ACCRUED EXPENSES

12 Months Ended

Mar. 31, 2014

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 7 - ACCRUED EXPENSES

Accrued expenses included the following as of March 31:

	2014		2013
Accrued compensation	$	320,419	$	668,038
Interest rate swaps market value	231,783		388,982
Provision for contract losses	3,259,103		270,172
Other	81,723		547,732
Total	$	3,893,028	$	1,874,924

Our loss provision includes approximately $2.7 million for estimated contract losses in connection with a certain customer purchase agreement. We filed a demand for arbitration under the contract to recover damages, together with attorney’s fees, interest and costs subsequent to the customer’s request to reduce the number of units ordered under the purchase agreement (See Note 19).