XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Mar. 31, 2012
ASSETS    
Cash $ 1,270,393 $ 3,186,274
Accounts receivable:    
Trade less allowance for doubtful accounts of approximately $57,000 at September 30, 2012 and $70,000 at March 31, 2012 258,889 229,027
Notes receivable - employees 67,086 68,230
Receivable from Hong Kong Joint Venture 579,346 584,594
Accounts, Notes, Loans and Financing Receivable, Net, Current 905,321 881,851
Amount due from factor 1,648,568 1,719,731
Inventories, net of allowance for obsolete inventory of $70,000 at September 30, 2012 and March 31, 2012 6,453,652 5,398,540
Prepaid expenses 537,432 599,876
TOTAL CURRENT ASSETS 10,815,366 11,786,272
DEFERRED TAX ASSET 2,532,583 2,394,801
INVESTMENT IN HONG KONG JOINT VENTURE 12,899,043 13,083,493
PROPERTY AND EQUIPMENT - NET 163,322 176,144
INTANGIBLE ASSET - NET 82,726 84,962
OTHER ASSETS 40,134 40,134
TOTAL ASSETS 26,533,174 27,565,806
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable 606,434 673,524
Accounts payable Hong Kong Joint Venture 166,368 449,430
Accrued liabilities:    
Payroll and employee benefits 78,965 111,974
Commissions and other 66,760 58,837
TOTAL CURRENT LIABILITIES 918,527 1,293,765
Long-term obligation - other 25,000 25,000
COMMITMENTS AND CONTINGENCIES 0 0
SHAREHOLDERS' EQUITY    
Common stock, $.01 par value per share; authorized 20,000,000 shares; 2,312,759 shares issued and outstanding at September 30, 2012 and 2,336,354 at March 31, 2012, respectively 23,128 23,364
Additional paid-in capital 12,809,389 12,885,756
Retained earnings 12,757,130 13,337,921
TOTAL SHAREHOLDERS' EQUITY 25,589,647 26,247,041
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,533,174 $ 27,565,806