
Concentration Risk, Percentage		25.40%	20.20%
[1]	Sales, net and Cost of sales include excise taxes of $1,715,961 and $1,768,980 for the three months ended June 30, 2016 and 2015, respectively.