Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Mar. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 22,043,090 $ 21,292,595
Accounts receivable, net 3,211,835 4,132,137
Inventories 9,971,352 11,046,682
Income tax receivable 474,796 268,326
Prepaid expenses & other current assets 308,263 315,757
Total Current Assets 36,009,336 37,055,497
LONG-TERM ASSETS    
Deferred tax asset 437,336 452,431
PROPERTY AND EQUIPMENT, net 7,969,169 8,232,911
OTHER ASSETS    
Goodwill 997,701 997,701
Intangible assets, net of accumulated amortization 522,923 529,300
Total Other Assets 1,520,624 1,527,001
TOTAL ASSETS 45,936,465 47,267,840
CURRENT LIABILITIES    
Accounts payable 551,742 893,822
Accrued liabilities 427,620 620,783
Income taxes payable 0 335,375
Total current liabilities 979,362 1,849,980
LONG-TERM LIABILITIES    
Deferred income tax liability 632,732 632,732
TOTAL LIABILITIES 1,612,094 2,482,712
STOCKHOLDERS' EQUITY    
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued and outstanding
Common shares: $0.001 par value, 100,000,000 shares authorized: 53,316,134 and 53,256,296 shares issued and outstanding, respectively 53,316 53,256
Additional paid-in capital 26,308,327 26,164,622
Accumulated other comprehensive loss (2,281,909) (2,282,682)
Retained earnings 20,244,637 20,849,932
Total Stockholders' Equity 44,324,371 44,785,128
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 45,936,465 $ 47,267,840