Net Income (Loss) per Share

12 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

17. Net Income (Loss) per Share

Net income (loss) per share attributable to common stockholders 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 (loss) per share (“EPS”). Basic EPS attributable to common stockholders represents net income (loss) less preferred dividends divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS attributable to common stockholders 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.

	March 31, 2022			March 31, 2021
Basic net income per share computation:
Net income	$	1,309,738		$	600,057
Less: Preferred dividends		(320,000	)		(320,000	)
Net income attributable to common shareholders		989,738			280,057
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.30		$	0.09
Diluted net income per share computation
Net income attributable to common shareholders	$	989,738		$	280,057
Add: Preferred dividends		320,000			320,000
Diluted income attributable to common shareholders	$	1,309,738		$	600,057
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		1,839,778			1,817,278
Total adjusted weighted-average shares		5,095,665			5,073,165
Diluted net income per share	$	0.26		$	0.12

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

	March 31, 2022		March 31, 2021
Stock options		111,500		98,500
		111,500		98,500