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Note 3 - Recently Issued Accounting Standards
 9 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
NOTE
3.
RECENTLY ISSUED ACCOUNTING STANDARDS
 

Recently Adopted Accounting Standards

     In
July 2019,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No.
2019
-
07,
Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases
No.
33
-
10532,
Disclosure Update and Simplification, and Nos.
33
-
10231
and
33
-
10442,
Investment Company Reporting Modernization, and Miscellaneous Updates
. ASU
2019
-
07
aligns the guidance in various SEC sections of the codification with the requirements of certain SEC final rules and is effective immediately. These rules include requiring filers to include in their interim financial statements a reconciliation of changes in shareholders’ equity. We adopted all of the applicable rules for our Quarterly Report on Form
10
-Q for the quarter ended
June 
30,
2019
and subsequent interim reports. The adoption of ASU
2019
-
07
only affected presentation and disclosure.

     In
February 2016,
the FASB issued ASU
No.
 
2016
-
02,
Lease Accounting
. ASU
2016
-
02
requires recognition of lease assets and lease liabilities on the balance sheet of lessees. In
July 2018,
the FASB issued ASU
2018
-
10,
Codification Improvements to Topic
842
(Leases)
, which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The guidance is effective for fiscal years beginning after
December 
15,
2018,
and interim periods within those fiscal years, which is fiscal
2020
for us. In
July 2018,
the FASB issued ASU
No.
 
2018
-
11,
Leases Topic (
842
): Targeted Improvements.
ASU
2018
-
11
provided companies an option to apply the transition provisions of the new lease standard at its adoption date instead of at the earliest comparative period presented in its financial statements, and we adopted the new lease guidance using that method in the quarter ended
June 
30,
2019.
Currently our only lease is the lease for our facility. We recognized
$298,983
of leased liabilities a right-of-use asset of
$261,644
as of
April 1, 2019.
The leased liabilities and right-of-use asset exclude non-lease components. There was
no
effect on our results of operations or cash flows.
 
New Accounting Standards
Not
Yet Adopted

     In
December 2019,
the FASB issued ASU
No.
2019
-
12,
Income Taxes (Topic
740
)—Simplifying the Accounting for Income Taxes
. ASU 
2019
-
12
is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic
740
and amends existing guidance to improve consistent application. ASU
2019
-
12
is effective for fiscal years beginning after
December 15, 2020
and interim periods within those fiscal years, which is fiscal
2022
for us, with early adoption permitted. We do
not
expect adoption of the new guidance to have a significant impact on our financial statements.

     In
June 2016,
the FASB issued ASU
No.
2016
-
13,
Financial Instruments—Credit Losses (Topic
326
), Measurement of Credit Losses on Financial Statements
. ASU 
2016
-
13
requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In
November 
2018
the FASB issued ASU
No.
 
2018
-
19,
Codification Improvements to Topic 
326,
Financial Instruments—Credit Losses
, which clarifies codification and corrects unintended application of the guidance, and in
November 2019,
the FASB issued ASU
No.
 
2019
-
11,
Codification Improvements to Topic
326,
Financial Instruments-Credit Losses
, which clarifies or addresses specific issues about certain aspects of ASU
2016
-
13.
In
November 
2019
the FASB issued ASU
No.
 
2019
-
10,
Financial Instruments—Credit Losses (Topic
326
), Derivatives and Hedging (Topic
815
), and Leases (Topic
842
): Effective Dates
, which delays the effective date of ASU 
2016
-
13
by
three
years for certain Smaller Reporting Companies such as us. In accordance with ASU
2019
-
10,
ASU 
2016
-
13
is effective for certain Smaller Reporting Companies for financial statements issued for fiscal years beginning after
December 
15,
2022
and interim periods within those fiscal years, which will be fiscal
2024
for us if we continue to be classified as a Smaller Reporting Company, with early adoption permitted. We do
not
expect adoption of the new guidance to have a significant impact on our financial statements.