Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
REVENUES        
Sales of goods, net $ 6,515,584 $ 11,695,016 $ 20,019,400 $ 38,640,246
Sales of services, net 1,038,671 821,683 2,509,392 2,742,219
Total Revenues 7,554,255 12,516,699 22,528,792 41,382,465
COST OF SALES        
Cost of goods sold-product 2,833,909 5,299,912 9,247,014 16,837,531
Cost of goods sold-services 722,288 674,192 1,941,819 2,015,796
Total Cost of Goods Sold 3,556,197 5,974,104 11,188,833 18,853,327
GROSS PROFIT 3,998,058 6,542,595 11,339,959 22,529,138
OPERATING EXPENSES        
General and administrative expenses 1,800,491 2,446,896 5,439,067 7,722,366
Research and development 348,874 521,814 948,508 1,331,834
Payroll expenses 1,230,022 1,591,397 3,952,447 4,624,826
Depreciation and amortization expense 128,793 176,371 374,247 424,014
Total Operating Expenses 3,508,180 4,736,478 10,714,269 14,103,040
INCOME FROM OPERATIONS 489,878 1,806,117 625,690 8,426,098
OTHER INCOME (EXPENSE)        
Interest expense   (14,222)   (14,222)
Gain on disposal of fixed assets 0 9,052 19,391 9,052
Other (expense) income 177,931 (910) 421,251 1,954
Interest income 5,217 6,687 31,857 14,467
Total Other Income (Expense) 183,148 607 472,499 11,251
NET INCOME BEFORE INCOME TAXES 673,026 1,806,724 1,098,189 8,437,349
INCOME TAX EXPENSE (BENEFIT) 194,227 (110,426) 299,295 2,221,292
NET INCOME 478,799 1,917,150 798,895 6,216,057
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) (482,744) (381,099) (1,233,891) (539,777)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (3,945) $ 1,536,051 $ (434,997) $ 5,676,280
BASIC EARNINGS PER SHARE $ 0.01 $ 0.04 $ 0.02 $ 0.12
FULLY DILUTED EARNINGS PER SHARE $ 0.01 $ 0.04 $ 0.01 $ 0.12
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 53,255,275 52,884,358 53,239,087 51,112,924
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 53,523,081 53,161,058 53,506,778 51,389,624