Net Income per Share

6 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 – Net Income per Share

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, 2021			September 30, 2020
Basic net income per share computation:
Net income	$	999,676		$	222,748
Less: Preferred dividends		(80,000	)		(80,000	)
Net income attributable to common shareholders		919,676			142,748
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.28		$	0.04
Diluted net income per share computation
Net income attributable to common shareholders	$	919,676		$	142,748
Add: Preferred dividends		80,000			80,000
Diluted income attributable to common shareholders	$	999,676		$	222,748
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of  preferred stock		1,839,778			1,813,062
Total adjusted weighted-average shares		5,095,665			5,068,949
Diluted net income per share	$	0.20		$	0.04

	Six Months Ended			Six Months Ended
	September 30, 2021			September 30, 2020
Basic net income per share computation:
Net income	$	1,575,177		$	333,728
Less: Preferred dividends		(160,000	)		(160,000	)
Net income attributable to common shareholders		1,415,177			173,728
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.43		$	0.05
Diluted net income per share computation
Net income attributable to common shareholders	$	1,415,177		$	173,728
Add: Preferred dividends		160,000			-
Diluted income attributable to common shareholders	$	1,575,177		$	173,728
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of  preferred stock		1,839,778			-
Total adjusted weighted-average shares		5,095,665			3,255,887
Diluted net income per share	$	0.31		$	0.05

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, 2021		September 30, 2020
Convertible preferred stock		-		-
Stock options		98,500		-
		98,500		-

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

	September 30, 2021		September 30, 2020
Convertible preferred stock		-		1,794,778
Stock options		98,500		83,500
		98,500		1,878,278