Note 20 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended March 31,
	2019			2018
Current:
Federal	$	2,225,000		$	(133,000	)
State		418,000			183,000
Foreign		23,000			156,000
Total current		2,666,000			206,000
Deferred:
Federal		(1,105,000	)		(14,000	)
State		(58,816	)		3,000
Total deferred		(1,163,816	)		(11,000	)
Total	$	1,502,184		$	195,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended March 31,
	2019					2018
Expected Federal income tax expense U.S. statutory rate	$	978,000		21.0	%	$	818,000		30.8	%
State income taxes, net of federal benefit		171,000		3.7	%		129,000		4.9	%
Permanent differences, other		(61,000	)	-1.3	%		21,000		0.8	%
Micro-captive insurance benefit		(197,000	)	-4.2	%		(320,000	)	-12.1	%
Change in valuation allowance		1,405,000		30.2	%		(1,116,000	)	-42.1	%
Domestic production activities deduction		-		0.0	%		(15,000	)	-0.6	%
Income attributable to minority interest - Contrail Aviation		(434,000	)	-9.3	%		(79,000	)	-3.0	%
Bargain purchase gain		(417,000	)	-9.0	%		(155,000	)	-5.8	%
Tax rate change applied to deferreds		-		0.0	%		2,297,000		86.6	%
Deferred benefit for outside basis difference recorded on Delphax CFCs		31,000		0.7	%		(811,000	)	-30.6	%
Deferred benefit for increase in Canadian tax credits for Delphax		-		0.0	%		(149,000	)	-5.6	%
Recognition of AMT tax credits as tax receivable		-		0.0	%		(311,000	)	-11.7	%
Other differences, net		26,184		0.6	%		(114,000	)	-4.3	%
Income tax expense	$	1,502,184		32.4	%	$	195,000		7.3	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2019			2018
Accrued vacation	$	322,000		$	343,000
Property and equipment		-			264,000
Accounts and notes receivable reserve		115,000			103,000
Employee severance reserve		-			549,000
Net operating loss carryforwards		7,516,000			6,083,000
Federal/Canadian tax credits		4,486,000			4,486,000
Unrealized gains/losses		833,000			2,324,000
Outside basis difference on CFCs		1,431,000			-
Investments in partnerships		534,000			-
Disallowed capital loss		463,000			-
Other deferred tax assets		301,000			236,000
Total deferred tax assets		16,001,000			14,388,000
Prepaid expenses		(115,000	)		(337,000	)
263A inventory capitalization		-			(28,000	)
Inventory basis difference		(434,000	)		(179,000	)
Property and equipment		(233,000	)		-
Investments in partnerships		-			(270,000	)
Other deferred tax liabilities		(83,000	)		(83,000	)
Total deferred tax liabilities		(865,000	)		(897,000	)
Net deferred tax asset	$	15,136,000		$	13,491,000
Less valuation allowance		(14,658,000	)		(13,583,000	)
Net deferred tax asset (liability)	$	478,000		$	(92,000	)