Note 5 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Notes Tables

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

	Year Ended March 31
	201 7			2016
Federal
Current	$	(714,684	)	$	274,947
Deferred		(644,865	)		(221,144	)
		(1,359,549	)		53,803
State
Current		—			50,878
Deferred		(112,583	)		—
		(112,583	)		50,878
Total	$	(1,472,132	)	$	104,681

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

	Year Ended March 31
	2017			2016
Income tax expense (benefit) at U.S. federal statutory rate		(34.0%	)		34.0	%
Benefit of tax deduction allowed to manufacturing companies		—			(6.6	)
Current year state and local income taxes net of federal income tax benefit		(1.7	)		8.4
Other		0.2			(9.5	)
Provision for (benefit from) income taxes		(35.5%	)		26.3	%

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

	March 31
	201 7			2016
Deferred tax liabilities:
Depreciation	$	(507,970	)	$	(871,665	)
Total deferred tax liabilities		(507,970	)		(871,665	)
Deferred tax assets:
Inventory capitalization		166,979			179,956
LIFO Inventory		783,645			783,645
Postretirement benefits other than pensions		187,096			267,104
Net operating loss carryforward - Federal		343,729			—
Net operating loss carryforward - State		112,583			—
Other		79,888			49,462
Total deferred tax assets		1,673,920			1,280,167
Net deferred tax asset	$	1,165,950		$	408,502