INCOME TAXES	6 Months Ended
Sep. 30, 2019
INCOME TAXES
INCOME TAXES	NOTE 5 - INCOME TAXES We account for income taxes under the provisions of FASB ASC 740, Income Taxes. The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. We recorded an income tax benefit of $17,358 for the six months ended September 30, 2019. Income tax expense was $142,403 for the six months ended September 30, 2018. The Company's effective tax rates for the six months ended September 30, 2019 and 2018 were 19.8% and 29.2%, respectively. The valuation allowance on deferred tax assets was approximately $1.7 million at September 30, 2019. We believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards and other deferred tax assets will not be realized. In the event future taxable income is below management’s estimates or is generated in tax jurisdictions different than projected, the Company could be required to increase the valuation allowance for deferred tax assets. This would result in an increase in the Company’s effective tax rate.

NOTE 5 - INCOME TAXES

We account for income taxes under the provisions of FASB ASC 740, Income Taxes. The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. We recorded an income tax benefit of $17,358 for the six months ended September 30, 2019. Income tax expense was $142,403 for the six months ended September 30, 2018. The Company's effective tax rates for the six months ended September 30, 2019 and 2018 were 19.8% and 29.2%, respectively.

The valuation allowance on deferred tax assets was approximately $1.7 million at September 30, 2019. We believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards and other deferred tax assets will not be realized. In the event future taxable income is below management’s estimates or is generated in tax jurisdictions different than projected, the Company could be required to increase the valuation allowance for deferred tax assets. This would result in an increase in the Company’s effective tax rate.