Net Income per Share (Tables)

6 Months Ended

Sep. 30, 2020

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Net income 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 per share (“EPS”). Basic EPS represents net income 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 preferred stock, 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. The dilutive effect of preferred stock is reflected in earnings per share by use of the if-converted 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.

	Three Months Ended			Three Months Ended
	September 30, 2020			September 30, 2019
Basic net income per share computation:
Net income	$	222,748		$	536,234
Less: Preferred dividends		(80,000	)		(80,000	)
Net income attributable to common shareholders		142,748			456,234
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.04		$	0.14
Diluted net income per share computation
Net income attributable to common shareholders	$	142,748		$	456,234
Add: Preferred dividends		80,000			80,000
Diluted income attributable to common shareholders	$	222,748		$	536,234
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock, and exercise of outstanding stock options and warrants		1,813,062			1,689,778
Total adjusted weighted-average shares		5,068,949			4,945,665
Diluted net income per share	$	0.04		$	0.11

	Six Months Ended			Six Months Ended
	September 30, 2020			September 30, 2019
Basic net income per share computation:
Net income	$	333,728		$	794,010
Preferred dividends		(160,000	)		(160,000	)
Net income attributable to common shareholders		173,728			634,010
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.05		$	0.19
Diluted net income per share computation
Net income attributable to common shareholders	$	173,728		$	634,010
Add: Preferred dividends		-			160,000
Diluted income attributable to common shareholders	$	173,728		$	794,010
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock, and exercise of outstanding stock options and warrants		-			1,689,778
Total adjusted weighted-average shares		3,255,887			4,945,665
Diluted net income per share	$	0.05		$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

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

	September 30, 2020		September 30, 2019
Convertible preferred stock		-		-
Stock options		-		118,500
Warrants		-		50,000
		-		168,500

	September 30, 2020		September 30, 2019
Convertible preferred stock		1,794,778		-
Stock options		83,500		118,500
Warrants		-		50,000
		1,878,278		168,500