Shareholders' Equity

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholders' Equity

NOTE 7 — SHAREHOLDERS’ EQUITY:

Common Shares:

Authorized common shares total 75,000,000 with a par value $0.01 per share, of which 21,042,652 were outstanding as of March 31, 2022 and March 31, 2021. Shares held in treasury at March 31, 2022 and March 31, 2021 were 31,923,145. 

        Series A Preferred Stock:

The Company has issued and outstanding 3,677 shares of Series A Preferred Stock, $.01 par value (“Preferred Stock”), with a face value of $3,677,000, which had no determinable market value as of March 31, 2022. The Preferred Stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.