COMMITMENTS	12 Months Ended
Mar. 31, 2015
COMMITMENTS
COMMITMENTS	NOTE 16 – COMMITMENTS Leases On November 17, 2010, we entered into that certain Lease Agreement, dated November 17, 2010, or the prior lease, with Center Valley Parkway Associates, L.P., or the prior landlord, to lease approximately 3,200 square feet of office space in Center Valley, Pennsylvania which we used as our corporate headquarters. We took possession of the office space on April 1, 2011. In addition to the base rent, we paid the prior landlord certain operating expenses and other fees in accordance with the terms of the prior lease. At March 31, 2014 we recorded a liability for deferred rent of $12,778 reflecting the difference between the expense recorded in our Consolidated Statement of Operations and Comprehensive Loss and the monthly rent cash payments paid to the prior landlord. On March 3, 2015, we entered into a lease termination agreement pursuant to which the Company and prior landlord agreed to terminate without penalty the prior lease. As a result of the agreement, the prior lease was terminated on, and we vacated our corporate offices in Center Valley, Pennsylvania on March 15, 2015. We sold or retired substantially all of the furniture and fixtures at the Center Valley location. A loss of $81,340 was recognized on the retirement and is recorded in general and administrative expense in our Consolidated Statement of Operations and Comprehensive Loss. The Company agreed to reimburse the prior landlord for certain expenses it will incur in connection with re-leasing the Center Valley property. Other than as described above, there is no relationship between the Company and the prior landlord. On March 6, 2015, we entered into a new office lease, or the Newtown Square Lease, with CLA Building Associates, L.P., or CLA, pursuant to which the Company leases approximately 4,000 square feet located at 2 Campus Boulevard, Newtown Square, Pennsylvania, the Newtown Square Property. The initial term of the Newtown Square Lease commenced on March 15, 2015 and will expire on September 15, 2015, unless sooner if terminated in accordance with the terms of the Newtown Square Lease. The monthly base rent for the Newtown Square Property is $2,400 per month, for an aggregate amount of $14,400 during the initial term of Newtown Square Lease, in addition to payments for electricity and gas (on a proportionate ratio basis for the entire building). The Company and CLA each have the right to terminate the Newtown Square Lease upon 45 days written notice to the other party though CLA can only exercise this right if it is able to lease the Newtown Square Property to another party for a term longer than the term of the Newtown Square Lease. Other than as described above, there is no relationship between the Company and the CLA. We also lease approximately 1,000 square feet of office space in Wuxi, China. The annual rental cost is approximately $4,000 and the lease expires on November, 2016. The lease can be renewed on an annual basis. Rent expense for all operating leases for the fiscal years ended March 31, 2015 and 2014 was $69,397 and $104,047, respectively. Future minimum lease payments required under non-cancellable operating leases in the aggregate, at March 31, 2015, totaled $22,215. The totals for each annual period ended on March 31, 2016 and 2017 are $18,308 and $3,907, respectively. As of March 31, 2015, we had $0.9 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase raw materials and supplies at fixed prices. Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2015 for future executive salaries during the fiscal year ending March 31, 2016, including fiscal 2015 bonuses payable after March 31, 2015, was approximately $0.9 million. The aggregate commitment at March 31, 2015 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees.

NOTE 16 – COMMITMENTS

Leases

On November 17, 2010, we entered into that certain Lease Agreement, dated November 17, 2010, or the prior lease, with Center Valley Parkway Associates, L.P., or the prior landlord, to lease approximately 3,200 square feet of office space in Center Valley, Pennsylvania which we used as our corporate headquarters. We took possession of the office space on April 1, 2011. In addition to the base rent, we paid the prior landlord certain operating expenses and other fees in accordance with the terms of the prior lease. At March 31, 2014 we recorded a liability for deferred rent of $12,778 reflecting the difference between the expense recorded in our Consolidated Statement of Operations and Comprehensive Loss and the monthly rent cash payments paid to the prior landlord.

On March 3, 2015, we entered into a lease termination agreement pursuant to which the Company and prior landlord agreed to terminate without penalty the prior lease. As a result of the agreement, the prior lease was terminated on, and we vacated our corporate offices in Center Valley, Pennsylvania on March 15, 2015. We sold or retired substantially all of the furniture and fixtures at the Center Valley location. A loss of $81,340 was recognized on the retirement and is recorded in general and administrative expense in our Consolidated Statement of Operations and Comprehensive Loss. The Company agreed to reimburse the prior landlord for certain expenses it will incur in connection with re-leasing the Center Valley property. Other than as described above, there is no relationship between the Company and the prior landlord.

On March 6, 2015, we entered into a new office lease, or the Newtown Square Lease, with CLA Building Associates, L.P., or CLA, pursuant to which the Company leases approximately 4,000 square feet located at 2 Campus Boulevard, Newtown Square, Pennsylvania, the Newtown Square Property. The initial term of the Newtown Square Lease commenced on March 15, 2015 and will expire on September 15, 2015, unless sooner if terminated in accordance with the terms of the Newtown Square Lease. The monthly base rent for the Newtown Square Property is $2,400 per month, for an aggregate amount of $14,400 during the initial term of Newtown Square Lease, in addition to payments for electricity and gas (on a proportionate ratio basis for the entire building). The Company and CLA each have the right to terminate the Newtown Square Lease upon 45 days written notice to the other party though CLA can only exercise this right if it is able to lease the Newtown Square Property to another party for a term longer than the term of the Newtown Square Lease. Other than as described above, there is no relationship between the Company and the CLA.

We also lease approximately 1,000 square feet of office space in Wuxi, China. The annual rental cost is approximately $4,000 and the lease expires on November, 2016. The lease can be renewed on an annual basis.

Rent expense for all operating leases for the fiscal years ended March 31, 2015 and 2014 was $69,397 and $104,047, respectively.

Future minimum lease payments required under non-cancellable operating leases in the aggregate, at March 31, 2015, totaled $22,215. The totals for each annual period ended on March 31, 2016 and 2017 are $18,308 and $3,907, respectively.

As of March 31, 2015, we had $0.9 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase raw materials and supplies at fixed prices.

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2015 for future executive salaries during the fiscal year ending March 31, 2016, including fiscal 2015 bonuses payable after March 31, 2015, was approximately $0.9 million. The aggregate commitment at March 31, 2015 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees.