Net Income per Share (Tables)

9 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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, 2021			December 31, 2020
Basic net income per share computation:
Net income	$	194,622		$	499,633
Less: Preferred dividends		(80,000	)		(80,000	)
Net income attributable to common shareholders		114,622			419,633
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.04		$	0.13
Diluted net income per share computation
Net income attributable to common shareholders	$	114,622		$	419,633
Add: Preferred dividends		80,000			80,000
Diluted income attributable to common shareholders	$	194,622		$	499,633
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		1,839,778			1,839,778
Total adjusted weighted-average shares		5,095,665			5,095,665
Diluted net income per share	$	0.04		$	0.10

	Nine Months Ended			Nine Months Ended
	December 31, 2021			December 31, 2020
Basic net income per share computation:
Net income	$	1,769,799		$	833,361
Less: Preferred dividends		(240,000	)		(240,000	)
Net income attributable to common shareholders		1,529,799			593,361
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.47		$	0.18
Diluted net income per share computation
Net income attributable to common shareholders	$	1,529,799		$	593,361
Add: Preferred dividends		240,000			240,000
Diluted income attributable to common shareholders	$	1,769,799		$	833,361
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		1,839,778			1,809,778
Total adjusted weighted-average shares		5,095,665			5,065,665
Diluted net income per share	$	0.35		$	0.16

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

	December 31, 2021		December 31, 2020
Stock options		121,500		83,500
		121,500		83,500

	December 31, 2021		December 31, 2020
Stock options		121,500		83,500
		121,500		83,500