Net income (loss) per Share

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 12– Net income (loss) per Share

Net income (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 nine months ended December 31, 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
	December 31, 2023			December 31, 2022
Basic net income per share computation:
Net income	$	133,809		$	392,627
Less: Preferred dividends		(94,420	)		(80,000	)
Net income attributable to common shareholders		39,389			312,627
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net income per share	$	0.01		$	0.10
Diluted net income per share computation
Net income attributable to common shareholders	$	39,389		$	312,627
Add: Preferred dividends		94,420			80,000
Diluted net income attributable to common shareholders	$	133,809		$	392,627
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed conversion of preferred stock		2,354,747			1,899,778
Total adjusted weighted-average shares		5,610,634			5,155,665
Diluted net income per share	$	0.02		$	0.08

	Nine Months Ended			Nine Months Ended
	December 31, 2023			December 31, 2022
Basic net loss per share computation:
Net loss	$	(6,052	)	$	(317,610	)
Less: Preferred dividends		(257,128	)		(240,000	)
Net loss attributable to common shareholders		(263,180	)		(557,610	)
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net loss per share	$	(0.08	)	$	(0.17	)
Diluted net loss per share computation
Net loss attributable to common shareholders	$	(263,180	)	$	(557,610	)
Add: Preferred dividends		-			-
Net loss attributable to common shareholders	$	(263,180	)	$	(557,610	)
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	$	(0.08	)	$	(0.17	)

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, 2023		December 31, 2022
Convertible preferred stock		-		-
Stock options		99,000		111,500
		99,000		111,500

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

	December 31, 2023		December 31, 2022
Convertible preferred stock		2,354,747		1,899,778
Stock options		99,000		111,500
		2,453,747		2,011,278