Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Components of income tax expense

The components of income tax expense for the years ended March 31 consist of the following:

	2015		2014		2013
Income tax provision:
Current:
U.S. and State	$	7,970	$	13,184	$	14,721
Foreign		54,901		45,078		31,159
Deferred:
Foreign		2,635		13,637		4,890
Total income tax expense	$	65,506	$	71,899	$	50,770

Income tax expense differs from statutory federal income tax benefit

Actual income tax expense differs from statutory federal income tax benefit for the years ended March 31 as follows:

	2015			2014			2013
Statutory federal income tax benefit	$	(2,600,322	)	$	(1,798,742	)	$	(1,110,611	)
State tax benefit, net of federal taxes		(209,592	)		(125,308	)		(82,462	)
Foreign tax		(39,681	)		(38,832	)		(27,433	)
Nondeductible expenses – other		126,158			121,817			110,725
Nondeductible expenses – transaction costs		462,179
Subpart F income		32,683			35,309			33,306
Valuation allowance increase		2,477,900			1,006,587			1,035,135
Stock compensation		132,091			267,020			(154,641	)
NOL expiration		(52,888	)		307,295			-
Other		(263,026	)		296,753			246,751
Total income tax expense	$	65,506		$	71,899		$	50,770

Deferred tax assets (liabilities)

Deferred taxes at March 31 consist of the following:

	2015			2014
Deferred tax assets (liabilities):
Depreciation	$	400,427		$	126,223
Amortization		(5,086,267	)		21,120
Pension liability		199,194			149,684
Stock based compensation		1,623,934			691,263
Inventory		183,882			-
Debt discount		(1,881,232	)		-
Other reserves and accruals		575,903			140,643
Undistributed foreign earnings		(429,399	)		(344,590	)
Foreign tax credits		67,516			67,516
Net operating losses		19,885,322			12,487,455
	$	15,539,280		$	13,339,314
Less valuation allowance		(15,340,086	)		(13,189,621	)
	$	199,194		$	149,693