Note 9 - Income Taxes

3 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

9

 - INCOME TAXES

At  

June 30, 2019, 

the Company had federal net operating loss carry-forwards ("NOL")'s of approximately 

$2,191,000.

These NOLs 

may 

be used to offset future taxable income and thereby reduce or eliminate our federal income taxes otherwise payable. A valuation allowance is provided when it is more likely than 

not

 that some portion or all of the deferred tax assets will 

not

 be realized. Ultimate utilization of such NOLs and research and development credits is dependent upon the Company's ability to generate taxable income in future periods and 

may 

be significantly curtailed if a significant change inownership occurs.

During the 

three

months ended 

June 30, 2019, 

the Company utilized approximately

$75,000

of the net operating losses, and expects to utilize the entire 

$2,191,000

 before expiration.

The effective rates were approximately 

29%

 and

59%

 for the 

three

months ended

June 30, 2019

and

2018,

 respectively.