Net Income per Share (Tables)

9 Months Ended

Dec. 31, 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
	December 31, 2020			December 31, 2019
Basic net income per share computation:
Net income	$	499,633		$	907,577
Less: Preferred dividends		(80,000	)		(80,000	)
Net income attributable to common shareholders		419,633			827,577
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.13		$	0.25
Diluted net income per share computation
Net income attributable to common shareholders	$	419,633		$	827,577
Add: Preferred dividends		80,000			80,000
Diluted income attributable to common shareholders	$	499,633		$	907,577
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		1,839,778			1,719,778
Total adjusted weighted-average shares		5,095,665			4,975,665
Diluted net income per share	$	0.10		$	0.18

	Nine Months Ended			Nine Months Ended
	December 31, 2020			December 31, 2019
Basic net income per share computation:
Net income	$	833,361		$	1,701,587
Preferred dividends		(240,000	)		(240,000	)
Net income attributable to common shareholders		593,361			1,461,587
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.18		$	0.45
Diluted net income per share computation
Net income attributable to common shareholders	$	593,361		$	1,461,587
Add: Preferred dividends		240,000			240,000
Diluted income attributable to common shareholders	$	833,361		$	1,701,587
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		1,809,778			1,568,765
Total adjusted weighted-average shares		5,065,665			4,824,652
Diluted net income per share	$	0.16		$	0.35

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:

	December 31, 2020		December 31, 2019
Convertible preferred stock		-		-
Stock options		83,500		118,500
Warrants		-		-
		83,500		118,500

	December 31, 2020		December 31, 2019
Convertible preferred stock		-		-
Stock options		83,500		118,500
Warrants		-		-
		83,500		118,500