Note 6 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Notes Tables

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

	Year Ended March 31
	201 8		2017
Federal
Current	$	—	$	(714,684	)
Deferred		1,178,073		(644,865	)
		1,178,073		(1,359,549	)
State
Current		38,742		—
Deferred		91,075		(112,583	)
		129,817		(112,583	)
Total	$	1,307,890	$	(1,472,132	)

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

	Year Ended March 31
	201 8			2017
Income tax expense (benefit) at U.S. federal statutory rate (1)		30.8	%		(34.0%	)
Benefit due to tax reform		(2.0	)		—
Current year state and local income taxes net of federal income tax benefit		3.4			(1.7	)
Other		—			0.2
Provision for (benefit from) income taxes		32.2	%		(35.5%	)

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

	March 31
	201 8			2017
Deferred tax liabilities:
Depreciation	$	(1,053,139	)	$	(507,970	)
Total deferred tax liabilities		(1,053,139	)		(507,970	)
Deferred tax assets:
Inventory capitalization		114,428			166,979
LIFO Inventory		484,016			783,645
Postretirement benefits other than pensions		36,762			187,096
Net operating loss carryforward - Federal		184,668			343,729
Net operating loss carryforward - State		21,507			112,583
Other		108,560			79,888
Total deferred tax assets		949,941			1,673,920
Net deferred tax asset (liability)	$	(103,198	)	$	1,165,950