Net Loss per Share

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 12 – Net loss per Share

Net loss 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 (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS to common stockholders reflects the potential dilution that could occur if securities, including preferred stock and options, were converted into common stock. The dilutive effect of outstanding 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. For the three and six months ended September 30, 2023 and 2022, since the Company has a net loss, the effect of common stock equivalents is anti-dilutive, and as such, common stock equivalents have been excluded from this calculation.

	Three Months Ended			Three Months Ended
	September 30, 2023			September 30, 2022
Basic net loss per share computation:
Net loss	$	(435,153	)	$	(477,368	)
Less: Preferred dividends		(82,708	)		(80,000	)
Net loss attributable to common shareholders		(517,861	)		(557,368	)
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net loss per share	$	(0.16	)	$	(0.17	)
Diluted net loss per share computation
Net loss attributable to common shareholders	$	(517,861	)	$	(557,368	)
Add: Preferred dividends		-			-
Diluted net loss attributable to common shareholders	$	(517,861	)	$	(557,368	)
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		-			-
Total adjusted weighted-average shares		3,255,887			3,255,887
Diluted net loss per share	$	(0.16	)	$	(0.17	)

	Six Months Ended			Six Months Ended
	September 30, 2023			September 30, 2022
Basic net loss per share computation:
Net loss	$	(139,861	)	$	(710,237	)
Less: Preferred dividends		(162,708	)		(160,000	)
Net loss attributable to common shareholders		(302,569	)		(870,237	)
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net loss per share	$	(0.09	)	$	(0.27	)
Diluted net loss per share computation
Net loss attributable to common shareholders	$	(302,569	)	$	(870,237	)
Add: Preferred dividends		-			-
Net loss attributable to common shareholders	$	(302,569	)	$	(870,237	)
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		-			-
Total adjusted weighted-average shares		3,255,887			3,255,887
Diluted net loss per share	$	(0.09	)	$	(0.27	)

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, 2023		September 30, 2022
Convertible preferred stock		2,151,611		1,869,778
Stock options		99,000		111,500
		2,250,611		1,981,278

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, 2023		September 30, 2022
Convertible preferred stock		2,151,611		1,869,778
Stock options		99,000		111,500
		2,250,611		1,981,278