Note 17 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended March 31,
	2016			2015
Current:
Federal	$	1,817,000		$	1,209,000
State		316,000			159,000
Foreign		171,000			(65,000	)
Total current		2,304,000			1,303,000
Deferred:
Federal		152,000			(315,000	)
State		(61,000	)		(57,000	)
Total deferred		91,000			(372,000	)
Total	$	2,395,000		$	931,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended March 31,
	2016					2015
Expected Federal income tax expense U.S. statutory rate	$	2,092,000		34.0	%	$	1,161,000		34.0	%
State income taxes, net of Federal benefit		169,000		2.7	%		67,000		2.0	%
Permanent differences, other		47,000		0.8	%		42,000		1.2	%
Section 831(b) benefit		(316,000	)	-5.1	%		(364,000	)	-10.6	%
Change in valuation allowance		557,000		9.0	%
Domestic production activities deductions		(193,000	)	-3.1	%		(107,000	)	-3.1	%
Other differences, net		39,000		0.6	%		132,000		3.8	%
Income tax expense	$	2,395,000		38.9	%	$	931,000		27.3	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	March 31,
	2016			2015
Inventory reserves	$	504,000		$	115,000
Accrued vacation		439,000			244,000
Stock option compensation		141,000			47,000
Warranty reserve		74,000			85,000
Accounts and notes receivable reserve		181,000			83,000
Net operating loss carryforwards		5,353,000			-
Federal credits		4,784,000			-
263A inventory capitalization		60,000			145,000
Other		112,000			79,000
Total deferred tax assets		11,648,000			798,000
Deferred Revenue		(52,000	)		-
Prepaid expenses		(563,000	)		(473,000	)
Property and equipment		(70,000	)		(463,000	)
Intangibles		(388,000	)		-
Total deferred tax liabilities		(1,073,000	)		(936,000	)
Net deferred tax (liability) asset	$	10,575,000		$	(138,000	)
Less Valuation Allowance		(10,830,000	)		-
Net deferred tax (liability) asset after Valuation Allowance	$	(255,000	)	$	(138,000	)