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Shareholders' Equity
9 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Shareholders' Equity

NOTE 3 — SHAREHOLDERS’ EQUITY

Outstanding capital stock at December 31, 2018 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.

At December 31, 2018, the Company had no options, warrants or other potentially dilutive securities outstanding.

In December 2016, the Company publicly announced the approval by the Board of Directors of the repurchase of up to $5 million of its common stock, that the repurchases may be effected from time to time at prevailing market prices, through open market or in privately negotiated transactions, which may include, in whole or in part, the establishment of a purchase program pursuant to the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, through block purchases or through accelerated or forward or similar stock purchases, and that the Company intends to run the repurchase program through the end of calendar 2017, unless the period is extended or shortened by the Board of Directors.

In September 2017, the Company’s Board of Directors approved an additional $5 million, bringing the total authorized stock repurchases under the program to $10 million and extended the program to June 30, 2018. In June 2018, the Company’s Board of Directors extended the program to December 31, 2018, as of which date the program expired. Under the program, repurchases were funded from available working capital and all repurchased shares will be held in the treasury as authorized and issued shares available for general corporate purposes. During the three months ended December 31, 2018, 1,262,822 shares for $1,884,474 were repurchased. As of December 31, 2018, the Company had repurchased 6,082,677 shares for $8,970,556 under this program. Subsequent to December 31, 2018, the Company settled an additional 4,503 shares purchased under the program prior to its expiration for $6,540. These were the final purchases under the program.