INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of income tax expense (benefit) from continuing operations for the Company are as follows:

	2015		2014
Current (benefit) expense
U.S. Federal	$	(25,000)	$	-
U.S. State		-		-
Deferred (benefit) expense		-		2,310,835
Total income tax (benefit) expense	$	(25,000)	$	2,310,835

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation between the statutory federal income tax provision and the actual effective tax provision for continuing operations is as follows:

	Years ended March 31,
	2015		2014
Federal tax (benefit) at statutory rate (34%) before loss carry-forward	$	(1,193,309)	$	(749,936)
Non-repatriated loss (earnings) of Hong Kong Joint Venture		346,832		218,452
Permanent differences		32,713		26,281
State income tax expense – net of federal effect		(81,738)		(50,658)
True-up adjustments and allowance		870,502		2,866,696
Income tax (benefit) expense	$	(25,000)	$	2,310,835

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The individual components of the Company’s deferred tax assets are as follows:

	March 31,
	2015		2014
Deferred tax assets:
Financial statement accruals and allowances	$	57,965	$	63,321
Inventory uniform capitalization		28,250		45,885
Net operating loss carry forward		2,389,602		1,433,185
Foreign tax credit carry forward		1,190,390		1,516,111
Research and development tax credit carry forward		61,701		61,701
Allowance for unrealizable deferred tax assets		(3,727,908)		(3,120,203)
Net deferred tax asset	$	-	$	-