Note 5 - Revenue Recognition

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE

5

– REVENUE RECOGNITION

The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)

606,

 

Revenue from Contracts with Customers

, for revenue recognition. Adoption of ASC

606

did

not

have a significant impact on our financial statements. Revenue is recognized upon transfer of control of promised products to customers in an amount that reflects the consideration expected to be received in exchange for those products. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company offers a limited lifetime warranty for manufacturing defects only on product sold. Due to sales recently occurring, the Company is unable to reasonably estimate future costs that will be incurred under its lifetime warranty program on revenue recognized as of

December 31, 2019.

However, the Company anticipates the amounts associated with revenues recognized as of

December 31, 2019

to be immaterial to the financial statements.

The Company recognized revenues of

$25,554

during the

three

and

nine

months ended

December 31, 2019.