Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Profire Energy Inc |
Document Type | 'S-1 |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001289636 |
Current Fiscal Year End Date | '--03-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' | ' |
Cash and cash equivalents | $5,732,530 | $808,772 | $1,914,877 |
Accounts receivable, net | 8,481,074 | 5,879,165 | 4,236,240 |
Marketable securities - available for sale | 0 | 0 | 840 |
Inventories | 6,963,230 | 3,463,614 | 1,968,740 |
Deferred tax asset | 0 | 0 | 12,569 |
Prepaid expenses | 46,937 | 1,967 | 10,202 |
Total Current Assets | 21,223,771 | 10,153,518 | 8,143,468 |
PROPERTY AND EQUIPMENT, net | 2,543,551 | 2,232,355 | 1,982,290 |
TOTAL ASSETS | 23,767,322 | 12,385,873 | 10,125,758 |
Accounts payable | 2,050,748 | 1,499,330 | 645,215 |
Accrued liabilities | 96,213 | 189,489 | 251,137 |
Deferred income tax liability | 116,607 | 72,857 | 0 |
Income taxes payable | 1,220,717 | 161,550 | 597,830 |
Total current liabilities | 3,484,285 | 1,923,226 | 1,494,182 |
TOTAL LIABILITIES | 3,484,285 | 1,923,226 | 1,494,182 |
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: 47,836,428, 45,250,000 and 45,000,000 shares issued and outstanding, respectively | 47,837 | 45,250 | 45,000 |
Additional paid-in capital | 5,912,516 | 585,735 | 74,343 |
Accumulated other comprehensive income | -7,351 | 371,466 | 484,692 |
Retained earnings | 14,330,035 | 9,460,196 | 8,027,541 |
Total Stockholders' Equity | 20,283,037 | 10,462,647 | 8,631,576 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $23,767,322 | $12,385,873 | $10,125,758 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ' | ' | ' |
Preferred stock par value | $0.00 | $0.00 | $0.00 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock shares issued | ' | ' | ' |
Preferred stock shares outstanding | ' | ' | ' |
Common stock par value | $0.00 | $0.00 | $0.00 |
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock shares issued | 47,836,428 | 45,250,000 | 45,000,000 |
Common stock shares outstanding | 47,836,428 | 45,250,000 | 45,000,000 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Sales of goods, net | $8,999,070 | $3,176,627 | $24,778,093 | $10,724,586 | $15,740,546 | $14,875,652 |
Sales of services, net | 531,767 | 364,434 | 1,276,780 | 873,341 | 1,146,721 | 1,049,561 |
Total Revenues | 9,530,837 | 3,541,061 | 26,054,873 | 11,597,927 | 16,887,267 | 15,925,213 |
Cost of goods sold-product | 3,894,002 | 1,050,966 | 10,169,122 | 4,329,037 | 7,034,703 | 6,170,073 |
Cost of goods sold-services | 418,594 | 313,442 | 919,041 | 697,474 | 1,043,294 | 717,796 |
Total Cost of Goods Sold | 4,312,596 | 1,364,408 | 11,088,163 | 5,026,511 | 8,077,997 | 6,887,869 |
GROSS PROFIT | 5,218,241 | 2,176,653 | 14,966,710 | 6,571,416 | 8,809,270 | 9,037,344 |
General and administrative expenses | 1,977,911 | 1,339,676 | 4,076,226 | 3,135,668 | 3,798,075 | 2,752,451 |
Research and development | 139,691 | 38,472 | 390,710 | 148,865 | 0 | 0 |
Payroll expenses | 946,878 | 1,144,024 | 2,712,947 | 1,845,679 | 2,656,762 | 1,757,855 |
Loss on sale of fixed assets | 0 | 0 | 0 | 0 | 13,936 | 0 |
Depreciation expense | 78,685 | 116,678 | 205,610 | 227,604 | 195,070 | 159,421 |
Total Operating Expenses | 3,143,165 | 2,638,850 | 7,385,493 | 5,357,816 | 6,663,843 | 4,669,727 |
INCOME FROM OPERATIONS | 2,075,076 | -462,197 | 7,581,217 | 1,213,600 | 2,145,427 | 4,367,617 |
Interest expense | 0 | -4,493 | -10,567 | -13,171 | 0 | -20,370 |
Permanent impairment of available for sale securities | 0 | 0 | 0 | 0 | -8,438 | 0 |
Gain on disposal of fixed assets | 0 | 0 | 1,617 | 0 | 0 | 0 |
Rental income | 311 | 0 | 2,501 | 0 | 629 | 3,600 |
Interest income | 1,544 | 13,074 | 9,910 | 21,389 | 25,942 | 375 |
Total Other Income (Expense) | 1,855 | 8,581 | 3,461 | 8,218 | 18,133 | -16,395 |
NET INCOME BEFORE INCOME TAXES | 2,076,931 | -453,616 | 7,584,678 | 1,221,818 | 2,163,560 | 4,351,222 |
INCOME TAX EXPENSE | 870,625 | -127,347 | 2,714,839 | 337,222 | 730,905 | 1,163,451 |
NET INCOME | 1,206,306 | -326,269 | 4,869,839 | 884,596 | 1,432,655 | 3,187,771 |
OTHER COMPREHENSIVE INCOME UNREALIZED HOLDING LOSS ON AVAILABLE FOR SALE SECURITIES LESS: RECLASSIFICATION ADJUSTMENT FOR NET LOSS INCLUDED IN NET INCOME | 0 | 0 | 0 | 0 | 0 | -2,445 |
NET LOSS INCLUDED IN NET INCOME | 0 | 0 | 0 | 0 | 8,438 | 0 |
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) | -178,593 | -449,470 | -378,817 | -229,852 | -121,664 | -147,061 |
TOTAL COMPREHENSIVE INCOME | $1,027,713 | ($775,739) | $4,491,022 | $654,744 | $1,319,429 | $3,038,265 |
BASIC EARNINGS PER SHARE | $0.03 | ($0.01) | $0.11 | $0.02 | $0.03 | $0.07 |
FULLY DILUTED EARNINGS PER SHARE | $0.03 | ($0.01) | $0.11 | $0.02 | $0.03 | $0.07 |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,560,913 | 45,155,000 | 45,705,105 | 45,088,400 | 45,109,767 | 45,000,000 |
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,973,885 | 45,155,000 | 46,118,077 | 45,357,724 | 45,371,956 | 45,218,238 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' | ' | ' |
Net Income | $4,869,839 | $884,596 | $1,432,655 | $3,187,771 |
Depreciation expense | 246,542 | 225,076 | 243,838 | 198,707 |
Loss on sale of equipment | -1,617 | 0 | 13,936 | 0 |
Bad debt expense | 0 | 69,995 | 69,975 | 46,203 |
Common stock issued for services | 28,350 | 208,750 | 345,455 | 0 |
Stock options issued for services | 849,531 | 148,648 | 166,187 | 80,530 |
Changes in accounts receivable | -2,749,328 | -642,358 | -1,494,660 | -2,049,959 |
Changes in deferred tax asset | 0 | 0 | 12,569 | 0 |
Changes in inventories | -3,572,120 | -1,493,076 | -1,528,107 | -703,223 |
Changes in prepaid expenses | -44,970 | 8,231 | 8,218 | -9,341 |
Changes in accounts payable and accrued liabilities | 519,060 | 1,031,985 | 736,341 | 498,981 |
Changes in income taxes payable | 1,108,388 | -132,932 | -376,999 | 354,466 |
Net Cash Provided by Operating Activities | 1,253,675 | 308,915 | -370,592 | 1,604,135 |
Proceeds from disposal of equipment | 33,910 | 0 | 13,770 | 0 |
Purchase of fixed assets | -654,057 | -474,381 | -550,622 | -1,487,628 |
Net Cash Used in Investing Activities | -620,147 | -474,381 | -536,852 | -1,487,628 |
Stock issued | 4,332,975 | 0 | 0 | 0 |
Stock issued in exercise of stock options | 118,512 | 0 | 0 | 0 |
Net Cash Used in Financing Activities | 4,451,487 | 0 | 0 | 0 |
Effect of exchange rate changes on cash | -161,257 | -264,802 | -198,661 | 108,984 |
NET INCREASE IN CASH | 4,923,758 | -430,268 | -1,106,105 | 225,491 |
CASH AT BEGINNING OF PERIOD | 808,772 | 1,914,877 | 1,914,877 | 1,689,386 |
CASH AT END OF PERIOD | 5,732,530 | 1,484,609 | 808,772 | 1,914,877 |
Cash Paid for Interest | 10,567 | 13,171 | 0 | 20,370 |
Cash Paid for Income Taxes | $1,655,672 | $513,245 | $294,625 | $703,622 |
Condensed_Financial_Statements
Condensed Financial Statements | 9 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Condensed Financial Statements | ' |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at December 31, 2013 and for all periods presented have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2013 audited financial statements. The results of operations for the periods ended December 31, 2013 and 2012 are not necessarily indicative of the operating results for the full years. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Notes | ' | ' | ||||||||||||
Significant Accounting Policies | ' | ' | ||||||||||||
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Reclassification | ||||||||||||||
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. | This summary of significant accounting policies of Profire Energy, Inc. and Subsidiary (“the Company”) is presented to assist in understanding the Company’s financial statements. The Company’s accounting policies conform to accounting principles generally accepted in the United States of America (U.S. GAAP). On September 30, 2008, The Flooring Zone, Inc. (“the Parent”) entered into an Acquisition Agreement with Profire Combustion, Inc. and the Stockholders of Profire Combustion, Inc. (“the Subsidiary”), subject to customary closing conditions. All conditions for closing were satisfied or waived and the transaction closed on October 9, 2008. | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Pursuant to the terms and conditions of the Acquisition Agreement, 35,000,000 shares of restricted common stock of the Company were issued to the three stockholders of Profire Combustion, Inc., in exchange for all of the issued and outstanding shares of the Subsidiary. As a result of the transaction, Profire Combustion, Inc. became a wholly-owned subsidiary of the Parent and the stockholders of the Subsidiary became the controlling stockholders of the Company. For accounting purposes, the Subsidiary is considered the accounting acquirer, and the historical Balance Sheets, Statements of Operations and Other Comprehensive Income, and Statement of Cash Flow of the Subsidiary are presented as those of the Company. The historical equity information is that of Profire Combustion, Inc., the accounting acquiree. The recapitalization required pursuant to this merger resulted in a negative additional paid-in capital balance. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of December 31, 2013 and March 31, 2013, bank balances included $5,732,530 and $808,772, respectively, held by the Company’s banks. Of the bank balances, $3,471,361and $0 was not guaranteed by the Province of Alberta, Canada and the FDIC. | ||||||||||||||
Accounts Receivable | Organization and Line of Business | |||||||||||||
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $124,869 and $133,974 as of December 31, 2013 and March 31, 2013, respectively. | ||||||||||||||
The Parent was incorporated on May 5, 2003 in the State of Nevada. The Subsidiary was incorporated on March 6, 2002 in the province of Alberta, Canada. | ||||||||||||||
Inventory | ||||||||||||||
In accordance with ASC 330, the Company’s inventory is valued at the lower of cost (the purchase price, including additional fees) or market based on using the entire value of inventory. Inventories are determined based on the average cost basis. As of December 31, 2013 and March 31, 2013 inventory consisted of the following: | The Company provides products and services for burners and heaters for the oil and gas extraction industry in the Canadian and U.S. markets. | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | Use of Estimates | ||||||||||||
Raw materials | $ | - | $ | - | ||||||||||
Finished goods | 7,051,138 | 3,553,140 | The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Work in process | - | - | ||||||||||||
Subtotal | 7,051,138 | 3,553,140 | Principles of Consolidation | |||||||||||
Reserve for obsolescence | (87,908) | (89,526) | ||||||||||||
Total | $ | 6,963,230 | $ | 3,463,614 | The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. | |||||||||
Revenue Recognition | Basic and Diluted Earnings Per Share | |||||||||||||
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. | ||||||||||||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented using the treasury stock method. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 267,135 and 218,238 stock options included in the fully diluted earnings per share as of March 31, 2013 and 2012 respectively. Basic earnings per share for the years ended March 31, 2013 and 2012 are as follows: | ||||||||||||||
Income Taxes | ||||||||||||||
The Company is subject to US and Canadian income taxes, respectively, on its US and Canadian income with a credit provided for foreign taxes paid. The combined effective rates of income tax expense (benefit) in the US and Canada are, respectively, 35% and 28% for the nine months ended December 31, 2013 and 2012, respectively. | For the Years Ended March 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Basic and Diluted Earnings Per Share | Net income applicable to common shareholders | $ | 1,432,655 | $ | 3,187,771 | |||||||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 629,350 and 530,000 stock options included in the fully diluted earnings per share as of December 31, 2013 and 2012, respectively. The Company uses the treasury stock method to calculate the dilutive effects of stock options and warrants. | Weighted average shares outstanding | 45,109,767 | 45,000,000 | |||||||||||
Weighted average fully diluted shares outstanding | 45,371,956 | 45,218,238 | ||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.07 | ||||||||||
For the Nine Months Ended | Fully diluted earnings per share | $ | 0.03 | $ | 0.07 | |||||||||
December 31, | ||||||||||||||
2013 | 2012 | Foreign Currency and Comprehensive Income | ||||||||||||
Net income applicable to common shareholders | $ | 4,869,839 | $ | 884,596 | ||||||||||
Weighted average shares outstanding | 45,705,105 | 45,088,400 | The Company’s functional currency is the Canadian Dollar (CAD). The financial statements of the Company were translated to U.S. Dollars (USD) using year-end exchange rates for the balance sheet, and average exchange rates for the statements of operations. Equity transactions were translated using historical rates. The period-end exchange rates of 0.982898 and 1.00274 were used to convert the Company’s March 31, 2013 and 2012 balance sheets, respectively, and the statements of operations used weighted average rates of 0.982898 and 1.0075 for the years ended March 31, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Comprehensive Income. | |||||||||||
Weighted average fully diluted shares outstanding | 46,118,077 | 45,357,724 | ||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.02 | Accounting Method and Fiscal Year | |||||||||
Fully diluted earnings per share | $ | 0.11 | $ | 0.02 | ||||||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on March 31. | ||||||||||||||
Foreign Currency and Comprehensive Income | ||||||||||||||
The Company’s functional currencies are the United States dollar (USD) and the Canadian dollar (CAD), the reporting currency is USD. All transactions initiated in other currencies are translated into the reporting currency in accordance with ASC830-20, “Foreign Currency Matters – Foreign Currency Transactions”. The period-end exchange rates of 0.940531 and 0.982898 were used to convert the Company’s December 31, 2013 and March 31, 2013 balance sheets, respectively, and the statements of operations used weighted average rates of 0.64101 and 1.02760 for the nine months ended December 31, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Other Comprehensive Income. | Fair Value of Financial Instruments | |||||||||||||
Recent Accounting Pronouncements | The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |||||||||||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | ||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||
Stock-Based Compensation | Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |||||||||||||
The Company follows the provisions of ASC 718, “Share-Based Payment’s” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes options pricing model for determining the fair value of stock-based compensation. | Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||
Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. | ||||||||||||||
The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term nature of these instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of March 31, 2013 and 2012, cash and cash equivalents totaled $808,772 and $1,914,877, respectively. These deposits were insured by insurance accounts held by the Company’s banks guaranteed by the Province of Alberta, Canada and the FDIC. | ||||||||||||||
Accounts Receivable | ||||||||||||||
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $133,974 and $65,110 as of March 31, 2013 and 2012, respectively. | ||||||||||||||
Inventories | ||||||||||||||
In accordance with ARB No. 43 “Inventory Pricing,” the Company’s inventory is valued at the lower of cost (the purchase price, including additional fees) or market based on using the entire value of inventory. Inventories are determined based on the average cost basis. Inventory consists of finished goods held for sale. As of March 31 inventory consisted of the following: | ||||||||||||||
31-Mar-13 | 31-Mar-12 | |||||||||||||
Raw materials | $ | - | $ | - | ||||||||||
Finished goods | 3,553,140 | 2,026,108 | ||||||||||||
Work in process | - | - | ||||||||||||
Subtotal | 3,553,140 | 2,026,108 | ||||||||||||
Reserve for obselesence | (89,526) | (57,368) | ||||||||||||
Total | $ | 3,463,614 | 1,968,740 | |||||||||||
Marketable Securities | ||||||||||||||
The Company reports its investments in marketable securities under the provisions of ASC 320, Investments in Debt and Equity Securities. All the Company’s marketable securities are classified as “available for sale” securities, as the market value of the securities are readily determinable and the Company’s intention upon obtaining the securities was neither to sell them in the short term nor to hold them to maturity. Pursuant to ASC 320, securities which are classified as “available for sale” are recorded on the Company’s balance sheet at fair market value, with the resulting unrealized holding gains and losses excluded from earnings and reported as other comprehensive income until realized. | ||||||||||||||
The Company evaluates securities for other-than-temporary impairment at least on a yearly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to the length of time and amount of the loss relative to cost, the nature and financial condition of the issuer and the ability and intent of the Company to hold the investment for a time sufficient to allow any anticipated recovery in fair value. Pursuant to ASC 320-5, other than temporary impairment losses are recorded as impairment expense in the statement of operations during the period in which the impairment is determined. The Company recognized other-than-temporary impairment to marketable securities in the amount of $8,438 and $-0- during the years ended March 31, 2013 and 2012, respectively. | ||||||||||||||
Long-Lived Assets | ||||||||||||||
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended March 31, 2013 and 2012. | ||||||||||||||
Revenue Recognition | ||||||||||||||
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. | ||||||||||||||
Cost of Sales | ||||||||||||||
The Company includes product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, production-related depreciation expense and product license agreement expense in cost of sales. | ||||||||||||||
Advertising Costs | ||||||||||||||
The Company classifies expenses for advertising as general and administrative expenses. The Company incurred advertising costs of $98,222 and $29,210 during the years ended March 31, 2013 and 2012, respectively. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company follows the provisions of ASC 718, “Share-Based Payment.” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. | ||||||||||||||
Concentration of Credit Risk | ||||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s four largest customers approximated 37% and 52% of total sales for the years ended March 31, 2013, and 2012, respectively. | ||||||||||||||
Income Taxes | ||||||||||||||
The Parent is subject to U.S. income taxes on a stand-alone basis. The Parent and its Subsidiary file separate stand-alone tax returns in each jurisdiction in which they operate. The Subsidiary is a corporation operating in Canada and is subject to Canadian income taxes on its stand-alone taxable income. The effective rates of income tax are 35.7% and 27.6% for the years ended March 31, 2013 and 2012, respectively. | ||||||||||||||
The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. | ||||||||||||||
Research and Development | ||||||||||||||
All costs associated with research and development are expensed when incurred. Costs incurred for research and development were $315,045 and $164,400 for the years ended March 31, 2013 and 2012 respectively. | ||||||||||||||
Shipping and Handling Fees and Costs | ||||||||||||||
The Company records all amounts billed to customers related to shipping and handling fees as revenue. The Company classifies expenses for shipping and handling costs as cost of goods sold. The Company incurred shipping and handling costs of $299,864 and $189,611 during the years ended March 31, 2013 and 2012, respectively. | ||||||||||||||
Comprehensive Income | ||||||||||||||
Comprehensive income includes net income as currently reported by the Company adjusted for other comprehensive items. Other comprehensive items for the Company consist of foreign currency translation gains and losses and unrealized holding gains and losses on available for sale securities. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. | ||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Fair Value Measurement | ' |
NOTE 3 – FAIR VALUE MEASUREMENT | |
The Company measures its cash equivalents and marketable securities at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 - Include inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. | |
Level 3 - Unobservable inputs that are supported by little or no market activities. | |
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Segment_Information
Segment Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||||||||
Notes | ' | ' | ||||||||||||||||||
Segment Information | ' | ' | ||||||||||||||||||
NOTE 4 – SEGMENT INFORMATION | NOTE 6 – SEGMENT INFORMATION | |||||||||||||||||||
The Company operates in the United States and Canada. Segment information for these geographic areas is as follows: | The Company operates in the United States and Canada. Segment information for these geographic areas is as follows: | |||||||||||||||||||
For the Three Months Ended December | For the Nine Months Ended December | Sales | 2013 | 2012 | ||||||||||||||||
Sales | 2013 | 2012 | 2013 | 2012 | Canada | $ | 10,977,476 | $ | 15,055,543 | |||||||||||
Canada | $ | 4,288,155 | $ | 2,386,091 | $ | 11,492,468 | $ | 9,940,391 | United States | 5,909,791 | 869,670 | |||||||||
United States | 5,242,682 | 1,154,970 | 14,562,405 | 1,657,536 | Total | $ | 16,887,267 | $ | 15,925,213 | |||||||||||
Total | $ | 9,530,837 | $ | 3,541,061 | $ | 26,054,873 | $ | 11,597,927 | ||||||||||||
Long-lived assets | 2013 | 2012 | ||||||||||||||||||
December 31, | March 31, | Canada | $ | 1,560,869 | $ | 1,596,209 | ||||||||||||||
Long-lived assets | 2013 | 2013 | United States | 671,486 | 386,081 | |||||||||||||||
Canada | $ | 1,424,129 | $ | 1,583,613 | Total | $ | 2,232,355 | $ | 1,982,290 | |||||||||||
United States | 1,119,422 | 648,742 | ||||||||||||||||||
Total | $ | 2,543,551 | $ | 2,232,355 | ||||||||||||||||
Common_Stock_Purchase_Options
Common Stock Purchase Options | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||||||
Notes | ' | ' | ||||||||||||||||
Common Stock Purchase Options | ' | ' | ||||||||||||||||
NOTE 5 – COMMON STOCK PURCHASE OPTIONS | NOTE 7 – COMMON STOCK PURCHASE OPTIONS | |||||||||||||||||
On October 28, 2009, the Company issued a total of 410,000 stock purchase options exercisable for the purchase of its common stock at $0.40 per share. The options were issued to key employees. The options vest 1/3 each year for 3 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of October 28, 2009: dividend yield of zero percent; expected volatility of 127%; risk-free interest rates of 1.35% and expected life of 3.0 years. The Company recognized $0 and $18,436 in expense for the fair value of the options vesting during the nine months ending December 31, 2013 and 2012, respectively. | On October 28, 2009, the Company issued a total of 410,000 stock purchase options exercisable for the purchase of its common stock at $0.40 per share. The options were issued to key employees. The options vest 1/3 each year for 3 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of October 28, 2009: dividend yield of zero percent; expected volatility of 127%; risk-free interest rates of 1.35% and expected life of 3.0 years. The Company recognized $18,436 and $40,224 in expense for the fair value of the options vesting during 2013 and 2012, respectively. | |||||||||||||||||
On February 15, 2011, the Company issued a total of 600,000 stock purchase options exercisable for the purchase of its common stock at $0.30 per share. The options were issued to key employees. The options vest 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of February 15, 2011: dividend yield of zero percent; expected volatility of 254%; risk-free interest rates of 2.02% and expected life of 2.5 years. The Company recognized $30,897 and $30,897 in expense for the fair value of the options vesting during nine months ending December 31, 2013 and 2012, respectively. | On February 15, 2011, the Company issued a total of 600,000 stock purchase options exercisable for the purchase of its common stock at $0.30 per share. The options were issued to key employees. The options vest over 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of February 15, 2011: dividend yield of zero percent; expected volatility of 254%; risk-free interest rates of 2.02% and expected life of 2.5 years. The Company recognized $40,702 and $40,306 in expense for the fair value of the options vesting during 2013 and 2012, respectively. | |||||||||||||||||
On March 6, 2012, the Company approved a grant of 820,000 stock purchase options exercisable for the purchase of its common stock at 85% of approval date fair market value. The options were issued to key employees. The options vest 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The exercise price was determined as of September 27, 2012, the date the options were executed. The following weighted average assumptions used for grants as of September 27, 2012: dividend yield of zero percent; expected volatility of 191%; risk-free interest rates of 2.37% and expected life of 2.5 years. The Company recognized $216,948 and $1,729 in expense for the fair value of the options vesting during nine months ending December 31, 2013 and 2012, respectively. | On September 27, 2012, the Company issued a total of 820,000 stock purchase options exercisable for the purchase of its common stock at $1.25 per share. The options were issued to key employees. The options vest over 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of September 27, 2012: dividend yield of zero percent; expected volatility of 191%; risk-free interest rates of 2.37% and expected life of 2.5 years. The Company recognized $106,501 and $-0- in expense for the fair value of the options vesting during 2013 and 2012, respectively. | |||||||||||||||||
On December 17, 2013, the Company changed the strike price per share, of the options approved March 6, 2012, to $1.75, reflecting 100% of the approval date value, as required under applicable tax law. The Company accelerated the terms, to reflect the board approval date, and recognized an extra $58,487 in expense during the three months ended December 31, 2013 and will recognize an additional $59,063 in expense during the three months ending March 31, 2013. | A summary of the status of the Company’s stock option plans as of March 31, 2013 and 2012 and the changes during the period are presented below: | |||||||||||||||||
On April 18, 2013, the Company approved a grant of 1,183,000 stock purchase options exercisable for the purchase of its common stock at 85% of approval date fair market value. The options were issued to key employees. The options vest 1/5 each year for 5 years. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The exercise price was determined as of August 21, 2013, the date the options were executed. The following weighted average assumptions used for grants as of August 21, 2013: dividend yield of zero percent; expected volatility of 179%; risk-free interest rates of 1.64% and expected life of 2.5 years. The Company recognized $208,454 and $-0- in expense for the fair value of the options vesting during the nine months ended December 31, 2013 and 2012, respectively. | 2013 | 2012 | ||||||||||||||||
Unexercised options, beginning of year | 1,010,000 | 1,010,000 | ||||||||||||||||
On December 17, 2013, the Company changed the strike price per share, of the options approved April 18, 2013, to $1.37, reflecting 100% of the approval date value, as required under applicable tax law. The Company accelerated the terms, to reflect the board approval date, and recognized an extra $66,398 in expense during the three months ended December 31, 2013 and will recognize an additional $68,553 in expense during the three months ending March 31, 2013. | Stock options issued during the year | 820,000 | - | |||||||||||||||
Stock options canceled | (25,000) | - | ||||||||||||||||
On July 31, 2013, the Company approved a grant of 100,000 stock purchase options exercisable for the purchase of its common stock. The options were issued for director compensation. The options vest 1/2 upon execution and 1/2 after 1 year. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The exercise price was determined as of July 31, 2013, the date the options were executed. The following weighted average assumptions used for grants as of August 21, 2013: dividend yield of zero percent; expected volatility of 179%; risk-free interest rates of 1.64% and expected life of 2.5 years. The Company recognized $117,989 and $-0- in expense for the fair value of the options vesting during the nine months ended December 31, 2013 and 2012, respectively. | Stock options expired | - | - | |||||||||||||||
Stock options exercised | - | - | ||||||||||||||||
On November 7, 2013, the Company approved a total of 200,000 stock purchase options exercisable for the purchase of its common stock at $3.85 per share. The options were issued to members of the board of directors. The options vest 1/2 upon execution and 1/2 after 1 year. The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. The following weighted average assumptions used for grants as of November 7, 2013: dividend yield of zero percent; expected volatility of 175%; risk-free interest rates of 1.31% and expected life of 2.5 years. The Company recognized $274,399 and $-0- in expense for the fair value of the options vesting during 2013 and 2012, respectively. | Unexercised options, end of year | 1,805,000 | 1,010,000 | |||||||||||||||
A summary of the status of the Company’s stock option plans as of December 31, 2013 and 2012 and the changes during the nine months are presented below: | Exercisable options, end of year | 650,000 | 393,334 | |||||||||||||||
2013 | 2012 | The following table summarizes information about the stock options as of March 31, 2013: | ||||||||||||||||
Unexercised options, beginning of year | 1,805,000 | 1,010,000 | ||||||||||||||||
Stock options issued during the nine months ended December 31, | 1,483,000 | 820,000 | Outstanding Options | |||||||||||||||
Stock options canceled | (5,000) | (25,000) | Wtd. Avg. | |||||||||||||||
Stock options expired | - | - | Range of | Remaining | Wtd. Avg. | Aggregate | ||||||||||||
Stock options exercised | (307,125) | - | Exercise | Contractual | Exercise | Intrinsic | ||||||||||||
Unexercised options, December 31 | 2,975,875 | 1,805,000 | Prices | Shares | Life (years) | Price | Value | |||||||||||
$ 0.40 | 410,000 | 1.46 | $ 0.40 | $ 164,000 | ||||||||||||||
Exercisable options, December 31 | 629,375 | 650,000 | $ 0.30 | 600,000 | 3.88 | 0.30 | 180,000 | |||||||||||
$ 1.25 | 795,000 | 5.49 | 1.25 | 993,750 | ||||||||||||||
The following table summarizes information about the stock options as of December 31, 2013: | 1,805,000 | 4.04 | $ 0.74 | $ 1,337,750 | ||||||||||||||
Outstanding Options | The following table summarizes information about the exercisable stock options as of March 31, 2013: | |||||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Range of | Remaining | Wtd. Avg. | Aggregate | Exercisable Options | ||||||||||||||
Exercise | Contractual | Exercise | Intrinsic | Wtd. Avg. | ||||||||||||||
Prices | Shares | Life (years) | Price | Value | Range of | Remaining | Wtd. Avg. | Aggregate | ||||||||||
$ 0.40 | 250,025 | 0.71 | $ 0.40 | $ 100,010 | Exercise | Contractual | Exercise | Intrinsic | ||||||||||
0.30 | 460,000 | 3.13 | 0.30 | 138,000 | Prices | Shares | Life (years) | Price | Value | |||||||||
1.75 | 785,350 | 4.18 | 1.75 | 1,374,363 | $ 0.40 | 410,000 | 1.46 | $ 0.40 | $ 164,000 | |||||||||
1.37 | 1,180,500 | 5.30 | 1.37 | 1,617,285 | $ 0.30 | 240,000 | 3.88 | 0.30 | 72,000 | |||||||||
1.37 | 100,000 | 5.58 | 1.37 | 137,000 | $ 1.25 | - | 5.49 | 1.25 | - | |||||||||
$ 3.85 | 200,000 | 5.85 | 3.85 | 770,000 | 650,000 | 2.35 | $ 0.36 | $ 236,000 | ||||||||||
2,975,875 | 4.33 | $ 1.39 | $ 4,136,658 | |||||||||||||||
The following table summarizes information about non-vested options as of the year ended March 31, 2013: | ||||||||||||||||||
The following table summarizes information about the exercisable stock options as of December 31, 2013: | ||||||||||||||||||
Options | Wtd. Avg. Grant Date Fair Value | |||||||||||||||||
Exercisable Options | Non-vested at March 31, 2012 | 616,666 | $ | 0.34 | ||||||||||||||
Wtd. Avg. | Stock options issued during the year | 795,000 | 1.25 | |||||||||||||||
Range of | Remaining | Wtd. Avg. | Aggregate | Vest during the year ended March 31, 2013 | (256,666) | 0.74 | ||||||||||||
Exercise | Contractual | Exercise | Intrinsic | Non-vested at March 31, 2013 | 1,155,000 | $ | 0.34 | |||||||||||
Prices | Shares | Life (years) | Price | Value | ||||||||||||||
$ 0.40 | 250,025 | 0.71 | $ 0.40 | $ 100,010 | ||||||||||||||
0.30 | 100,000 | 3.13 | 0.30 | 30,000 | ||||||||||||||
1.75 | 129,350 | 4.18 | 1.75 | 226,363 | ||||||||||||||
1.37 | - | 5.30 | 1.37 | - | ||||||||||||||
1.37 | 50,000 | 5.58 | 1.37 | 68,500 | ||||||||||||||
$ 3.85 | 100,000 | 5.85 | 3.85 | 385,000 | ||||||||||||||
629,375 | 3.01 | $ 1.29 | $ 809,873 | |||||||||||||||
The following table summarizes information about non-vested options as of the nine months ended December 31, 2013: | ||||||||||||||||||
Options | Wtd. Avg. Grant Date Fair Value | |||||||||||||||||
Non-vested at March 31, 2013 | 1,155,000 | $ | 0.95 | |||||||||||||||
Stock options issued during the nine months | 1,478,000 | 1.71 | ||||||||||||||||
Vest during the nine months ended December 31, 2013 | (286,500) | 2.42 | ||||||||||||||||
Non-vested at December 31, 2013 | 2,346,500 | $ | 1.42 | |||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Notes | ' | ' |
Stockholders' Equity | ' | ' |
NOTE 6 – STOCKHOLDERS’ EQUITY | NOTE 3 – STOCKHOLDERS’ EQUITY | |
On November 18, 2013, the Company completed an equity offering of 2,259,393 shares of restricted Common Stock and received proceeds of $4,332,975, which is net of $592,501 in underwriting discounts, commission and direct costs incurred and paid by the Company in connection with this equity offering. | The Company had the following $0.001 par value authorized stock: | |
Preferred Stock 10,000,000 shares. | ||
Common Stock 100,000,000 shares. | ||
During the year ended March 31, 2013, the Company issued 250,000 shares of its common stock for services valued at $345,455. As of March 31, 2013 and 2012, the Company had issued 45,250,000 and 45,000,000 shares of common stock, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Notes | ' | ' |
Subsequent Events | ' | ' |
NOTE 7 – SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS | |
In accordance with ASC 855, management evaluated the subsequent events through the date the financial statements were issued and has no material events to report. | ||
In accordance with ASC 855, the Company’s management has evaluated the subsequent events through the date the financial statements were issued and has found no subsequent events to report. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Notes | ' | ||||||
Property and Equipment | ' | ||||||
NOTE 2 – PROPERTY AND EQUIPMENT | |||||||
Property and equipment is stated at cost. Depreciation on property and equipment is computed using the diminishing balance method over the estimated useful lives of the assets. The estimated useful lives of the assets are as follows: | |||||||
Assets | Estimated useful life | ||||||
Furniture and fixtures | 5 Years | ||||||
Machinery and equipment | 5 Years | ||||||
Buildings | 25 Years | ||||||
Vehicles | 3 Years | ||||||
Computers | 3 Years | ||||||
Property and equipment consisted of the following as of March 31, 2013 and 2012: | |||||||
2013 | 2012 | ||||||
Office furniture and equipment | $ | 360,008 | $ | 258,127 | |||
Service and shop equipment | 391,780 | 314,875 | |||||
Vehicles | 431,255 | 251,107 | |||||
Land and buildings | 1,760,247 | 1,721,561 | |||||
Total property and equipment | 2,943,290 | 2,545,673 | |||||
Accumulated depreciation | (710,935) | (563,383) | |||||
Net property and equipment | $ | 2,232,355 | $ | 1,982,290 | |||
Depreciation expense for the years ended March 31, 2013 and 2012 are as follows: | |||||||
Years Ended March 31, | |||||||
2013 | 2012 | ||||||
Costs of goods sold | $ | 48,768 | $ | 39,286 | |||
General and administrative | 195,070 | 159,421 | |||||
Total | $ | 243,838 | $ | 198,707 |
Provision_for_Income_Taxes
Provision for Income Taxes | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Notes | ' | ||||||
Provision for Income Taxes | ' | ||||||
NOTE 4 – PROVISION FOR INCOME TAXES | |||||||
Reconciliation of U.S. Federal/Canadian Statutory Income Tax Rate to Effective Income Tax Rate: | |||||||
31-Mar-13 | 31-Mar-12 | ||||||
United States statutory income tax rate | 35.00% | 35.00% | |||||
Increase (decrease) in valuation allowance | 0.6 | (7.5) | |||||
Decrease in rate on income subject to Canadian income tax rates | - | - | |||||
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | 0.1 | 0.1 | |||||
0.7 | (7.4) | ||||||
Effective income tax rate | 35.70% | 27.60% | |||||
Components of Income Tax Expense | 31-Mar-13 | 31-Mar-12 | |||||
Federal U.S. Income Taxes | |||||||
-Current | $ | 30,874 | $ | - | |||
-Deferred | 72,857 | 17,791 | |||||
Foreign (Canadian and Provincial) Income Taxes | 623,438 | 1,176,020 | |||||
State Income Taxes | |||||||
-Current | 3,736 | - | |||||
-Deferred | - | (30,360) | |||||
Total Income Tax Expense | $ | 730,905 | $ | 1,163,451 | |||
The following are temporary items: non-deductible write-down of marketable securities, increase or decrease in rate resulting from depreciation and loss on equipment for book purposes in excess of depreciation for income tax purposes. These temporary differences are insignificant, for 2013 and 2012. | |||||||
The Company adopted the provisions of ASC 740, Accounting for Uncertainty in Income Taxes, on January 1, 2007. As a result of the implementation of ASC 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits. | |||||||
The Company has no tax positions at March 31, 2013 and 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. | |||||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended March 31, 2013 and 2012, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2013 and 2012. | |||||||
Net deferred tax liability arising from the accelerated depreciation claimed by the Parent on its stand-alone tax return is $72,857, as of March 31, 2013. Net deferred tax assets arising from the warrant expense accrual as offset by the accelerated depreciation claimed by the Parent on its stand-alone tax returns is $12,569 as of March 31, 2012. |
Available_for_Sale_Securities
Available for Sale Securities | 12 Months Ended | ||||||||||
Mar. 31, 2013 | |||||||||||
Notes | ' | ||||||||||
Available for Sale Securities | ' | ||||||||||
NOTE 5 – AVAILABLE FOR SALE SECURITIES | |||||||||||
The following table sets forth the available for sale securities held by the Company as of March 31, 2013: | |||||||||||
Company name | Symbol | Shares | Market Value (USD) as of 3/31/13 | Fair market value (USD) | |||||||
Copper King Mining Corporation | CPRK | 5,000 | $ | 0 | $ | - | |||||
Deep Blue Marine Inc. | DPBE | 120,000 | $ | 0 | - | ||||||
$ | - | ||||||||||
The following table sets forth the available for sale securities held by the Company as of March 31, 2012: | |||||||||||
Company name | Symbol | Shares | Market Value (USD) as of 3/31/12 | Fair market value (USD) | |||||||
Copper King Mining Corporatoin | CPRK | 5,000 | $ | 0 | $ | - | |||||
Deep Blue Marine Inc. | DPBE | 120,000 | $ | 0.001 | 835 | ||||||
$ | 835 | ||||||||||
During the year ended March 31, 2013 the Company recognized a permanent impairment of the cost of its available for sale securities in the amount of $8,438. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Mar. 31, 2013 | ||||
Notes | ' | |||
Commitments and Contingencies | ' | |||
Note 8 – Commitments and Contingencies | ||||
Line of Credit | ||||
The Company had a $400,000 revolving credit line with a local banking institution that it uses from time to time to satisfy short-term fluctuations in cash flows. At March 31, 2013 and 2012 the Company had $-0- outstanding on the line of credit. Subsequent to year end, the line of credit was closed. | ||||
Operating Lease | ||||
On February 12, 2012 the Company entered into a lease for office space in Houston, Texas. The lease term extends through January 31, 2014 at $1,463 per month. Future lease obligations are as follows: | ||||
2014 | $ | 14,625 | ||
Total | $ | 14,625 | ||
Royalties | ||||
The Company paid royalties of $736,414 and $768,647 for the years ended March 31, 2013 and 2012, respectively. Future royalties are estimated to be $400,000 per year with negotiations in process. Royalties are paid on certain company products, to which an outside contractor was used during development. The royalties are paid on a quarterly basis. |
Significant_Accounting_Policie1
Significant Accounting Policies: Reclassification (Policies) | 9 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Reclassification | ' |
Reclassification | |
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Significant_Accounting_Policie2
Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Use of Estimates | ' | ' |
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Significant_Accounting_Policie3
Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Cash and Cash Equivalents | ' | ' |
Cash and Cash Equivalents | Cash and Cash Equivalents | |
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of December 31, 2013 and March 31, 2013, bank balances included $5,732,530 and $808,772, respectively, held by the Company’s banks. Of the bank balances, $3,471,361and $0 was not guaranteed by the Province of Alberta, Canada and the FDIC. | ||
For purposes of the statement of cash flows, cash and cash equivalents include cash and all debt securities with an original maturity of 90 days or less. As of March 31, 2013 and 2012, cash and cash equivalents totaled $808,772 and $1,914,877, respectively. These deposits were insured by insurance accounts held by the Company’s banks guaranteed by the Province of Alberta, Canada and the FDIC. |
Significant_Accounting_Policie4
Significant Accounting Policies: Accounts Receivable (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Accounts Receivable | ' | ' |
Accounts Receivable | Accounts Receivable | |
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $124,869 and $133,974 as of December 31, 2013 and March 31, 2013, respectively. | ||
Receivables from the sale of goods and services are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. The allowance is calculated based on past collectability and customer relationships. The Company recorded an allowance for doubtful accounts of $133,974 and $65,110 as of March 31, 2013 and 2012, respectively. |
Significant_Accounting_Policie5
Significant Accounting Policies: Inventory (Policies) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Policies | ' | ||||||
Inventory | ' | ||||||
Inventory | |||||||
In accordance with ASC 330, the Company’s inventory is valued at the lower of cost (the purchase price, including additional fees) or market based on using the entire value of inventory. Inventories are determined based on the average cost basis. As of December 31, 2013 and March 31, 2013 inventory consisted of the following: | |||||||
December 31, | March 31, | ||||||
2013 | 2013 | ||||||
Raw materials | $ | - | $ | - | |||
Finished goods | 7,051,138 | 3,553,140 | |||||
Work in process | - | - | |||||
Subtotal | 7,051,138 | 3,553,140 | |||||
Reserve for obsolescence | (87,908) | (89,526) | |||||
Total | $ | 6,963,230 | $ | 3,463,614 | |||
Significant_Accounting_Policie6
Significant Accounting Policies: Revenue Recognition (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Revenue Recognition | ' | ' |
Revenue Recognition | Revenue Recognition | |
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. | ||
The Company records sales when a firm sales agreement is in place, delivery has occurred or services have been rendered, and collectability of the fixed or determinable sales price is reasonably assured. If customer acceptance of products is not assured, the Company records sales only upon formal customer acceptance. |
Significant_Accounting_Policie7
Significant Accounting Policies: Income Taxes (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Income Taxes | ' | ' |
Income Taxes | Income Taxes | |
The Company is subject to US and Canadian income taxes, respectively, on its US and Canadian income with a credit provided for foreign taxes paid. The combined effective rates of income tax expense (benefit) in the US and Canada are, respectively, 35% and 28% for the nine months ended December 31, 2013 and 2012, respectively. | ||
The Parent is subject to U.S. income taxes on a stand-alone basis. The Parent and its Subsidiary file separate stand-alone tax returns in each jurisdiction in which they operate. The Subsidiary is a corporation operating in Canada and is subject to Canadian income taxes on its stand-alone taxable income. The effective rates of income tax are 35.7% and 27.6% for the years ended March 31, 2013 and 2012, respectively. | ||
The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. |
Significant_Accounting_Policie8
Significant Accounting Policies: Basic and Diluted Earnings Per Share (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Policies | ' | ' | ||||||||||||
Basic and Diluted Earnings Per Share | ' | ' | ||||||||||||
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share | |||||||||||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 629,350 and 530,000 stock options included in the fully diluted earnings per share as of December 31, 2013 and 2012, respectively. The Company uses the treasury stock method to calculate the dilutive effects of stock options and warrants. | ||||||||||||||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented using the treasury stock method. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 267,135 and 218,238 stock options included in the fully diluted earnings per share as of March 31, 2013 and 2012 respectively. Basic earnings per share for the years ended March 31, 2013 and 2012 are as follows: | ||||||||||||||
For the Nine Months Ended | For the Years Ended March 31, | |||||||||||||
December 31, | 2013 | 2012 | ||||||||||||
2013 | 2012 | Net income applicable to common shareholders | $ | 1,432,655 | $ | 3,187,771 | ||||||||
Net income applicable to common shareholders | $ | 4,869,839 | $ | 884,596 | Weighted average shares outstanding | 45,109,767 | 45,000,000 | |||||||
Weighted average shares outstanding | 45,705,105 | 45,088,400 | Weighted average fully diluted shares outstanding | 45,371,956 | 45,218,238 | |||||||||
Weighted average fully diluted shares outstanding | 46,118,077 | 45,357,724 | Basic earnings per share | $ | 0.03 | $ | 0.07 | |||||||
Basic earnings per share | $ | 0.11 | $ | 0.02 | Fully diluted earnings per share | $ | 0.03 | $ | 0.07 | |||||
Fully diluted earnings per share | $ | 0.11 | $ | 0.02 | ||||||||||
Significant_Accounting_Policie9
Significant Accounting Policies: Foreign Currency and Comprehensive Income (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Foreign Currency and Comprehensive Income | ' | ' |
Foreign Currency and Comprehensive Income | Foreign Currency and Comprehensive Income | |
The Company’s functional currencies are the United States dollar (USD) and the Canadian dollar (CAD), the reporting currency is USD. All transactions initiated in other currencies are translated into the reporting currency in accordance with ASC830-20, “Foreign Currency Matters – Foreign Currency Transactions”. The period-end exchange rates of 0.940531 and 0.982898 were used to convert the Company’s December 31, 2013 and March 31, 2013 balance sheets, respectively, and the statements of operations used weighted average rates of 0.64101 and 1.02760 for the nine months ended December 31, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Other Comprehensive Income. | ||
The Company’s functional currency is the Canadian Dollar (CAD). The financial statements of the Company were translated to U.S. Dollars (USD) using year-end exchange rates for the balance sheet, and average exchange rates for the statements of operations. Equity transactions were translated using historical rates. The period-end exchange rates of 0.982898 and 1.00274 were used to convert the Company’s March 31, 2013 and 2012 balance sheets, respectively, and the statements of operations used weighted average rates of 0.982898 and 1.0075 for the years ended March 31, 2013 and 2012, respectively. All amounts in the financial statements and footnotes are presumed to be stated in USD, unless otherwise identified. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the Statement of Operations and Comprehensive Income. |
Recovered_Sheet1
Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Recent Accounting Pronouncements | ' | ' |
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | ||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Recovered_Sheet2
Significant Accounting Policies: Stock-based Compensation (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Policies | ' | ' |
Stock-based Compensation | ' | ' |
Stock-Based Compensation | ||
Stock-Based Compensation | ||
The Company follows the provisions of ASC 718, “Share-Based Payment’s” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes options pricing model for determining the fair value of stock-based compensation. | The Company follows the provisions of ASC 718, “Share-Based Payment.” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. |
Recovered_Sheet3
Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. |
Recovered_Sheet4
Significant Accounting Policies: Accounting Method and Fiscal Year (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Accounting Method and Fiscal Year | ' |
Accounting Method and Fiscal Year | |
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on March 31. |
Recovered_Sheet5
Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. | |
The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term nature of these instruments. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. |
Recovered_Sheet6
Significant Accounting Policies: Marketable Securities (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Marketable Securities | ' |
Marketable Securities | |
The Company reports its investments in marketable securities under the provisions of ASC 320, Investments in Debt and Equity Securities. All the Company’s marketable securities are classified as “available for sale” securities, as the market value of the securities are readily determinable and the Company’s intention upon obtaining the securities was neither to sell them in the short term nor to hold them to maturity. Pursuant to ASC 320, securities which are classified as “available for sale” are recorded on the Company’s balance sheet at fair market value, with the resulting unrealized holding gains and losses excluded from earnings and reported as other comprehensive income until realized. | |
The Company evaluates securities for other-than-temporary impairment at least on a yearly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to the length of time and amount of the loss relative to cost, the nature and financial condition of the issuer and the ability and intent of the Company to hold the investment for a time sufficient to allow any anticipated recovery in fair value. Pursuant to ASC 320-5, other than temporary impairment losses are recorded as impairment expense in the statement of operations during the period in which the impairment is determined. The Company recognized other-than-temporary impairment to marketable securities in the amount of $8,438 and $-0- during the years ended March 31, 2013 and 2012, respectively. |
Recovered_Sheet7
Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Long-lived Assets | ' |
Long-Lived Assets | |
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended March 31, 2013 and 2012. |
Recovered_Sheet8
Significant Accounting Policies: Cost of Sales (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Cost of Sales | ' |
Cost of Sales | |
The Company includes product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, production-related depreciation expense and product license agreement expense in cost of sales. |
Recovered_Sheet9
Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Advertising Costs | ' |
Advertising Costs | |
The Company classifies expenses for advertising as general and administrative expenses. The Company incurred advertising costs of $98,222 and $29,210 during the years ended March 31, 2013 and 2012, respectively. |
Recovered_Sheet10
Significant Accounting Policies: Concentration of Credit Risk (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s four largest customers approximated 37% and 52% of total sales for the years ended March 31, 2013, and 2012, respectively. |
Recovered_Sheet11
Significant Accounting Policies: Research and Development (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Research and Development | ' |
Research and Development | |
All costs associated with research and development are expensed when incurred. Costs incurred for research and development were $315,045 and $164,400 for the years ended March 31, 2013 and 2012 respectively. |
Recovered_Sheet12
Significant Accounting Policies: Shipping and Handling Fees and Costs (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Shipping and Handling Fees and Costs | ' |
Shipping and Handling Fees and Costs | |
The Company records all amounts billed to customers related to shipping and handling fees as revenue. The Company classifies expenses for shipping and handling costs as cost of goods sold. The Company incurred shipping and handling costs of $299,864 and $189,611 during the years ended March 31, 2013 and 2012, respectively. |
Recovered_Sheet13
Significant Accounting Policies: Comprehensive Income (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income includes net income as currently reported by the Company adjusted for other comprehensive items. Other comprehensive items for the Company consist of foreign currency translation gains and losses and unrealized holding gains and losses on available for sale securities. |
Recovered_Sheet14
Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Tables/Schedules | ' | ' | ||||||||||||
Schedule of Inventory, Current | ' | ' | ||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | 31-Mar-13 | 31-Mar-12 | |||||||||||
Raw materials | $ | - | $ | - | Raw materials | $ | - | $ | - | |||||
Finished goods | 7,051,138 | 3,553,140 | Finished goods | 3,553,140 | 2,026,108 | |||||||||
Work in process | - | - | Work in process | - | - | |||||||||
Subtotal | 7,051,138 | 3,553,140 | Subtotal | 3,553,140 | 2,026,108 | |||||||||
Reserve for obsolescence | (87,908) | (89,526) | Reserve for obselesence | (89,526) | (57,368) | |||||||||
Total | $ | 6,963,230 | $ | 3,463,614 | Total | $ | 3,463,614 | 1,968,740 | ||||||
Recovered_Sheet15
Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Tables/Schedules | ' | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ' | ||||||||||||
For the Nine Months Ended | For the Years Ended March 31, | |||||||||||||
December 31, | 2013 | 2012 | ||||||||||||
2013 | 2012 | Net income applicable to common shareholders | $ | 1,432,655 | $ | 3,187,771 | ||||||||
Net income applicable to common shareholders | $ | 4,869,839 | $ | 884,596 | Weighted average shares outstanding | 45,109,767 | 45,000,000 | |||||||
Weighted average shares outstanding | 45,705,105 | 45,088,400 | Weighted average fully diluted shares outstanding | 45,371,956 | 45,218,238 | |||||||||
Weighted average fully diluted shares outstanding | 46,118,077 | 45,357,724 | Basic earnings per share | $ | 0.03 | $ | 0.07 | |||||||
Basic earnings per share | $ | 0.11 | $ | 0.02 | Fully diluted earnings per share | $ | 0.03 | $ | 0.07 | |||||
Fully diluted earnings per share | $ | 0.11 | $ | 0.02 |
Segment_Information_Schedule_o
Segment Information: Schedule of Segment Reporting Information, by Segment (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||||||||
Tables/Schedules | ' | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ' | ||||||||||||||||||
For the Three Months Ended December | For the Nine Months Ended December | Sales | 2013 | 2012 | ||||||||||||||||
Sales | 2013 | 2012 | 2013 | 2012 | Canada | $ | 10,977,476 | $ | 15,055,543 | |||||||||||
Canada | $ | 4,288,155 | $ | 2,386,091 | $ | 11,492,468 | $ | 9,940,391 | United States | 5,909,791 | 869,670 | |||||||||
United States | 5,242,682 | 1,154,970 | 14,562,405 | 1,657,536 | Total | $ | 16,887,267 | $ | 15,925,213 | |||||||||||
Total | $ | 9,530,837 | $ | 3,541,061 | $ | 26,054,873 | $ | 11,597,927 | ||||||||||||
Long-lived assets | 2013 | 2012 | ||||||||||||||||||
December 31, | March 31, | Canada | $ | 1,560,869 | $ | 1,596,209 | ||||||||||||||
Long-lived assets | 2013 | 2013 | United States | 671,486 | 386,081 | |||||||||||||||
Canada | $ | 1,424,129 | $ | 1,583,613 | Total | $ | 2,232,355 | $ | 1,982,290 | |||||||||||
United States | 1,119,422 | 648,742 | ||||||||||||||||||
Total | $ | 2,543,551 | $ | 2,232,355 |
Common_Stock_Purchase_Options_
Common Stock Purchase Options: Schedule of Other Share-based Compensation, Activity (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||||||
Tables/Schedules | ' | ' | ||||||||||||||||
Schedule of Other Share-based Compensation, Activity | ' | ' | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Unexercised options, beginning of year | 1,805,000 | 1,010,000 | 2013 | 2012 | ||||||||||||||
Stock options issued during the nine months ended December 31, | 1,483,000 | 820,000 | Unexercised options, beginning of year | 1,010,000 | 1,010,000 | |||||||||||||
Stock options canceled | (5,000) | (25,000) | Stock options issued during the year | 820,000 | - | |||||||||||||
Stock options expired | - | - | Stock options canceled | (25,000) | - | |||||||||||||
Stock options exercised | (307,125) | - | Stock options expired | - | - | |||||||||||||
Unexercised options, December 31 | 2,975,875 | 1,805,000 | Stock options exercised | - | - | |||||||||||||
Unexercised options, end of year | 1,805,000 | 1,010,000 | ||||||||||||||||
Exercisable options, December 31 | 629,375 | 650,000 | ||||||||||||||||
Exercisable options, end of year | 650,000 | 393,334 | ||||||||||||||||
The following table summarizes information about the stock options as of December 31, 2013: | ||||||||||||||||||
The following table summarizes information about the stock options as of March 31, 2013: | ||||||||||||||||||
Outstanding Options | ||||||||||||||||||
Wtd. Avg. | Outstanding Options | |||||||||||||||||
Range of | Remaining | Wtd. Avg. | Aggregate | Wtd. Avg. | ||||||||||||||
Exercise | Contractual | Exercise | Intrinsic | Range of | Remaining | Wtd. Avg. | Aggregate | |||||||||||
Prices | Shares | Life (years) | Price | Value | Exercise | Contractual | Exercise | Intrinsic | ||||||||||
$ 0.40 | 250,025 | 0.71 | $ 0.40 | $ 100,010 | Prices | Shares | Life (years) | Price | Value | |||||||||
0.30 | 460,000 | 3.13 | 0.30 | 138,000 | $ 0.40 | 410,000 | 1.46 | $ 0.40 | $ 164,000 | |||||||||
1.75 | 785,350 | 4.18 | 1.75 | 1,374,363 | $ 0.30 | 600,000 | 3.88 | 0.30 | 180,000 | |||||||||
1.37 | 1,180,500 | 5.30 | 1.37 | 1,617,285 | $ 1.25 | 795,000 | 5.49 | 1.25 | 993,750 | |||||||||
1.37 | 100,000 | 5.58 | 1.37 | 137,000 | 1,805,000 | 4.04 | $ 0.74 | $ 1,337,750 | ||||||||||
$ 3.85 | 200,000 | 5.85 | 3.85 | 770,000 | ||||||||||||||
2,975,875 | 4.33 | $ 1.39 | $ 4,136,658 | The following table summarizes information about the exercisable stock options as of March 31, 2013: | ||||||||||||||
The following table summarizes information about the exercisable stock options as of December 31, 2013: | Exercisable Options | |||||||||||||||||
Wtd. Avg. | ||||||||||||||||||
Exercisable Options | Range of | Remaining | Wtd. Avg. | Aggregate | ||||||||||||||
Wtd. Avg. | Exercise | Contractual | Exercise | Intrinsic | ||||||||||||||
Range of | Remaining | Wtd. Avg. | Aggregate | Prices | Shares | Life (years) | Price | Value | ||||||||||
Exercise | Contractual | Exercise | Intrinsic | $ 0.40 | 410,000 | 1.46 | $ 0.40 | $ 164,000 | ||||||||||
Prices | Shares | Life (years) | Price | Value | $ 0.30 | 240,000 | 3.88 | 0.30 | 72,000 | |||||||||
$ 0.40 | 250,025 | 0.71 | $ 0.40 | $ 100,010 | $ 1.25 | - | 5.49 | 1.25 | - | |||||||||
0.30 | 100,000 | 3.13 | 0.30 | 30,000 | 650,000 | 2.35 | $ 0.36 | $ 236,000 | ||||||||||
1.75 | 129,350 | 4.18 | 1.75 | 226,363 | ||||||||||||||
1.37 | - | 5.30 | 1.37 | - | ||||||||||||||
1.37 | 50,000 | 5.58 | 1.37 | 68,500 | ||||||||||||||
$ 3.85 | 100,000 | 5.85 | 3.85 | 385,000 | ||||||||||||||
629,375 | 3.01 | $ 1.29 | $ 809,873 |
Common_Stock_Purchase_Options_1
Common Stock Purchase Options: Schedule of Nonvested Share Activity (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Tables/Schedules | ' | ' | ||||||||||||
Schedule of Nonvested Share Activity | ' | ' | ||||||||||||
Options | Wtd. Avg. Grant Date Fair Value | Options | Wtd. Avg. Grant Date Fair Value | |||||||||||
Non-vested at March 31, 2013 | 1,155,000 | $ | 0.95 | Non-vested at March 31, 2012 | 616,666 | $ | 0.34 | |||||||
Stock options issued during the nine months | 1,478,000 | 1.71 | Stock options issued during the year | 795,000 | 1.25 | |||||||||
Vest during the nine months ended December 31, 2013 | (286,500) | 2.42 | Vest during the year ended March 31, 2013 | (256,666) | 0.74 | |||||||||
Non-vested at December 31, 2013 | 2,346,500 | $ | 1.42 | Non-vested at March 31, 2013 | 1,155,000 | $ | 0.34 |
Recovered_Sheet16
Significant Accounting Policies: Schedule of Inventory, Current (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||
Tables/Schedules | ' | ' | ||||||||||||
Schedule of Inventory, Current | ' | ' | ||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | 31-Mar-13 | 31-Mar-12 | |||||||||||
Raw materials | $ | - | $ | - | Raw materials | $ | - | $ | - | |||||
Finished goods | 7,051,138 | 3,553,140 | Finished goods | 3,553,140 | 2,026,108 | |||||||||
Work in process | - | - | Work in process | - | - | |||||||||
Subtotal | 7,051,138 | 3,553,140 | Subtotal | 3,553,140 | 2,026,108 | |||||||||
Reserve for obsolescence | (87,908) | (89,526) | Reserve for obselesence | (89,526) | (57,368) | |||||||||
Total | $ | 6,963,230 | $ | 3,463,614 | Total | $ | 3,463,614 | 1,968,740 | ||||||
Property_and_Equipment_Assets_
Property and Equipment: Assets Estimated Useful Life (Tables) | 12 Months Ended | |
Mar. 31, 2013 | ||
Tables/Schedules | ' | |
Assets Estimated Useful Life | ' | |
Assets | Estimated useful life | |
Furniture and fixtures | 5 Years | |
Machinery and equipment | 5 Years | |
Buildings | 25 Years | |
Vehicles | 3 Years | |
Computers | 3 Years | |
Property_and_Equipment_Propert
Property and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables) | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Tables/Schedules | ' | ||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals | ' | ||||||
2013 | 2012 | ||||||
Office furniture and equipment | $ | 360,008 | $ | 258,127 | |||
Service and shop equipment | 391,780 | 314,875 | |||||
Vehicles | 431,255 | 251,107 | |||||
Land and buildings | 1,760,247 | 1,721,561 | |||||
Total property and equipment | 2,943,290 | 2,545,673 | |||||
Accumulated depreciation | (710,935) | (563,383) | |||||
Net property and equipment | $ | 2,232,355 | $ | 1,982,290 |
Property_and_Equipment_Schedul
Property and Equipment: Schedule Of Depreciation Expense Property And Equipment (Tables) | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Tables/Schedules | ' | ||||||
Schedule Of Depreciation Expense Property And Equipment | ' | ||||||
Years Ended March 31, | |||||||
2013 | 2012 | ||||||
Costs of goods sold | $ | 48,768 | $ | 39,286 | |||
General and administrative | 195,070 | 159,421 | |||||
Total | $ | 243,838 | $ | 198,707 |
Provision_for_Income_Taxes_Sch
Provision for Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||
31-Mar-13 | 31-Mar-12 | ||||||
United States statutory income tax rate | 35.00% | 35.00% | |||||
Increase (decrease) in valuation allowance | 0.6 | (7.5) | |||||
Decrease in rate on income subject to Canadian income tax rates | - | - | |||||
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | 0.1 | 0.1 | |||||
0.7 | (7.4) | ||||||
Effective income tax rate | 35.70% | 27.60% |
Provision_for_Income_Taxes_Sch1
Provision for Income Taxes: Schedule Of Componenents Of Income Tax Expense (Tables) | 12 Months Ended | ||||||
Mar. 31, 2013 | |||||||
Tables/Schedules | ' | ||||||
Schedule Of Componenents Of Income Tax Expense | ' | ||||||
Components of Income Tax Expense | 31-Mar-13 | 31-Mar-12 | |||||
Federal U.S. Income Taxes | |||||||
-Current | $ | 30,874 | $ | - | |||
-Deferred | 72,857 | 17,791 | |||||
Foreign (Canadian and Provincial) Income Taxes | 623,438 | 1,176,020 | |||||
State Income Taxes | |||||||
-Current | 3,736 | - | |||||
-Deferred | - | (30,360) | |||||
Total Income Tax Expense | $ | 730,905 | $ | 1,163,451 |
Available_for_Sale_Securities_
Available for Sale Securities: Schedule of Available-for-sale Securities Reconciliation (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2013 | |||||||||||
Tables/Schedules | ' | ||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||
Company name | Symbol | Shares | Market Value (USD) as of 3/31/13 | Fair market value (USD) | |||||||
Copper King Mining Corporation | CPRK | 5,000 | $ | 0 | $ | - | |||||
Deep Blue Marine Inc. | DPBE | 120,000 | $ | 0 | - | ||||||
$ | - | ||||||||||
The following table sets forth the available for sale securities held by the Company as of March 31, 2012: | |||||||||||
Company name | Symbol | Shares | Market Value (USD) as of 3/31/12 | Fair market value (USD) | |||||||
Copper King Mining Corporatoin | CPRK | 5,000 | $ | 0 | $ | - | |||||
Deep Blue Marine Inc. | DPBE | 120,000 | $ | 0.001 | 835 | ||||||
$ | 835 |
Commitments_and_Contingencies_
Commitments and Contingencies: Schedule of Future Minimum Rental Payments for Operating Leases (Tables) | 12 Months Ended | |||
Mar. 31, 2013 | ||||
Tables/Schedules | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
2014 | $ | 14,625 | ||
Total | $ | 14,625 |
Recovered_Sheet17
Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2011 |
Details | ' | ' | ' | ' | ' |
Cash and cash equivalents | $5,732,530 | $808,772 | $1,484,609 | $1,914,877 | $1,689,386 |
Bank balance not guaranteed by the Province of Alberta, Canada and the FDIC | $3,471,361 | $0 | ' | ' | ' |
Recovered_Sheet18
Significant Accounting Policies: Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | $124,869 | $133,974 | $65,110 |
Recovered_Sheet19
Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' | ' |
Inventory, Finished Goods, Gross | $7,051,138 | $3,553,140 | $2,026,108 |
Subtotal | 7,051,138 | 3,553,140 | 2,026,108 |
Reserves for obselesence | -87,908 | -89,526 | -57,368 |
Inventories | $6,963,230 | $3,463,614 | $1,968,740 |
Recovered_Sheet20
Significant Accounting Policies: Income Taxes (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' | ' |
United States statutory income tax rate | 35.00% | 28.00% | 35.00% | 35.00% |
Recovered_Sheet21
Significant Accounting Policies: Basic and Diluted Earnings Per Share (Details) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Stock options included in the fully diluted earnings per share | 629,350 | 530,000 |
Recovered_Sheet22
Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' | ' | ' | ' |
Net Income | $1,206,306 | ($326,269) | $4,869,839 | $884,596 | $1,432,655 | $3,187,771 |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,560,913 | 45,155,000 | 45,705,105 | 45,088,400 | 45,109,767 | 45,000,000 |
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 46,973,885 | 45,155,000 | 46,118,077 | 45,357,724 | 45,371,956 | 45,218,238 |
BASIC EARNINGS PER SHARE | $0.03 | ($0.01) | $0.11 | $0.02 | $0.03 | $0.07 |
FULLY DILUTED EARNINGS PER SHARE | $0.03 | ($0.01) | $0.11 | $0.02 | $0.03 | $0.07 |
Net income applicable to common shareholders | ' | ' | ' | ' | $1,432,655 | $3,187,771 |
Recovered_Sheet23
Significant Accounting Policies: Foreign Currency and Comprehensive Income (Details) | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Details | ' | ' | ' |
Period-end exchange rates | 0.940531 | ' | 0.982898 |
Weighted average exchange rate | 0.64101 | 1.0276 | ' |
Segment_Information_Schedule_o1
Segment Information: Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Total Revenues | $9,530,837 | $3,541,061 | $26,054,873 | $11,597,927 | $16,887,267 | $15,925,213 |
PROPERTY AND EQUIPMENT, net | 2,543,551 | ' | 2,543,551 | ' | 2,232,355 | 1,982,290 |
Assets Held-for-sale, Long Lived | ' | ' | ' | ' | 2,232,355 | 1,982,290 |
Canada | ' | ' | ' | ' | ' | ' |
Total Revenues | 4,288,155 | 2,386,091 | 11,492,468 | 9,940,391 | 10,977,476 | 15,055,543 |
PROPERTY AND EQUIPMENT, net | 1,424,129 | ' | 1,424,129 | ' | 1,583,613 | ' |
Assets Held-for-sale, Long Lived | ' | ' | ' | ' | 1,560,869 | 1,596,209 |
US | ' | ' | ' | ' | ' | ' |
Total Revenues | 5,242,682 | 1,154,970 | 14,562,405 | 1,657,536 | 5,909,791 | 869,670 |
PROPERTY AND EQUIPMENT, net | 1,119,422 | ' | 1,119,422 | ' | 648,742 | ' |
Assets Held-for-sale, Long Lived | ' | ' | ' | ' | $671,486 | $386,081 |
Common_Stock_Purchase_Options_2
Common Stock Purchase Options: Schedule of Other Share-based Compensation, Activity (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Unexercised options | 2,975,875 | 1,805,000 | 1,805,000 | 1,010,000 |
Stock options issued during the period | 1,483,000 | 820,000 | ' | ' |
Stock options canceled | -5,000 | -25,000 | -25,000 | ' |
Stock Options Exercised | -307,125 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 629,375 | 650,000 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,975,875 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 3 months 29 days | ' | ' | ' |
Weighted average exercise price | $1.39 | ' | ' | ' |
Aggregate Intrinsic Value | $4,136,658 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 629,375 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '3 years 4 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $1.29 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 809,873 | ' | ' | ' |
Unexercised options | 1,805,000 | 1,010,000 | 1,010,000 | 1,010,000 |
Stock options issued during the year | ' | ' | 820,000 | ' |
Unexercised options | 2,975,875 | 1,805,000 | 1,805,000 | 1,010,000 |
Exercisable options, end of year | ' | ' | 650,000 | 393,334 |
Exercisable Options 1 | ' | ' | ' | ' |
Weighted average exercise price | ' | ' | 0.4 | ' |
Aggregate Intrinsic Value | ' | ' | 164,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 250,025 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '8 months 16 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $0.40 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 100,010 | ' | ' | ' |
Range of exercise prices | ' | ' | 0.4 | ' |
Shares | ' | ' | 410,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 1.46 | ' |
Exercisable Options 2 | ' | ' | ' | ' |
Weighted average exercise price | ' | ' | 0.3 | ' |
Aggregate Intrinsic Value | ' | ' | 72,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 100,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '3 years 1 month 17 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $0.30 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 30,000 | ' | ' | ' |
Range of exercise prices | ' | ' | 0.3 | ' |
Shares | ' | ' | 240,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 3.88 | ' |
Exercisable Options 3 | ' | ' | ' | ' |
Weighted average exercise price | ' | ' | 1.25 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 129,350 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '4 years 2 months 5 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $1.75 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 226,363 | ' | ' | ' |
Range of exercise prices | ' | ' | 1.25 | ' |
Weighted average remaining contractual life(years) | ' | ' | 5.49 | ' |
Exercisable Options 4 | ' | ' | ' | ' |
Weighted average exercise price | ' | ' | 0.36 | ' |
Aggregate Intrinsic Value | ' | ' | 236,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '5 years 3 months 18 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $1.37 | ' | ' | ' |
Shares | ' | ' | 650,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 2.35 | ' |
Exercisable Options 5 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 50,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '5 years 6 months 29 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $1.37 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 68,500 | ' | ' | ' |
Exercisable Options 6 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 100,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '5 years 10 months 6 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $3.85 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 385,000 | ' | ' | ' |
Outstanding Options 1 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 250,025 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '8 months 16 days | ' | ' | ' |
Weighted average exercise price | $0.40 | ' | 0.4 | ' |
Aggregate Intrinsic Value | 100,010 | ' | 164,000 | ' |
Range of exercise prices | ' | ' | 0.4 | ' |
Shares | ' | ' | 410,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 1.46 | ' |
Outstanding Options 2 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 460,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 1 month 17 days | ' | ' | ' |
Weighted average exercise price | $0.30 | ' | 0.3 | ' |
Aggregate Intrinsic Value | 138,000 | ' | 180,000 | ' |
Range of exercise prices | ' | ' | 0.3 | ' |
Shares | ' | ' | 600,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 3.88 | ' |
Outstanding Options 3 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 785,350 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 2 months 5 days | ' | ' | ' |
Weighted average exercise price | $1.75 | ' | 1.25 | ' |
Aggregate Intrinsic Value | 1,374,363 | ' | 993,750 | ' |
Range of exercise prices | ' | ' | 1.25 | ' |
Shares | ' | ' | 795,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 5.49 | ' |
Outstanding Options 4 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,180,500 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 3 months 18 days | ' | ' | ' |
Weighted average exercise price | $1.37 | ' | 0.74 | ' |
Aggregate Intrinsic Value | 1,617,285 | ' | 1,337,750 | ' |
Shares | ' | ' | 1,805,000 | ' |
Weighted average remaining contractual life(years) | ' | ' | 4.04 | ' |
Outstanding Options 5 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 100,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 6 months 29 days | ' | ' | ' |
Weighted average exercise price | $1.37 | ' | ' | ' |
Aggregate Intrinsic Value | 137,000 | ' | ' | ' |
Outstanding Options 6 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 200,000 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 10 months 6 days | ' | ' | ' |
Weighted average exercise price | $3.85 | ' | ' | ' |
Aggregate Intrinsic Value | $770,000 | ' | ' | ' |
Common_Stock_Purchase_Options_3
Common Stock Purchase Options: Schedule of Nonvested Share Activity (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 2,346,500 | 1,155,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $1.42 | $0.95 | ' |
Nonvested Stock options issued during the period | 1,478,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.71 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | -286,500 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $2.42 | ' | ' |
Non-vested options | ' | 1,155,000 | 616,666 |
Wtd. Avg. Grant Date Fair Value | ' | $0.34 | $0.34 |
Stock options issued during the year | ' | 795,000 | ' |
Wtd. Avg.Grant Date Fair Value Options Issued | ' | $1.25 | ' |
Vest during the year | ' | -256,666 | ' |
Wtd. Avg.Grant Date Fair Value Options Vested | ' | $0.74 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 18, 2013 | |
Details | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | 2,259,393 |
Stock issued | $4,332,975 | $0 | $0 | $0 | ' |
Underwriting Discounts, commission and direct costs incurred in connection with offering | $592,501 | ' | ' | ' | ' |
Recovered_Sheet24
Significant Accounting Policies: Schedule of Inventory, Current (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' | ' |
Inventory, Finished Goods, Gross | $7,051,138 | $3,553,140 | $2,026,108 |
Subtotal | 7,051,138 | 3,553,140 | 2,026,108 |
Reserves for obselesence | -87,908 | -89,526 | -57,368 |
Inventories | $6,963,230 | $3,463,614 | $1,968,740 |
Property_and_Equipment_Assets_1
Property and Equipment: Assets Estimated Useful Life (Details) | 12 Months Ended |
Mar. 31, 2013 | |
Furniture and Fixtures | ' |
Estimated useful life | '5 Years |
Machinery and Equipment | ' |
Estimated useful life | '5 Years |
Building | ' |
Estimated useful life | '25 Years |
Vehicles | ' |
Estimated useful life | '3 Years |
Computer Equipment | ' |
Estimated useful life | '3 Years |
Property_and_Equipment_Propert1
Property and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' |
Office furniture and equipment | $360,008 | $258,127 |
Service and shop equipment | 391,780 | 314,875 |
Vehicles | 431,255 | 251,107 |
Land and buildings | 1,760,247 | 1,721,561 |
Total property and equipment | 2,943,290 | 2,545,673 |
Accumulated depreciation | -710,935 | -563,383 |
Net property and equipment | $2,232,355 | $1,982,290 |
Property_and_Equipment_Schedul1
Property and Equipment: Schedule Of Depreciation Expense Property And Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' | ' |
Cost of goods sold | ' | ' | $48,768 | $39,286 |
General and administrative | ' | ' | 195,070 | 159,421 |
Depreciation expense | $246,542 | $225,076 | $243,838 | $198,707 |
Provision_for_Income_Taxes_Sch2
Provision for Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' | ' |
United States statutory income tax rate | 35.00% | 28.00% | 35.00% | 35.00% |
Increast (decrease) in valuation allowance | ' | ' | $0.60 | ($7.50) |
Increase (decrease) in rate resulting from non-deductible expenses and deductible adjustments | ' | ' | $0.10 | $0.10 |
Effective income tax rate | ' | ' | 35.70% | 27.60% |
Provision_for_Income_Taxes_Sch3
Provision for Income Taxes: Schedule Of Componenents Of Income Tax Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ' | ' | ' | ' | ' | ' |
-Current | ' | ' | ' | ' | $30,874 | ' |
-Deferred | ' | ' | ' | ' | 72,857 | 17,791 |
Foreign (Canadian and Provincial) Income Taxes | ' | ' | ' | ' | 623,438 | 1,176,020 |
-Current | ' | ' | ' | ' | 3,736 | ' |
-Deferred | ' | ' | ' | ' | ' | -30,360 |
INCOME TAX EXPENSE | $870,625 | ($127,347) | $2,714,839 | $337,222 | $730,905 | $1,163,451 |
Available_for_Sale_Securities_1
Available for Sale Securities: Schedule of Available-for-sale Securities Reconciliation (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Copper King Mining Corporation | ' | ' |
Shares | 5,000 | 5,000 |
Market Value | $0 | $0 |
Deep Blue Marine Inc. | ' | ' |
Shares | 120,000 | 120,000 |
Market Value | 0 | 0.001 |
Fair market value | ' | $835 |
Commitments_and_Contingencies_1
Commitments and Contingencies: Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | Mar. 31, 2013 |
Details | ' |
2014 | $14,625 |
Total | $14,625 |