Note 6 - Net Income (Loss) per Share

6 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 – Net Income (Loss) per Share

Net income (loss) per share has been computed according to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 260”), “Earnings per Share,” which requires a dual presentation of basic and diluted income (loss) per share (“EPS”). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services. 

	Three Months Ended			Three Months Ended
	September 30, 2017			September 30, 2016
Basic net (loss) income per share computation:
Net (loss) income	$	(2,920,589	)	$	272,055
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net (loss) income per share	$	(0.90	)	$	0.08
Diluted net (loss) income per share computation
Net (loss) income	$	(2,920,589	)	$	272,055
Add: Change in fair value of warrants		-			34,000
Diluted (loss) income	$	(2,920,589	)		238,055
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		-			10,246
Total adjusted weighted-average shares		3,255,887			3,266,133
Diluted net (loss) income per share	$	(0.90	)	$	0.07

	Six Months Ended			Six Months Ended
	September 30, 2017			September 30, 2016
Basic net income per share computation:
Net (loss) income	$	(3,206,680	)	$	682,364
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net  income per share	$	(0.98	)	$	0.21
Diluted net income per share computation
Net income	$	(3,206,680	)	$	682,364
Change in fair value of warrants		-			33,000
Diluted income	$	(3,206,680	)		649,364
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		-			11,305
Total adjusted weighted-average shares		3,255,887			3,267,192
Diluted net (loss) income per share	$	(0.98	)	$	0.20

The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:

	September 30, 2017		September 30, 2016
Stock options		77,000		75,000
Warrants		50,000		-
		127,000		75,000