Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net Income $ 320,095 $ 4,298,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 476,548 247,643
Gain on disposal of fixed assets (19,391)  
Common stock issued for services   168,004
Bad debt expense 86,494  
Stock options issued for services 325,334 712,820
Unrealized foreign exchange gain   (128,429)
Changes in operating assets and liabilities:    
Changes in accounts receivable 2,567,419 (5,961,481)
Changes in income tax receivable (59,886)  
Changes in inventories 1,600,797 (1,634,627)
Changes in prepaid expenses (262,547) (200,631)
Changes in deferred tax asset (73,268) 79,208
Changes in accounts payable and accrued liabilities 373,484 2,329,740
Changes in income taxes payable (193,908) 1,448,850
Net Cash Provided by Operating Activities 5,141,171 1,360,004
INVESTING ACTIVITIES    
Proceeds from disposal of equipment 119,935  
Purchase of fixed assets (28,572) (3,720,259)
Net Cash Provided by (Used in) Investing Activities 91,363 (3,720,259)
FINANCING ACTIVITIES    
Proceeds from stock issued for cash   18,000,000
Stock offering costs   (1,529,057)
Value of equity awards surrendered by employees for tax liability (39,243)  
Stock issued in exercise of stock options   134,711
Net Cash Provided by (Used in) Financing Activities (39,243) 16,605,654
Effect of exchange rate changes on cash (383,797) (30,249)
NET INCREASE IN CASH 4,809,494 14,215,150
CASH AT BEGINNING OF PERIOD 14,144,796 4,456,674
CASH AT END OF PERIOD 18,954,290 $ 18,671,824
CASH PAID FOR:    
Income taxes $ 292,082