14. INCOME TAXES

The domestic and foreign (“Belgium”, “German”, “Italian”, Hong Kong and China) components of income (loss) before income taxes and minority interest were comprised of the following:

	March 31, 2015		March 31, 2014
Domestic	$	(121,369)	$	(97,114)
Foreign		285,412		621,622
	$	164,043	$	524,508

The Company’s domestic and foreign components of deferred income taxes are as follows:

	March 31, 2015		March 31, 2014
Domestic — Net operating loss carryforward	$	7,940,847	$	7,898,368
Foreign — Net operating loss carryforward		211,692		311,586
Total		8,152,539		8,209,954
Valuation allowance		(8,152,539)		(8,209,954)
Net deferred tax assets	$	—	$	—

Because of the uncertainty surrounding the timing of realizing the benefits of favorable tax attributes in future income tax returns, the Company has placed a valuation allowance against its deferred income tax assets.

The principal reasons for the difference between the income tax (benefit) and the amounts computed by applying the statutory income tax rates to the income (loss) for the year ended March 31, 2015 and March 31, 2014 are as follows:

	March 31, 2015			March 31, 2014
Domestic
Pre tax income (loss)	$	(121,369)		$	(97,114)
Statutory tax rate		35	%		35	%
Tax benefit based upon statutory rate		(42,479)			(33,990)
Valuation allowance		42,479			33,990
Net domestic income tax (benefit)		—			—
Foreign
Pre tax income (loss)		285,412			621,622
Statutory tax rate		35	%		35	%
Tax expense (benefit) based upon statutory rate		99,894			217,567
Permanent differences		(99,894)			(217,567)
		—			—
Net foreign income tax expense		30,565			—
Total Income tax	$	30,565		$	—