Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

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

Income tax benefit:

	Fiscal Year Ended
	March 31,			March 31,
	2020			2019
Current:
Federal	$	-		$	-
State and local		-			-
Total current tax provision		-			-
Deferred:
Federal		-			-
State and local		(409	)		-
Release of valuation allowance		(2,648,871	)		-
Total deferred tax benefit		(2,649,280	)		-
Total benefit	$	(2,649,280	)	$	-0-

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

The approximate values of the components of the Company’s deferred taxes at March 31, 2020 and 2019 are as follows:

	March 31,			March 31,
	2020			2019
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	845,898		$	1,345,245
Tax credits		329,032			329,032
Charitable contributions		126			116
Legal damages		1,194,268			1,117,904
Allowance for doubtful accounts		1,575			1,576
Reserve for inventory obsolescence		115,517			104,626
Inventory capitalization		48,750			70,633
Vacation accrual		76,879			68,416
Warranty reserve		24,938			24,794
Deferred revenues		99,197			76,009
Stock options		15,683			15,687
AMT credit		64,766			63,500
Depreciation		(3,849	)		5,070
Deferred tax asset		2,812,780			3,222,608
Less valuation allowance		(100,000	)		(3,159,108	)
Deferred tax asset, net	$	2,712,780		$	63,500

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

A reconciliation of the income tax (benefit) provision at the statutory Federal tax rate of 21% for the years ended March 31, 2020 and 2019, respectively, to the income tax (benefit) provision recognized in the financial statements is as follows:

	March 31,			March 31,
	2020			2019
Income tax provision  – statutory rate	$	438,314		$	42,638
Income tax expenses – state and local, net of federal benefit		67			1,027
Permanent items		5,865			32,031
Change in value of warrants – permanent difference		15,330			9,135
True-up of prior year’s deferred taxes		(36,164	)		15,386
Valuation allowance		(3,059,107	)		(118,625	)
Rate changes		-			3,102
Other		(13,585	)		15,306
Income tax provision (benefit)	$	(2,649,280	)	$	-0-