Note 6 - 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
Federal
Current	$	274,947		$	519,271
Deferred		(221,144	)		(377,356	)
		53,803			141,915
State
Current		50,878			161,571
		50,878			161,571
Total	$	104,681		$	303,486

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

	Year Ended March 31
	2016			2015
Income tax expense at U.S. federal statutory rate		34.0	%		34.0	%
Benefit of tax deduction allowed to manufacturing companies		(6.6	)		(7.0	)
Current year state and local income taxes net of federal income tax benefit		8.4			7.3
Other		(9.5	)		10.0
Provision for income taxes		26.3	%		44.3	%

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

	March 31
	2016			2015
Deferred tax liabilities:
Depreciation	$	(871,665	)	$	(1,231,047	)
Total deferred tax liabilities		(871,665	)		(1,231,047	)
Deferred tax assets:
Inventory capitalization		179,956			201,094
LIFO Inventory		783,645			783,645
Postretirement benefits other than pensions		267,104			370,562
Other		49,462			63,104
Total deferred tax assets		1,280,167			1,418,405
Net deferred tax asset	$	408,502		$	187,358