Note 12 - Income Taxes

3 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 12 - INCOME TAXES

At  June 30, 2021, the Company had federal net operating loss carry-forwards ("NOLs") of approximately $2,850,000. 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 in ownership occurs.

During the three months ended  June 30, 2021, the Company generated approximately $40,000 of the net operating losses, and expects to utilize the NOL’s before expiration.

The effective tax rates were approximately 31% and 32% for the three months ended June 30, 2021 and 2020, respectively.