Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jun. 29, 2016 | Sep. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SINGING MACHINE CO INC | ||
Entity Central Index Key | 923,601 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 2,655,000 | ||
Trading Symbol | SMDM | ||
Entity Common Stock, Shares Outstanding | 38,181,635 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current Assets | ||
Cash | $ 2,116,490 | $ 116,286 |
Accounts receivable, net of allowances of $51,179 and $174,131, respectively | 1,381,789 | 1,466,168 |
Inventories, net | 3,690,975 | 7,448,167 |
Prepaid expenses and other current assets | 115,601 | 92,609 |
Deferred financing costs | 74,077 | 74,077 |
Total Current Assets | 7,589,476 | 9,334,722 |
Property and equipment, net | 430,602 | 466,571 |
Other non-current assets | 11,394 | 11,394 |
Deferred financing costs, net of current portion | 21,606 | 95,683 |
Deferred tax asset | 2,408,531 | 2,305,555 |
Total Assets | 10,461,609 | 12,213,925 |
Current Liabilities | ||
Accounts payable | 722,213 | 2,767,180 |
Accrued expenses | 650,115 | 452,651 |
Current portion of capital lease | 1,078 | 12,628 |
Obligations to customers for returns and allowances | 121,092 | 399,419 |
Warranty provisions | 292,500 | 197,873 |
Total Current Liabilities | 2,883,610 | 5,712,453 |
Long-term capital lease, net of current portion | 0 | 1,078 |
Note payable related party debt - Ram Light Management, Ltd. net of current portion | 0 | 603,504 |
Accrued expenses, net of current portion | 0 | 46,495 |
Total Liabilities | $ 4,808,041 | $ 8,287,961 |
Commitments and Contengencies | ||
Shareholders' Equity | ||
Preferred stock, $1.00 par value; 1,000,000 shares authorized; no shares issued and outstanding | $ 0 | $ 0 |
Additional paid-in capital | 19,337,939 | 19,307,966 |
Subscriptions receivable related party | (6,400) | 0 |
Accumulated deficit | (14,059,787) | (15,763,177) |
Total Shareholders' Equity | 5,653,568 | 3,925,964 |
Total Liabilities and Shareholders' Equity | 10,461,609 | 12,213,925 |
PNC Bank [Member] | ||
Current Assets | ||
Due from PNC Bank | 184,392 | 137,415 |
Ram Light Management, Ltd [Member] | ||
Current Liabilities | ||
Notes payable related party | 696,612 | 496,496 |
Due to related party | 400,000 | 583,247 |
Starlight R&D, Ltd. [Member] | ||
Current Assets | ||
Accounts receivable related party | 4,255 | 0 |
Current Liabilities | ||
Due to related party | 0 | 554,031 |
Cosmo Communications Canada, Inc [Member] | ||
Current Assets | ||
Accounts receivable related party | 19,077 | 0 |
Current Liabilities | ||
Due to related party | 0 | 40,256 |
Starlight Consumer Electronics Co Ltd [Member] | ||
Current Liabilities | ||
Due to related party | 0 | 208,672 |
Starlight Marketing Development, Ltd [Member] | Subordinated Debt [Member] | ||
Current Liabilities | ||
Related party debt | 1,924,431 | 1,924,431 |
Starlight Consumer Electronics USA, Inc [Member] | ||
Current Assets | ||
Accounts receivable related party | 2,820 | 0 |
Common Class A [Member] | ||
Shareholders' Equity | ||
Common stock value | 0 | 0 |
Common Class B [Member] | ||
Shareholders' Equity | ||
Common stock value | $ 381,816 | $ 381,175 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Allowance for doubtful accounts (in dollars) | $ 51,179 | $ 174,131 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 38,181,635 | 38,117,517 |
Common stock, shares outstanding | 38,181,635 | 38,117,517 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net Sales | $ 48,856,544 | $ 39,308,281 | $ 31,379,629 |
Cost of Goods Sold | 36,937,654 | 30,997,211 | 24,273,038 |
Gross Profit | 11,918,890 | 8,311,070 | 7,106,591 |
Operating Expenses | |||
Selling expenses | 4,656,003 | 3,104,598 | 2,402,153 |
General and administrative expenses | 5,153,950 | 4,507,606 | 4,257,335 |
Depreciation | 171,785 | 130,254 | 168,138 |
Total Operating Expenses | 9,981,738 | 7,742,458 | 6,827,626 |
Income from Operations | 1,937,152 | 568,612 | 278,965 |
Other Expenses | |||
Interest expense | (261,061) | (253,282) | (53,446) |
Financing costs | (74,077) | (52,471) | 0 |
Total Other Expenses | (335,138) | (305,753) | (53,446) |
Income before income tax benefit (provision) | 1,602,014 | 262,859 | 225,519 |
Income tax benefit (provision) | 101,376 | (92,701) | 778,797 |
Net Income | $ 1,703,390 | $ 170,158 | $ 1,004,316 |
Income per Common Share | |||
Basic | $ 0.04 | $ 0 | $ 0.03 |
Diluted | $ 0.04 | $ 0 | $ 0.03 |
Weighted Average Common and Common Equivalent Shares: | |||
Basic | 38,146,391 | 38,097,226 | 38,057,628 |
Diluted | 38,597,862 | 38,602,577 | 38,647,290 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net Income | $ 1,703,390 | $ 170,158 | $ 1,004,316 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation | 171,785 | 130,254 | 168,138 |
Amortization of deferred financing costs | 74,077 | 52,471 | 0 |
Change in inventory reserve | 339,000 | (217,000) | 135,000 |
Change in allowance for bad debts | (122,952) | 1,666 | (7,841) |
Loss from disposal of property and equipment | 0 | 0 | 4,479 |
Stock-based compensation | 24,214 | 46,308 | 107,351 |
Change in net deferred tax assets | (102,976) | 92,701 | (778,797) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 207,331 | (512,283) | 152,765 |
Accounts receivable related parties | (26,152) | 0 | 0 |
Inventories | 3,418,192 | (1,403,554) | (1,839,206) |
Prepaid expenses and other current assets | (22,992) | (1,521) | (6,647) |
Other non-current assets | 0 | 6,236 | 142,326 |
Increase (decrease) in: | |||
Accounts payable | (2,044,967) | 849,104 | 782,951 |
Due to related parties | (986,206) | (147,825) | 345,679 |
Accrued expenses | 150,969 | 52,832 | (239,698) |
Obligations to customers for returns and allowances | (278,327) | (70,419) | 93,549 |
Warranty provisions | 94,627 | (37,299) | 19,701 |
Net cash provided by (used in) operating activities | 2,552,036 | (1,105,948) | 64,428 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (135,816) | (35,600) | (214,677) |
Refund (deposit) of restricted cash | 0 | 138,042 | (138,042) |
Net cash (used in) provided by investing activities | (135,816) | 102,442 | (352,719) |
Cash flows from financing activities: | |||
Payment of deferred financing costs | 0 | (222,231) | 0 |
Payments on long-term capital lease | (12,628) | (12,076) | (10,606) |
Net cash used in financing activities | (416,016) | (234,307) | (10,606) |
Net change in cash | 2,000,204 | (1,237,813) | (298,897) |
Cash at beginning of year | 116,286 | 1,354,099 | 1,652,996 |
Cash at end of year | 2,116,490 | 116,286 | 1,354,099 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 270,193 | 180,371 | 53,446 |
Cash paid for income taxes | 0 | 0 | 13,348 |
Supplemental Disclosures of Non-cash Investing and Financing Activities: | |||
Conversion of related party payables to note payable | 0 | 1,100,000 | 0 |
Property and equipment purchased under capital lease | 0 | 36,388 | 0 |
Ram Light Management, Ltd [Member] | |||
Cash flows from financing activities: | |||
Payment on note payable related party - Ram Light Management, Ltd. | (403,388) | 0 | 0 |
Crestmark Bank [Member] | |||
Changes in operating assets and liabilities: | |||
Due from Affiliates | 0 | 19,638 | (19,638) |
PNC Bank [Member] | |||
Changes in operating assets and liabilities: | |||
Due from Affiliates | $ (46,977) | $ (137,415) | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscriptions Receivable [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2013 | $ 2,597,831 | $ 0 | $ 380,289 | $ 19,155,193 | $ 0 | $ (16,937,651) |
Balance (in shares) at Mar. 31, 2013 | 0 | 38,028,975 | ||||
Net Income | 1,004,316 | 1,004,316 | ||||
Employee compensation-stock option | $ 99,851 | 99,851 | ||||
Exercise of stock options (in shares) | 0 | |||||
Director Fees | $ 7,500 | $ 417 | 7,083 | |||
Director Fees (in shares) | 41,667 | |||||
Balance at Mar. 31, 2014 | 3,709,498 | $ 0 | $ 380,706 | 19,262,127 | 0 | (15,933,335) |
Balance (in shares) at Mar. 31, 2014 | 0 | 38,070,642 | ||||
Net Income | 170,158 | 170,158 | ||||
Employee compensation-stock option | $ 38,808 | 38,808 | ||||
Exercise of stock options (in shares) | 0 | |||||
Director Fees | $ 7,500 | $ 469 | 7,031 | |||
Director Fees (in shares) | 46,875 | |||||
Balance at Mar. 31, 2015 | 3,925,964 | $ 0 | $ 381,175 | 19,307,966 | 0 | (15,763,177) |
Balance (in shares) at Mar. 31, 2015 | 0 | 38,117,517 | ||||
Net Income | 1,703,390 | 1,703,390 | ||||
Employee compensation-stock option | 16,714 | 16,714 | ||||
Exercise of stock options | $ 0 | $ 200 | 6,200 | (6,400) | ||
Exercise of stock options (in shares) | 20,000 | 20,000 | ||||
Director Fees | $ 7,500 | $ 441 | 7,059 | |||
Director Fees (in shares) | 44,118 | |||||
Balance at Mar. 31, 2016 | $ 5,653,568 | $ 0 | $ 381,816 | $ 19,337,939 | $ (6,400) | $ (14,059,787) |
Balance (in shares) at Mar. 31, 2016 | 0 | 38,181,635 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | NOTE 1 - BASIS OF PRESENTATION OVERVIEW The Singing Machine Company, Inc., a Delaware corporation (the "Company," “SMC”, "The Singing Machine"), and wholly-owned subsidiaries SMC (Comercial Offshore De Macau) Limitada (“Macau Subsidiary”), SMC Logistics, Inc. (“SMC-L”) and SMC-Music, Inc. (“SMC-M”), are primarily engaged in the development, marketing, and sale of consumer karaoke audio equipment, accessories and musical recordings. The products are sold directly to distributors and retail customers. Shihua Development Company Limited (“Shihua”), through its wholly owned subsidiary koncepts International Limited (“koncepts”), is a major shareholder of the Company, owning approximately 49 3 52 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of the Company, its Macau Subsidiary, SMC-L, and SMC-M. All inter-company accounts and transactions have been eliminated in consolidation for all periods presented. The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company's financial condition. However, circumstances could change which may alter future expectations. The Singing Machine's allowance for doubtful accounts is based on management's estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100 The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using year-end rates of exchange for assets and liabilities, and average rates of exchange for the year for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented. At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at March 31, 2016 and March 31, 2015 are $ 21,256 23,794 Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company's investment in inventories for such declines in value. The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with FASB ASC 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods. We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts of the Company's short-term financial instruments, including accounts receivable, accounts payable, obligations to clients for returns and allowances, note payable to Ram Light Management, Ltd. (related party), subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. Revenue from the sale of equipment, accessories, and musical recordings are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates. The total returns represent 5.5 8.1 8.0 2.9 Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of income. The Company follows the provisions of the FASB ASC 718-20, “Compensation Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the consolidated statement of income over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense in fiscal years 2016, 2015 and 2014 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the years ended March 31, 2016, 2015 and 2014, the stock option expense was $ 16,714 38,808 99,851 The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. · For the year ended March 31, 2016: expected dividend yield 0 0.26 0.59 107.6 119.9 · For the year ended March 31, 2015: expected dividend yield 0 0.26 142.9 · For the year ended March 31, 2014: expected dividend yield 0 0.13 0.15 201.1 304.1 Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2 12 2,703,076 1,599,629 1,120,711 All research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the consolidated statements of income. For the years ended March 31, 2016, 2015 and 2014, these amounts totaled $ 196,847 114,526 200,551 The Company follows the provisions of FASB ASC 740 "Accounting for Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. The Company also follows the provisions in FASB ASC 740, Accounting for Uncertainty in Income Taxes. ASC 740 defines a recognition threshold and measurement attribute for financial statement recognition and measurements of tax positions taken or expected to be taken in a tax return. As of March 31, 2016 this position did not result in any adjustment to the Company’s provision for income taxes. Additionally, in accordance with FASB ASC 740, the Company’s policy is to recognize interest or penalties related to income tax matters in the provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax positions. As of March 31, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2013 through March 31, 2016. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and 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. In order to achieve this core principle a company must apply the following steps in determining revenue recognition: · Identify the contract(s) with a customer · Identify the performance obligations in the contract. · Determine the transaction price. · Allocate the transaction price to the performance obligations in the contract. · Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes 1,139,000 449,000 In February 2016, the FASB issued ASU 2016-02, Leases. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES March 31, March 31, 2016 2015 Finished Goods $ 4,450,975 $ 7,869,167 Less: Inventory Reserve 760,000 421,000 Total Inventories $ 3,690,975 $ 7,448,167 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT USEFUL MARCH 31, MARCH 31, LIFE 2016 2015 Computer and office equipment 5 years $ 285,650 $ 285,650 Furniture and fixtures 7 years 4,312 4,312 Warehouse equipment 7 years 224,106 224,106 Molds and tooling 3-5 years 2,492,950 2,357,133 3,007,018 2,871,201 Less: Accumulated depreciation 2,576,416 2,404,630 $ 430,602 $ 466,571 Depreciation expense for fiscal years ended 2016, 2015, and 2014 was $ 171,785 130,254 168,138 |
OBLIGATIONS TO CLIENTS FOR RETU
OBLIGATIONS TO CLIENTS FOR RETURNS AND ALLOWANCES | 12 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 5 - OBLIGATIONS TO CLIENTS FOR RETURNS AND ALLOWANCES Due to the seasonality of the business and length of time clients are given to return defective product, it is not uncommon for clients to accumulate credits from the Company’s sales and allowance programs that are in excess of unpaid invoices in accounts receivable. All credit balances in clients’ accounts receivable are reclassified to obligations to clients for returns and allowances in current liabilities on the Consolidated Balance Sheets. Client requests for payment of a credit balance are reclassified from obligations to clients for returns and allowances to accounts payable on the Consolidated Balance Sheets. When new invoices are processed prior to settlement of the credit balance and the client accepts settlement of open credits with new invoices, then the excess of new invoices over credits are netted in accounts receivable. As of March 31, 2016 and March 31, 2015, obligations to clients for returns and allowances reclassified from accounts receivable were $ 121,092 399,419 |
LINE OF CREDIT
LINE OF CREDIT | 12 Months Ended |
Mar. 31, 2016 | |
Line of Credit Facility [Abstract] | |
Debt Disclosure [Text Block] | NOTE 6 LINE OF CREDIT On July 14, 2014, the Company executed a three-year revolving credit facility (the “Revolving Credit Facility”) with PNC Bank, National Association (“PNC”) that replaced an existing line of credit agreement. The Revolving Credit Facility has a three year term expiring on July 14, 2017 15,000,000 7,500,000 · Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus · Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus · An all-time $500,000 block; minus · Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable. The Revolving Credit Facility includes the following sub-limits: · Letters of Credit to be issued limited to $3,000,000. · Inventory availability limited to $4,000,000. · Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30. The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default: · Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. · Capital expenditures limited to $150,000 per year. Interest on the Revolving Line of Credit is accrued at 2 3.5 2 360 142,332 163,017 0 19,552 13,283 0 The Revolving Line of Credit is secured by first priority security interests in all of the named borrowers’ tangible and intangible assets as well as first priority security interests of 100 65 2,500,000 222,000 74,077 52,471 0 As a condition of the Revolving Credit Facility, a portion of the Company’s related-party debt with Ram Light Management, Ltd. in the amount of $ 1,100,000 150,000 63,921 46,495 0 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 - COMMITMENTS AND CONTINGENCIES LEGAL MATTERS Management is currently not aware of any legal proceedings. OPERATING LEASES The Company has entered into various operating lease agreements for office and warehouse facilities in Fort Lauderdale, Florida; Ontario, California; and Macau expiring at varying dates. Rent expense for the years ended March 31, 2016, 2015 and 2014 was $ 623,659 623,589 611,977 Operating Leases For fiscal year ending March 31, 2017 $ 551,516 2018 503,825 2019 519,518 2020 524,271 2021 218,447 $ 2,317,577 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | NOTE 8 - SHAREHOLDERS’ EQUITY COMMON STOCK ISSUANCES During the years ended March 31, 2016, 2015, and 2014, the Company issued the following common stock shares: 2016: On March 22, 2016 a member of the Board of Directors exercised a stock option and the Company subsequently issued 20,000 .32 6,400 On August 10, 2015, the Company issued 44,118 0.17 2015: On September 5, 2014 the Company issued 46,875 0.16 2014: On July 23, 2013 the Company issued 41,667 0.18 EARNINGS PER SHARE In accordance with FASB ASC 210, "Earnings per Share", basic earnings per share are computed by dividing the net earnings for the year by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing earnings for the year by the weighted average number of common shares outstanding including the effect of common stock equivalents. As of March 31, 2016 there were common stock equivalents to purchase 1,802,000 1,580,000 1,836,000 880,000 1,256,000 820,000 STOCK OPTIONS On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (“Plan”), as amended. The Plan was developed to provide a means whereby directors and selected employees, officers, consultants, and advisors of the Company may be granted incentive or non-qualified stock options to purchase common stock of the Company. As of March 31, 2016, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2016. A summary of stock option activity for each of the years presented is summarized below. Fiscal 2016 Fiscal 2015 Fiscal 2014 Number of Options Weighted Number of Weighted Number of Weighted Stock Options: Balance at beginning of period 1,896,000 $ 0.22 1,896,000 $ 0.22 1,307,380 $ 0.22 Granted 170,000 0.23 60,000 0.17 640,000 0.21 Exercised (20,000) 0.32 - - - - Forfeited (74,000) 0.45 (60,000) 0.76 (51,380) 1.38 Balance at end of period 1,972,000 $ 0.19 1,896,000 $ 0.20 1,896,000 $ 0.21 Options exercisable at end of period 1,802,000 $ 0.18 1,836,000 $ 0.20 1,256,000 $ 0.22 Range of Exercise Price Number Outstanding at Weighted Average Remaining Weighted Average Number Exercisable at Weighted Average $.03 - $.33 1,792,000 4.9 0.14 1,652,000 0.14 $.45 - $.93 180,000 1.7 0.61 214,000 0.61 * 1,972,000 1,866,000 * Total number of options outstanding as of March 31, 2016 includes 240,000 645,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES The Company files separate tax returns in the United States and in Macau, China. The Macau Subsidiary has received approval from the Macau government to operate its business as a Macau Offshore Company (MOC), and is exempt from the Macau income tax. For the fiscal years ended March 31, 2016, 2015 and 2014, the Macau Subsidiary recorded no tax provision. The net operating loss carryforward is subject to an IRC Section 382 limitation. As of March 31, 2016, 2015 and 2014, The Singing Machine had net deferred tax assets before valuation allowances of approximately $ 2.4 3.0 3.2 0 0.7 0.8 2016 2015 2014 Income tax provision: Current: Federal $ - $ - $ - State - - - Total current Federal and State $ - $ - $ - Deferred: Federal $ (89,718) $ 80,836 $ (675,447) State (11,658) 11,865 (103,350) Total income tax (benefit) provision $ (101,376) $ 92,701 $ (778,797) 2016 2015 2014 United States $ 1,406,301 $ 161,255 $ (62,095) Foreign 195,713 101,604 287,614 $ 1,602,014 $ 262,859 $ 225,519 34 2016 2015 2014 Expected tax expense $ 544,684 $ 89,372 $ 76,676 State income taxes, net of Federal income tax benefit 19,420 (97) 7,815 Permanent differences 11,176 7,507 8,374 Deemed Dividend 80,207 37,563 108,864 Change in valuation allowance (708,385) (91,034) (820,040) Tax rate differential on foreign earnings (75,007) (39,272) (111,164) Other 26,529 88,662 (49,322) Actual tax (benefit) provision $ (101,376) $ 92,701 $ (778,797) 2016 2015 2014 Deferred tax assets: Federal net operating loss carryforward $ 1,481,531 $ 2,041,207 $ 2,076,141 State net operating loss carryforward 277,673 318,830 413,401 AMT credit carryforward 52,004 52,004 36,808 Inventory differences 443,749 431,744 490,716 Allowance for doubtful accounts 19,614 67,305 66,658 Reserve for sales returns 112,100 76,482 90,895 Stock option compensation expense 80,489 74,716 59,713 Stock warrants 38,863 39,194 39,193 Accrued Vacation 11,212 9,183 10,241 Total deferred tax assets 2,517,235 3,110,665 3,283,766 Deferred tax liability: Depreciation (108,704) (96,725) (86,091) Net deferred tax assets before valuation allowance 2,408,531 3,013,940 3,197,675 Valuation allowance - (708,385) (799,419) Net deferred tax assets $ 2,408,531 $ 2,305,555 $ 2,398,256 During the fiscal years ended March 31, 2016, March 31, 2015 and March 31, 2014, the Company released portions of the valuation allowance. The release of the valuation allowance was determined in accordance with the provisions of ASC 740, which require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. The analysis performed to assess the realizability of the deferred tax assets included an evaluation of the pattern and timing of the reversals of temporary differences and the length of carryback and carryforward periods available under the applicable federal and state laws; and the amount and timing of future taxable income. As of March 31, 2016 the analysis indicated that it is more likely than not that the deferred tax asset recorded will be realized. As a result, approximately $ 0.7 0.0 0.8 At March 31, 2016, the Company has federal tax net operating loss carryforwards in the amount of approximately $ 4.4 begin to expire in the year 2029 6.4 begin to expire beginning in 2025 The Company is no longer subject to income tax examinations for fiscal years before 2013. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 10 - SEGMENT INFORMATION The Company operates in one segment. The majority of sales to customers outside of the United States are made by the Macau Subsidiary. 2016 2015 2014 North America $ 46,100,000 $ 38,251,520 $ 31,379,629 Europe 2,277,434 810,049 - Australia 218,066 212,400 - South Africa 261,044 - - Others - 34,312 - $ 48,856,544 $ 39,308,281 $ 31,379,629 The geographic area of sales is based primarily on where the product was delivered. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11 - EMPLOYEE BENEFIT PLANS The Company has a 401(k) plan for its employees to which the Company makes contributions at rates dependent on the level of each employee's contributions. Contributions made by the Company are limited to the maximum allowable for federal income tax purposes. The amounts charged to operations for contributions to this plan and administrative costs during the years ended March 31, 2016, 2015, and 2014 totaled $ 48,993 36,802 27,869 |
CONCENTRATIONS OF CREDIT RISK,
CONCENTRATIONS OF CREDIT RISK, CUSTOMERS, AND SUPPLIERS | 12 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 12 - CONCENTRATIONS OF CREDIT RISK, CUSTOMERS, AND SUPPLIERS The Company derives a majority of its revenues from retailers of products in the United States. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of accounts receivable. The Company's allowance for doubtful accounts is based upon management's estimates and historical experience and reflects the fact that accounts receivable are concentrated with several large customers whose credit worthiness have been evaluated by management. At March 31, 2016, 60 60 61 14 Revenues derived from five customers in 2016, 2015, and 2014 were 76 77 74 25 23 10 27 20 11 26 17 11 Net sales derived from the Macau Subsidiary aggregated $ 6.3 5.0 9.3 The Company is dependent upon foreign companies for the manufacture of all of its electronic products. The Company's arrangements with manufacturers are subject to the risk of doing business abroad, such as import duties, trade restrictions, work stoppages, foreign currency fluctuations, political instability, and other factors, which could have an adverse impact on its business. The Company believes that the loss of any one or more of their suppliers would not have a long-term material adverse effect because other manufacturers with whom the Company does business would be able to increase production to fulfill their requirements. However, the loss of certain suppliers in the short-term could adversely affect business until alternative supply arrangements are secured. During fiscal years 2016, 2015, and 2014, manufacturers in the People's Republic of China accounted for 100 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 RELATED PARTY TRANSACTIONS DUE TO/FROM RELATED PARTIES On March 31, 2016 and 2015, the Company had $ 26,152 0 On March 31, 2016 and 2015 the Company had $ 400,000 583,247 6 16,179 0 0 802,959 NOTE PAYABLE In connection with the Revolving Line of Credit agreement there was a conversion of past due trade payables to a note payable of $ 1,100,000 696,612 1,100,000 6 63,921 46,494 SUBORDINATED DEBT In connection with the Revolving Credit Facility the Company was required to subordinate related party debt from and Starlight Marketing Development, Ltd. in the amount of $ 1,924,431 TRADE Approximately 15 During Fiscal 2016, 2015 and 2014 the Company sold approximately $ 0 285,000 1,861,000 16.5 14.8 During Fiscal 2016, 2015 and 2014 the Company received approximately $ 0 181,000 0 During Fiscal 2016, 2015 and 2014 the Company purchased products approximately $ 4,397,000 0 0 During Fiscal 2016, 2015 and 2014 the Company paid approximately $ 149,000 144,000 145,000 60,000 22,000 0 0 During Fiscal 2016, 2015 and 2014 the Company sold approximately $ 1,655,000 1,249,000 0 22.0 17.9 0.0 During Fiscal 2016, 2015 and 2014 the Company sold approximately $ 969,000 272,000 1,318,000 18.4 17.9 16.2 During Fiscal 2016, 2015 and 2014 the Company purchased products from Starlight Consumer Electronics USA, Inc, (“Starlight USA) an indirect wholly-owned subsidiary of Starlight International of approximately $ 198,000 1,640,000 8,012,000 6 9,000 4,000 0 In Fiscal 2016, 2015 and Fiscal 2014 the Company purchased products of approximately $ 509,000 4,626,000 0 211,000 49,000 2,000 6 0 18,000 0 In Fiscal 2016, 2015 and Fiscal 2014 the Company paid approximately $ 38,000 0 0 In Fiscal 2016, 2015 and Fiscal 2014 the Company purchased products from Star Fair Electronics Co., Ltd., a related company, of approximately $ 0 0 873,000 Effective April 1, 2015, SMC-L entered into a service and logistics agreement with Starlight R&D, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight USA, Cosmo and SEC’s domestic sales that expired March 31, 2016. For these services, Starlight R&D, Cosmo and SLE have agreed to reimburse the Company for actual warehouse space occupied by these companies at $ 0.096 108,000 Subsequent to our fiscal year ended March 31, 2016, SMC-L renewed the service and logistics agreement with Starlight R&D, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight R&D, Cosmo and SLE’s domestic sales effective April 1, 2016 and expiring on March 31, 2017 Effective April 1, 2014, SMC-L entered into a service and logistics agreement with Starlight Consumer Electronics (USA), Inc. (“Starlight USA”), an indirect wholly-owned subsidiary of Shihua (formerly Starlight International), Cosmo and SLE to provide logistics, fulfillment, and warehousing services for Starlight USA, Cosmo, and SEC’s domestic sales. For these services, Starlight USA, Cosmo and SLE agreed to reimburse the Company for actual warehouse space occupied by these companies at $ 8 141,000 Effective April 1, 2013, SMC-L entered into a service and logistics agreement with Starlight USA, Cosmo and SLE, to provide logistics, fulfillment, and warehousing services for Starlight USA, Cosmo and SLE’s domestic sales. For these services, Starlight USA, Cosmo and SLE have agreed to reimburse the Company for actual warehouse space occupied by these companies at $ 0.50 330,000 |
WARRANTY PROVISIONS
WARRANTY PROVISIONS | 12 Months Ended |
Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | NOTE 14 WARRANTY PROVISIONS A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the Consolidated Balance Sheets. : Fiscal Year Ended March 31, March 31, 2016 2015 Estimated return and allowance liabilities at beginning of year $ 197,873 $ 235,172 Costs accrued for new estimated returns and allowances 910,383 892,051 Return and allowance obligations honored (815,756) (929,350) Estimated return and allowance liabilities at end of year $ 292,500 $ 197,873 |
RESERVES
RESERVES | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | NOTE 15 RESERVES Balance at Charged to Reduction to Credited to Balance at Beginning of Costs and Allowance for Costs and End of Description Period Expenses Write off Expenses Period Year ended March 31, 2016 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 174,131 $ - $ (124,621) $ 1,669 $ 51,179 Deferred tax valuation allowance $ 708,385 $ - $ - $ (708,385) $ - Inventory reserve $ 421,000 $ 376,560 $ (37,560) $ - $ 760,000 Year ended March 31, 2015 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 172,465 $ 43,243 $ (40,291) $ (1,286) $ 174,131 Deferred tax valuation allowance $ 799,419 $ - $ (91,034) $ - $ 708,385 Inventory reserve $ 638,000 $ 250,000 $ (467,000) $ - $ 421,000 Year ended March 31, 2013 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 180,306 $ - $ (15,807) $ 7,966 $ 172,465 Deferred tax valuation allowance $ 1,619,459 $ - $ (820,040) $ - $ 799,419 Inventory reserve $ 503,000 $ 160,000 $ (25,000) $ - $ 638,000 |
QUARTERLY FINANCIAL DATA - UNAU
QUARTERLY FINANCIAL DATA - UNAUDITED | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 16 - QUARTERLY FINANCIAL DATA - UNAUDITED The following financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Sales Gross Profit Net Earnings Basic Diluted (In thousands) (In thousands) (In thousands) 2016 First quarter $ 3,467 $ 858 $ (495) $ (0.01) $ (0.01) Second quarter 21,061 4,951 1,071 0.03 0.03 Third quarter 20,667 5,601 2,007 0.05 0.05 Fourth quarter 3,662 509 (880) (0.03) (0.03) Fiscal Year 2016 $ 48,857 $ 11,919 $ 1,703 $ 0.04 $ 0.04 2015 First quarter $ 2,545 $ 516 $ (500) $ (0.01) $ (0.01) Second quarter 15,952 3,162 321 0.01 0.01 Third quarter 18,086 4,052 1,034 0.03 0.03 Fourth quarter 2,725 581 (685) (0.02) (0.02) Fiscal Year 2015 $ 39,308 $ 8,311 $ 170 $ 0.00 $ 0.00 2014 First quarter $ 1,414 $ 301 $ (541) $ (0.01) $ (0.01) Second quarter 10,835 2,403 324 0.01 0.01 Third quarter 16,815 4,107 821 0.02 0.02 Fourth quarter 2,316 296 400 0.01 0.01 Fiscal Year 2014 $ 31,380 $ 7,107 $ 1,004 $ 0.03 $ 0.03 |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Company, its Macau Subsidiary, SMC-L, and SMC-M. All inter-company accounts and transactions have been eliminated in consolidation for all periods presented. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The Singing Machine makes estimates and assumptions in the ordinary course of business relating to sales returns and allowances, warranty reserves, inventory reserves and reserves for promotional incentives that affect the reported amounts of assets and liabilities and of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be determined with absolute certainty; therefore, the determination of estimates requires the exercise of judgment. Historically, past changes to these estimates have not had a material impact on the Company's financial condition. However, circumstances could change which may alter future expectations. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | COLLECTIBILITY OF ACCOUNTS RECEIVABLE The Singing Machine's allowance for doubtful accounts is based on management's estimates of the creditworthiness of its customers, current economic conditions and historical information, and, in the opinion of management, is believed to be in an amount sufficient to respond to normal business conditions. Management sets 100 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY TRANSLATION The functional currency of the Macau Subsidiary is the Hong Kong dollar. The financial statements of the subsidiaries are translated to U.S. dollars using year-end rates of exchange for assets and liabilities, and average rates of exchange for the year for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions and translations were not material during the periods presented. |
Concentration of Credit Risk [Policy Text Block] | Concentration of Credit Risk At times, the Company maintains cash in United States bank accounts that are in excess of the Federal Deposit Insurance Corporation insured amounts. The Company maintains cash balances in foreign financial institutions. The amounts at foreign financial institutions at March 31, 2016 and March 31, 2015 are $ 21,256 23,794 |
Inventory, Policy [Policy Text Block] | INVENTORY Inventories are comprised primarily of electronic karaoke equipment, microphones and accessories, and are stated at the lower of cost or market, as determined using the first in, first out method. The Singing Machine reduces inventory on hand to its net realizable value on an item-by-item basis when it is apparent that the expected realizable value of an inventory item falls below its original cost. A charge to cost of sales results when the estimated net realizable value of specific inventory items declines below cost. Management regularly reviews the Company's investment in inventories for such declines in value. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | LONG-LIVED ASSETS The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. If the undiscounted future cash flows attributable to the related assets are less than the carrying amount, the carrying amounts are reduced to fair value and an impairment loss is recognized in accordance with FASB ASC 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY AND EQUIPMENT Property and equipment are stated at cost, less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to their estimated useful lives using accelerated and straight-line methods. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, Financial Instruments, which requires disclosures of information about the fair value of certain financial instruments for which it is practicable to estimate that value. For purposes of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts of the Company's short-term financial instruments, including accounts receivable, accounts payable, obligations to clients for returns and allowances, note payable to Ram Light Management, Ltd. (related party), subordinated debt to Starlight Marketing Development, Ltd. (related party) and net due to related parties approximates fair value due to the relatively short period to maturity for these instruments. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION Revenue from the sale of equipment, accessories, and musical recordings are recognized upon the later of: (a) the time of shipment or (b) when title passes to the customers and all significant contractual obligations have been satisfied and collection of the resulting receivable is reasonably assured. Net sales are comprised of gross sales net of actual and estimated future returns, discounts and volume rebates. The total returns represent 5.5 8.1 8.0 2.9 |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING COSTS Shipping and handling costs are classified as a component of selling expenses and those billed to customers are recorded as a reduction of expense in the consolidated statements of income. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK-BASED COMPENSATION The Company follows the provisions of the FASB ASC 718-20, “Compensation Stock Compensation Awards Classified as Equity”. ASC 718-20 requires all share-based payments to employees including grants of employee stock options, be measured at fair value and expensed in the consolidated statement of income over the service period (generally the vesting period). The Company uses the Black-Scholes option valuation model to value stock options. Employee stock option compensation expense in fiscal years 2016, 2015 and 2014 includes the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award. For the years ended March 31, 2016, 2015 and 2014, the stock option expense was $ 16,714 38,808 99,851 The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the assumptions outlined below. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. · For the year ended March 31, 2016: expected dividend yield 0 0.26 0.59 107.6 119.9 · For the year ended March 31, 2015: expected dividend yield 0 0.26 142.9 · For the year ended March 31, 2014: expected dividend yield 0 0.13 0.15 201.1 304.1 |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING Costs incurred for producing and publishing advertising of the Company are charged to operations the first time the advertising takes place. The Company has entered into cooperative advertising agreements with its major customers that specifically indicated that the customer has to spend the cooperative advertising fund upon the occurrence of mutually agreed events. The percentage of the cooperative advertising allowance ranges from 2 12 2,703,076 1,599,629 1,120,711 |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS All research and development costs are charged to results of operations as incurred. These expenses are shown as a component of selling, general and administrative expenses in the consolidated statements of income. For the years ended March 31, 2016, 2015 and 2014, these amounts totaled $ 196,847 114,526 200,551 |
Income Tax, Policy [Policy Text Block] | INCOME TAXES The Company follows the provisions of FASB ASC 740 "Accounting for Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. The Company also follows the provisions in FASB ASC 740, Accounting for Uncertainty in Income Taxes. ASC 740 defines a recognition threshold and measurement attribute for financial statement recognition and measurements of tax positions taken or expected to be taken in a tax return. As of March 31, 2016 this position did not result in any adjustment to the Company’s provision for income taxes. Additionally, in accordance with FASB ASC 740, the Company’s policy is to recognize interest or penalties related to income tax matters in the provision for income taxes. The Company currently has no liabilities recorded for accrued interest or penalties related to uncertain tax positions. As of March 31, 2016, the Company is subject to U.S. Federal income tax examinations for the tax years ended March 31, 2013 through March 31, 2016. |
Recent Accounting Pronouncements [Policy Text Block] | In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09 which outlines a single comprehensive model for companies to use when accounting for revenue arising from contracts with customers. The core principle of the revenue recognition model is that an entity recognizes revenue to depict the transfer of goods and 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. In order to achieve this core principle a company must apply the following steps in determining revenue recognition: · Identify the contract(s) with a customer · Identify the performance obligations in the contract. · Determine the transaction price. · Allocate the transaction price to the performance obligations in the contract. · Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this ASU are now effective for annual reporting periods beginning April 1, 2018 including interim periods within that reporting period with early application allowed beginning with reporting periods beginning April 1, 2017. Management is currently assessing whether the implementation of ASU 2014-09 will have any material effect on the company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes 1,139,000 449,000 In February 2016, the FASB issued ASU 2016-02, Leases. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are comprised of the following components: March 31, March 31, 2016 2015 Finished Goods $ 4,450,975 $ 7,869,167 Less: Inventory Reserve 760,000 421,000 Total Inventories $ 3,690,975 $ 7,448,167 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | A summary of property and equipment is as follows: USEFUL MARCH 31, MARCH 31, LIFE 2016 2015 Computer and office equipment 5 years $ 285,650 $ 285,650 Furniture and fixtures 7 years 4,312 4,312 Warehouse equipment 7 years 224,106 224,106 Molds and tooling 3-5 years 2,492,950 2,357,133 3,007,018 2,871,201 Less: Accumulated depreciation 2,576,416 2,404,630 $ 430,602 $ 466,571 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under property and equipment leases with terms exceeding one year as of March 31, 2016 are as follows: Operating Leases For fiscal year ending March 31, 2017 $ 551,516 2018 503,825 2019 519,518 2020 524,271 2021 218,447 $ 2,317,577 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity for each of the years presented is summarized below. Fiscal 2016 Fiscal 2015 Fiscal 2014 Number of Options Weighted Number of Weighted Number of Weighted Stock Options: Balance at beginning of period 1,896,000 $ 0.22 1,896,000 $ 0.22 1,307,380 $ 0.22 Granted 170,000 0.23 60,000 0.17 640,000 0.21 Exercised (20,000) 0.32 - - - - Forfeited (74,000) 0.45 (60,000) 0.76 (51,380) 1.38 Balance at end of period 1,972,000 $ 0.19 1,896,000 $ 0.20 1,896,000 $ 0.21 Options exercisable at end of period 1,802,000 $ 0.18 1,836,000 $ 0.20 1,256,000 $ 0.22 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about employee stock options outstanding at March 31, 2016: Range of Exercise Price Number Outstanding at Weighted Average Remaining Weighted Average Number Exercisable at Weighted Average $.03 - $.33 1,792,000 4.9 0.14 1,652,000 0.14 $.45 - $.93 180,000 1.7 0.61 214,000 0.61 * 1,972,000 1,866,000 * Total number of options outstanding as of March 31, 2016 includes 240,000 645,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2016, 2015 and 2014: 2016 2015 2014 Income tax provision: Current: Federal $ - $ - $ - State - - - Total current Federal and State $ - $ - $ - Deferred: Federal $ (89,718) $ 80,836 $ (675,447) State (11,658) 11,865 (103,350) Total income tax (benefit) provision $ (101,376) $ 92,701 $ (778,797) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The United States and foreign components of income (loss) before income taxes are as follows: 2016 2015 2014 United States $ 1,406,301 $ 161,255 $ (62,095) Foreign 195,713 101,604 287,614 $ 1,602,014 $ 262,859 $ 225,519 |
Schedule Of Difference Between Actual Tax Expenses And Expected Tax Expenses [Table Text Block] | The actual tax (benefit) provision differs from the "expected" tax expense for the years ended March 31, 2016, 2015 and 2014 (computed by applying the U.S. Federal Corporate tax rate of 34 2016 2015 2014 Expected tax expense $ 544,684 $ 89,372 $ 76,676 State income taxes, net of Federal income tax benefit 19,420 (97) 7,815 Permanent differences 11,176 7,507 8,374 Deemed Dividend 80,207 37,563 108,864 Change in valuation allowance (708,385) (91,034) (820,040) Tax rate differential on foreign earnings (75,007) (39,272) (111,164) Other 26,529 88,662 (49,322) Actual tax (benefit) provision $ (101,376) $ 92,701 $ (778,797) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows: 2016 2015 2014 Deferred tax assets: Federal net operating loss carryforward $ 1,481,531 $ 2,041,207 $ 2,076,141 State net operating loss carryforward 277,673 318,830 413,401 AMT credit carryforward 52,004 52,004 36,808 Inventory differences 443,749 431,744 490,716 Allowance for doubtful accounts 19,614 67,305 66,658 Reserve for sales returns 112,100 76,482 90,895 Stock option compensation expense 80,489 74,716 59,713 Stock warrants 38,863 39,194 39,193 Accrued Vacation 11,212 9,183 10,241 Total deferred tax assets 2,517,235 3,110,665 3,283,766 Deferred tax liability: Depreciation (108,704) (96,725) (86,091) Net deferred tax assets before valuation allowance 2,408,531 3,013,940 3,197,675 Valuation allowance - (708,385) (799,419) Net deferred tax assets $ 2,408,531 $ 2,305,555 $ 2,398,256 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Sales by geographic region for the period presented are as follows: 2016 2015 2014 North America $ 46,100,000 $ 38,251,520 $ 31,379,629 Europe 2,277,434 810,049 - Australia 218,066 212,400 - South Africa 261,044 - - Others - 34,312 - $ 48,856,544 $ 39,308,281 $ 31,379,629 |
WARRANTY PROVISIONS (Tables)
WARRANTY PROVISIONS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the Company’s obligations for return and allowance programs are presented in the following table : Fiscal Year Ended March 31, March 31, 2016 2015 Estimated return and allowance liabilities at beginning of year $ 197,873 $ 235,172 Costs accrued for new estimated returns and allowances 910,383 892,051 Return and allowance obligations honored (815,756) (929,350) Estimated return and allowance liabilities at end of year $ 292,500 $ 197,873 |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts [Table Text Block] | Data regarding asset reserves and allowances for Fiscal 2016, 2015, and 2014 are presented in the following table: Balance at Charged to Reduction to Credited to Balance at Beginning of Costs and Allowance for Costs and End of Description Period Expenses Write off Expenses Period Year ended March 31, 2016 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 174,131 $ - $ (124,621) $ 1,669 $ 51,179 Deferred tax valuation allowance $ 708,385 $ - $ - $ (708,385) $ - Inventory reserve $ 421,000 $ 376,560 $ (37,560) $ - $ 760,000 Year ended March 31, 2015 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 172,465 $ 43,243 $ (40,291) $ (1,286) $ 174,131 Deferred tax valuation allowance $ 799,419 $ - $ (91,034) $ - $ 708,385 Inventory reserve $ 638,000 $ 250,000 $ (467,000) $ - $ 421,000 Year ended March 31, 2013 Reserves deducted from assets to which they apply: Allowance for doubtful accounts $ 180,306 $ - $ (15,807) $ 7,966 $ 172,465 Deferred tax valuation allowance $ 1,619,459 $ - $ (820,040) $ - $ 799,419 Inventory reserve $ 503,000 $ 160,000 $ (25,000) $ - $ 638,000 |
QUARTERLY FINANCIAL DATA - UN32
QUARTERLY FINANCIAL DATA - UNAUDITED (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The quarterly unaudited results for the years 2016, 2015, and 2014 are set forth in the following table: Sales Gross Profit Net Earnings Basic Diluted (In thousands) (In thousands) (In thousands) 2016 First quarter $ 3,467 $ 858 $ (495) $ (0.01) $ (0.01) Second quarter 21,061 4,951 1,071 0.03 0.03 Third quarter 20,667 5,601 2,007 0.05 0.05 Fourth quarter 3,662 509 (880) (0.03) (0.03) Fiscal Year 2016 $ 48,857 $ 11,919 $ 1,703 $ 0.04 $ 0.04 2015 First quarter $ 2,545 $ 516 $ (500) $ (0.01) $ (0.01) Second quarter 15,952 3,162 321 0.01 0.01 Third quarter 18,086 4,052 1,034 0.03 0.03 Fourth quarter 2,725 581 (685) (0.02) (0.02) Fiscal Year 2015 $ 39,308 $ 8,311 $ 170 $ 0.00 $ 0.00 2014 First quarter $ 1,414 $ 301 $ (541) $ (0.01) $ (0.01) Second quarter 10,835 2,403 324 0.01 0.01 Third quarter 16,815 4,107 821 0.02 0.02 Fourth quarter 2,316 296 400 0.01 0.01 Fiscal Year 2014 $ 31,380 $ 7,107 $ 1,004 $ 0.03 $ 0.03 |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) | Mar. 31, 2016 |
Shihua [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 52.00% |
koncepts [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 49.00% |
Treasure Green [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 3.00% |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Line Items] | |||
Percentage Of Reserves For Customers | 100.00% | ||
Concentration Risk Credit Risk Cash Balance in Foreign Financial Institutions | $ 21,256 | $ 23,794 | |
Cooperative Advertising Allowance Minimum Percentage (in percentage) | 2.00% | ||
Cooperative Advertising Allowance Maximum Percentage (in percentage) | 12.00% | ||
Advertising Expense | $ 2,703,076 | 1,599,629 | $ 1,120,711 |
Research and Development Expense | $ 196,847 | $ 114,526 | $ 200,551 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.26% | 0.13% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.59% | 0.15% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 142.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 107.60% | 201.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 119.90% | 304.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.26% | ||
Stock or Unit Option Plan Expense | $ 16,714 | $ 38,808 | $ 99,851 |
Sales Revenue, Net [Member] | |||
Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 5.50% | 8.10% | 8.00% |
Vendor [Member] | Sales Revenue, Net [Member] | |||
Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 2.90% | ||
Accounting Standards Update 2015-17 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
Accounting Policies [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,139,000 | $ 449,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory [Line Items] | ||
Finished Goods | $ 4,450,975 | $ 7,869,167 |
Less: Inventory Reserve | 760,000 | 421,000 |
Total Inventories | $ 3,690,975 | $ 7,448,167 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,007,018 | $ 2,871,201 |
Less: Accumulated depreciation | 2,576,416 | 2,404,630 |
Property and equipment, net | 430,602 | 466,571 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 285,650 | 285,650 |
Average useful life (in years) | 5 years | |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,312 | 4,312 |
Average useful life (in years) | 7 years | |
Warehouse equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 224,106 | 224,106 |
Average useful life (in years) | 7 years | |
Molds and tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,492,950 | $ 2,357,133 |
Molds and tooling [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Average useful life (in years) | 3 years | |
Molds and tooling [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Average useful life (in years) | 5 years |
PROPERTY AND EQUIPMENT (Detai37
PROPERTY AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 171,785 | $ 130,254 | $ 168,138 |
OBLIGATIONS TO CLIENTS FOR RE38
OBLIGATIONS TO CLIENTS FOR RETURNS AND ALLOWANCES (Details Textual) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Obligations To Clients For Returns And Allowances [Line Items] | ||
Customer Refund Liability, Current | $ 121,092 | $ 399,419 |
LINE OF CREDIT (Details Textual
LINE OF CREDIT (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Sub Limits Description | The Revolving Credit Facility includes the following sub-limits: Letters of Credit to be issued limited to $3,000,000. Inventory availability limited to $4,000,000. Mandatory pay-down to $1,000,000 (excluding letters of credit) for any 30 consecutive days between February 1 and April 30. | ||
Line of Credit Facility, Description | Usage under the Revolving Credit Facility shall not exceed the sum of the following (the “Borrowing Base”): Up to 85% of the company’s eligible domestic and Canadian accounts receivable aged less than 60 days past due (not to exceed 90 days from invoice date, cross aged on the basis of 50% or more past due with certain specific accounts qualifying for up to 120 days from invoice date not to exceed 30 days from the due date; plus Up to the lesser of (a) 50% of the cost of eligible inventory or (b) 75% of net orderly liquidation value percentage of eligible inventory (annual inventory appraisals required); minus An all-time $500,000 block; minus Applicable reserves including a dilution reserve equal to 125% of the Company’s advertising and return accrual reserves. Dilution reserve not to exceed availability generated from eligible accounts receivable. | ||
Interest Expense, Borrowings | $ 142,332 | $ 163,017 | $ 0 |
Amortization of Financing Costs | $ 74,077 | 52,471 | 0 |
Unused lines of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||
Line of Credit Facility, Commitment Fee Amount | $ 19,552 | 13,283 | 0 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 2.00% | ||
Line of Credit Facility, Covenant Terms | The Revolving Credit Facility must comply with the following quarterly financial covenants to avoid default: Fixed charge coverage ratio test of 1.1:1 times measured on a rolling four quarter basis, defined as EBITDA less non-financed capital expenditures, cash dividends and distributions paid and cash taxes paid divided by the sum of interest and principal on all indebtedness. Capital expenditures limited to $150,000 per year. | ||
Debt Instrument, Maturity Date | Jul. 14, 2017 | ||
Debt Instrument, Term | 360 days | ||
Line Of Credit Facility Default Rate | 2.00% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
First Priority Security Ownership Interest Percentage | 100.00% | ||
First Priority Lien Percentage | 65.00% | ||
Ram Light Management, Ltd [Member] | |||
Line of Credit Facility [Line Items] | |||
Conversion Of Related Party Debt | $ 1,100,000 | ||
Interest Expense, Related Party | 63,921 | 46,494 | |
Repayments of Lines of Credit | 150,000 | ||
Starlight Marketing Development, Ltd [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Collateral Amount | 2,500,000 | ||
Debt Instrument, Collateral Fee | 222,000 | ||
Ram Light Note [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest Expense, Related Party | 63,921 | $ 46,495 | $ 0 |
Peak Selling Season Between August 1 And December 31 [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | 15,000,000 | ||
Peak Selling Season Between January 1 And July 31 [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 7,500,000 |
COMMITMENTS AND CONTINGENCIES40
COMMITMENTS AND CONTINGENCIES (Details) | Mar. 31, 2016USD ($) |
Commitments And Contingencies [Line Items] | |
2,017 | $ 551,516 |
2,018 | 503,825 |
2,019 | 519,518 |
2,020 | 524,271 |
2,021 | 218,447 |
Operating Leases, Future Minimum Payments Due | $ 2,317,577 |
COMMITMENTS AND CONTINGENCIES41
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 623,659 | $ 623,589 | $ 611,977 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||
Number of Options, Balance at beginning of period | 1,896,000 | 1,896,000 | 1,307,380 | |
Number of Options, Granted | 170,000 | 60,000 | 640,000 | |
Number of Options, Exercised | (20,000) | 0 | 0 | |
Number of Options, Forfeied | (74,000) | (60,000) | (51,380) | |
Number of Options, Balance at end of period | 1,972,000 | [1] | 1,896,000 | 1,896,000 |
Options exercisable at end of period | 1,802,000 | 1,836,000 | 1,256,000 | |
Weighted Average Exercise Price, Balance at beginning of period | $ 0.22 | $ 0.22 | $ 0.22 | |
Weighted Average Exercise Price, Granted | 0.23 | 0.17 | 0.21 | |
Weighted Average Exercise Price, Exercised | 0.32 | 0 | 0 | |
Weighted Average Exercise Price, Forfeited | 0.45 | 0.76 | 1.38 | |
Weighted Average Exercise Price, Balance at end of period | 0.19 | 0.22 | 0.22 | |
Weighted Average Exercise Price, Options exercisable at end of period | $ 0.18 | $ 0.20 | $ 0.22 | |
[1] | Total number of options outstanding as of March 31, 2016 includes 240,000 options issued on March 31, 2016, 2015 and 2014 to three directors as compensation and 645,000 options issue to key employees on July 1, 2013 that were not issued from the Plan. |
SHAREHOLDERS' EQUITY (Details 1
SHAREHOLDERS' EQUITY (Details 1) - $ / shares | 12 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Number Outstanding | 1,972,000 | [1] | 1,896,000 | 1,896,000 | 1,307,380 | |
Stock Option Outstanding Number Exercisable | [1] | 1,866,000 | ||||
Stock Option One [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Number Outstanding | 1,792,000 | |||||
Stock Option Outstanding Weighted Average Remaining Contractural Life | 4 years 10 months 24 days | |||||
Stock Option Outstanding Weighted Average Exercise Price | $ 0.14 | |||||
Stock Option Outstanding Number Exercisable | 1,652,000 | |||||
Stock Option Outstanding Weighted Average Exercise Price | $ 0.14 | |||||
Stock Option One [Member] | Minimum [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Outstanding Range of Exercise Price | 0.03 | |||||
Stock Option One [Member] | Maximum [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Outstanding Range of Exercise Price | $ 0.33 | |||||
Stock Option Two [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Number Outstanding | 180,000 | |||||
Stock Option Outstanding Weighted Average Remaining Contractural Life | 1 year 8 months 12 days | |||||
Stock Option Outstanding Weighted Average Exercise Price | $ 0.61 | |||||
Stock Option Outstanding Number Exercisable | 214,000 | |||||
Stock Option Outstanding Weighted Average Exercise Price | $ 0.61 | |||||
Stock Option Two [Member] | Minimum [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Outstanding Range of Exercise Price | 0.45 | |||||
Stock Option Two [Member] | Maximum [Member] | ||||||
Share-based Compensation, Stock Options, Activity [Line Items] | ||||||
Stock Options Outstanding Range of Exercise Price | $ 0.93 | |||||
[1] | Total number of options outstanding as of March 31, 2016 includes 240,000 options issued on March 31, 2016, 2015 and 2014 to three directors as compensation and 645,000 options issue to key employees on July 1, 2013 that were not issued from the Plan. |
SHAREHOLDERS' EQUITY (Details T
SHAREHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 22, 2016 | Aug. 10, 2015 | Sep. 05, 2014 | Jul. 23, 2013 | |
Shareholders' Equity [Line Items] | ||||||||
Dilutive Potential Securities | 1,580,000 | 880,000 | 820,000 | |||||
Stock Issued During Period, Shares, New Issues | 1,802,000 | 1,836,000 | 1,256,000 | |||||
Board Of Directors [Member] | ||||||||
Shareholders' Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 20,000 | |||||||
Common Stock, Par Or Stated Value Per Share | $ 0.32 | |||||||
Preferred Stock, Shares Subscribed but Unissued, Subscriptions Receivable | $ 6,400 | |||||||
Key Employees [Member] | ||||||||
Shareholders' Equity [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 645,000 | |||||||
Annual Director Compensation Plan [Member] | ||||||||
Shareholders' Equity [Line Items] | ||||||||
Common Stock, Shares, Issued | 44,118 | 46,875 | 41,667 | |||||
Common Stock, Par Or Stated Value Per Share | $ 0.17 | $ 0.16 | $ 0.18 | |||||
Three directors compensation plan [Member] | ||||||||
Shareholders' Equity [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 240,000 | 240,000 | 240,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 0 | 0 | 0 |
Total current Federal and State | 0 | 0 | 0 |
Deferred: | |||
Federal | (89,718) | 80,836 | (675,447) |
State | (11,658) | 11,865 | (103,350) |
Total income tax (benefit) provision | $ (101,376) | $ 92,701 | $ (778,797) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income before Income Tax, Domestic and Foreign [Line Items] | |||
United States | $ 1,406,301 | $ 161,255 | $ (62,095) |
Foreign | 195,713 | 101,604 | 287,614 |
Net Income (Loss) before income tax benefit | $ 1,602,014 | $ 262,859 | $ 225,519 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Difference Between Actual Tax Expenses And Expected Tax Expenses [Line Items] | |||
Expected tax expense | $ 544,684 | $ 89,372 | $ 76,676 |
State income taxes, net of Federal income tax benefit | 19,420 | (97) | 7,815 |
Permanent differences | 11,176 | 7,507 | 8,374 |
Deemed Dividend | 80,207 | 37,563 | 108,864 |
Change in valuation allowance | (708,385) | (91,034) | (820,040) |
Tax rate differential on foreign earnings | (75,007) | (39,272) | (111,164) |
Other | 26,529 | 88,662 | (49,322) |
Actual tax (benefit) provision | $ (101,376) | $ 92,701 | $ (778,797) |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax assets: | |||
Federal net operating loss carryforward | $ 1,481,531 | $ 2,041,207 | $ 2,076,141 |
State net operating loss carryforward | 277,673 | 318,830 | 413,401 |
AMT credit carryforward | 52,004 | 52,004 | 36,808 |
Inventory differences | 443,749 | 431,744 | 490,716 |
Allowance for doubtful accounts | 19,614 | 67,305 | 66,658 |
Reserve for sales returns | 112,100 | 76,482 | 90,895 |
Stock option compensation expense | 80,489 | 74,716 | 59,713 |
Stock warrants | 38,863 | 39,194 | 39,193 |
Accrued Vacation | 11,212 | 9,183 | 10,241 |
Total deferred tax assets | 2,517,235 | 3,110,665 | 3,283,766 |
Deferred tax liability: | |||
Depreciation | (108,704) | (96,725) | (86,091) |
Net deferred tax assets before valuation allowance | 2,408,531 | 3,013,940 | 3,197,675 |
Valuation allowance | 0 | (708,385) | (799,419) |
Net deferred tax assets | $ 2,408,531 | $ 2,305,555 | $ 2,398,256 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | |||
Valuation allowance | $ 0 | $ 708,385 | $ 799,419 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 700,000 | 0 | 800,000 |
Deferred Income Tax Asset Liability Net | 2,408,531 | $ 3,013,940 | $ 3,197,675 |
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 4,400,000 | ||
Operating Loss Carry Forwards Expiration Period | begin to expire in the year 2029 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 6,400,000 | ||
Operating Loss Carry Forwards Expiration Period | begin to expire beginning in 2025 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | $ 3,662,000 | $ 20,667,000 | $ 21,061,000 | $ 3,467,000 | $ 2,725,000 | $ 18,086,000 | $ 15,952,000 | $ 2,545,000 | $ 2,316,000 | $ 16,815,000 | $ 10,835,000 | $ 1,414,000 | $ 48,856,544 | $ 39,308,281 | $ 31,379,629 |
North America [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 46,100,000 | 38,251,520 | 31,379,629 | ||||||||||||
Europe [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 2,277,434 | 810,049 | 0 | ||||||||||||
AUSTRALIA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 218,066 | 212,400 | 0 | ||||||||||||
South Africa [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 261,044 | 0 | 0 | ||||||||||||
Others [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | $ 0 | $ 34,312 | $ 0 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Administrative Expenses | $ 48,993 | $ 36,802 | $ 27,869 |
CONCENTRATIONS OF CREDIT RISK52
CONCENTRATIONS OF CREDIT RISK, CUSTOMERS, AND SUPPLIERS (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Concentration Risk [Line Items] | |||||||||||||||
Sales Revenue, Goods, Net | $ 3,662,000 | $ 20,667,000 | $ 21,061,000 | $ 3,467,000 | $ 2,725,000 | $ 18,086,000 | $ 15,952,000 | $ 2,545,000 | $ 2,316,000 | $ 16,815,000 | $ 10,835,000 | $ 1,414,000 | $ 48,856,544 | $ 39,308,281 | $ 31,379,629 |
Total Product Purchases Percentage | 100.00% | 100.00% | 100.00% | ||||||||||||
North America [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Sales Revenue, Goods, Net | $ 46,100,000 | $ 38,251,520 | $ 31,379,629 | ||||||||||||
MACAU | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Sales Revenue, Goods, Net | $ 6,300,000 | $ 5,000,000 | $ 9,300,000 | ||||||||||||
Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 5.50% | 8.10% | 8.00% | ||||||||||||
Total Five Customers [Member] | Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 76.00% | 77.00% | 74.00% | ||||||||||||
Customer One [Member] | Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 25.00% | 23.00% | 10.00% | ||||||||||||
Customer One [Member] | Accounts Receivable [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 60.00% | 61.00% | |||||||||||||
Customer One [Member] | Accounts Receivable [Member] | North America [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 60.00% | ||||||||||||||
Customer Two [Member] | Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 27.00% | 20.00% | 11.00% | ||||||||||||
Customer Two [Member] | Accounts Receivable [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 14.00% | ||||||||||||||
Customer Three [Member] | Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk [Line Items] | |||||||||||||||
Concentration Risk, Percentage | 26.00% | 17.00% | 11.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Due from Related Parties, Current | $ 26,152 | $ 0 | |
Starlight Electronics Co., Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | 0 | $ 285,000 | $ 1,861,000 |
Related Party Gross Margin Percentage (in percentage) | 16.50% | 14.80% | |
Reimbursement Paid | 149,000 | $ 144,000 | $ 145,000 |
Licenses Revenue | 0 | 181,000 | 0 |
Related Party Purchases Of Services From Related Party Transaction | 4,397,000 | 0 | 0 |
Payments For Non Recurring Engineering Fees | 22,000 | 0 | 0 |
Starlight Consumer Electronics USA, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Purchases From Related Party Transaction One | 198,000 | 1,640,000 | 8,012,000 |
Reimbursement Revenue | 60,000 | 60,000 | 60,000 |
Interest Expense, Related Party | $ 9,000 | 4,000 | 0 |
Interest Rate On Goods And Services | 6.00% | ||
Starlight Marketing Development, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 1,924,431 | 1,924,431 | |
Star Fair Electronics Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 0 | 0 | 873,000 |
Starlight Rd, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Purchases From Related Party Transaction One | 509,000 | 4,626,000 | 0 |
Interest Expense, Related Party | $ 0 | 18,000 | 0 |
Interest Rate On Goods And Services | 6.00% | ||
Related Party Purchases Of Services From Related Party Transaction | $ 211,000 | 49,000 | 2,000 |
Cosmo Communications Usa, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 969,000 | $ 272,000 | $ 1,318,000 |
Related Party Gross Margin Percentage (in percentage) | 18.40% | 17.90% | 16.20% |
Winglight Pacific, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 1,655,000 | $ 1,249,000 | $ 0 |
Related Party Gross Margin Percentage (in percentage) | 22.00% | 17.90% | 0.00% |
SEC, Cosmo USA and Starlight Electronics USA [Member] | |||
Related Party Transaction [Line Items] | |||
Warehouse Space Per Pallet | $ 8 | ||
Starlight USA, Cosmo and SLE [Member] | |||
Related Party Transaction [Line Items] | |||
Warehouse space Square Foot Value | $ 0.50 | ||
Reimbursement Revenue | $ 141,000 | $ 330,000 | |
Starlight RD, Cosmo and SLE [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from Fees Received | $ 108,000 | ||
Agreement Expiration Date | Mar. 31, 2017 | ||
Warehouse space Square Foot Value | $ 0.096 | ||
Merrygain Holding Company [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from Fees Received | 38,000 | 0 | $ 0 |
Ram Light Management, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Interest Expense, Related Party | 63,921 | 46,494 | |
Due To Related Parties, Current | $ 400,000 | 583,247 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Debt Instrument, Periodic Payment, Interest | $ 16,179 | 0 | |
Due to Other Related Parties, Classified, Current | 0 | 802,959 | |
Debt Conversion, Converted Instrument, Amount | 1,100,000 | ||
Notes Payable, Related Parties, Current | $ 696,612 | $ 496,496 |
WARRANTY PROVISIONS (Details)
WARRANTY PROVISIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Warranty Provisions [Line Items] | ||
Estimated return and allowance liabilities at beginning of year | $ 197,873 | $ 235,172 |
Costs accrued for new estimated returns and allowances | 910,383 | 892,051 |
Return and allowance obligations honored | (815,756) | (929,350) |
Estimated return and allowance liabilities at end of year | $ 292,500 | $ 197,873 |
WARRANTY PROVISIONS (Details Te
WARRANTY PROVISIONS (Details Textual) | 12 Months Ended |
Mar. 31, 2016 | |
Warranty Provisions [Line Items] | |
Standard Product Warranty Description | Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. |
RESERVES (Details)
RESERVES (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 174,131 | $ 172,465 | $ 180,306 |
Charged to Costs and Expenses | 0 | 43,243 | 0 |
Reduction to Allowance for Write off | (124,621) | (40,291) | (15,807) |
Credited to Costs and Expenses | 1,669 | (1,286) | 7,966 |
Balance at End of Period | 51,179 | 174,131 | 172,465 |
Deferred Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 708,385 | 799,419 | 1,619,459 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Reduction to Allowance for Write off | 0 | (91,034) | (820,040) |
Credited to Costs and Expenses | (708,385) | 0 | 0 |
Balance at End of Period | 0 | 708,385 | 799,419 |
Inventory Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 421,000 | 638,000 | 503,000 |
Charged to Costs and Expenses | 376,560 | 250,000 | 160,000 |
Reduction to Allowance for Write off | (37,560) | (467,000) | (25,000) |
Credited to Costs and Expenses | 0 | 0 | 0 |
Balance at End of Period | $ 760,000 | $ 421,000 | $ 638,000 |
QUARTERLY FINANCIAL DATA - UN57
QUARTERLY FINANCIAL DATA - UNAUDITED (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Quarterly Financial Data [Line Items] | |||||||||||||||
Sales | $ 3,662,000 | $ 20,667,000 | $ 21,061,000 | $ 3,467,000 | $ 2,725,000 | $ 18,086,000 | $ 15,952,000 | $ 2,545,000 | $ 2,316,000 | $ 16,815,000 | $ 10,835,000 | $ 1,414,000 | $ 48,856,544 | $ 39,308,281 | $ 31,379,629 |
Gross Profit | 509,000 | 5,601,000 | 4,951,000 | 858,000 | 581,000 | 4,052,000 | 3,162,000 | 516,000 | 296,000 | 4,107,000 | 2,403,000 | 301,000 | 11,918,890 | 8,311,070 | 7,106,591 |
Net Earnings (Loss) | $ (880,000) | $ 2,007,000 | $ 1,071,000 | $ (495,000) | $ (685,000) | $ 1,034,000 | $ 321,000 | $ (500,000) | $ 400,000 | $ 821,000 | $ 324,000 | $ (541,000) | $ 1,703,390 | $ 170,158 | $ 1,004,316 |
Basic Earnings (Loss) Per Share (in dollars per share) | $ (0.03) | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.02) | $ 0.03 | $ 0.01 | $ (0.01) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.04 | $ 0 | $ 0.03 |
Diluted Earnings (Loss) Per Share (in dollars per share) | $ (0.03) | $ 0.05 | $ 0.03 | $ (0.01) | $ (0.02) | $ 0.03 | $ 0.01 | $ (0.01) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.01) | $ 0.04 | $ 0 | $ 0.03 |