Note B - New Accounting Standards	9 Months Ended
Dec. 31, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B — NEW ACCOUNTING STANDARDS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016 - 02, Leases (“ASU 2016 - 02” ). ASU 2016 - 02 establishes a new lease accounting standard that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than 12 months. Leases with a term of 12 months or less will be accounted for similar to prior guidance for operating leases. In July 2018, the FASB issued Accounting Standards Update No. 2018 - 10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new standard. In July 2018, the FASB also issued Accounting Standards Update No. 2018 - 11, Leases (Topic 842 ): Targeted Improvements, to give entities another option for transition and to provide practical expedients to reduce the cost and complexity of implementing the new standard. ASU 2016 - 02 and all subsequently issued amendments, collectively "ASC 842," is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASC 842 on April 1, 2019 using the optional transition method under which the new standard is applied only to the most current period presented and the cumulative effect of applying the new standard to existing lease agreements is recognized at the date of initial application. The adoption of ASC 842 resulted in the recording of right-of-use lease assets and lease liabilities of approximately $63,000. The Company implemented the appropriate changes to business processes and controls to support recognition and disclosure under the new standard, including the new qualitative and quantitative disclosures. The Company also elected the package of transition practical expedients related to lease identification, lease classification, and initial direct costs. In addition, the Company made the following accounting policy elections: ( 1 ) the Company will not separate lease and non-lease components by class of underlying asset and ( 2 ) the Company will apply the short-term lease exemption by class of underlying asset. The adoption of this standard did not have an impact on the Company’s consolidated statement of operations or cash flows and did not result in a cumulative adjustment to retained earnings. See Note E – Leases for additional information. In June 2016, the FASB issued Accounting Standards Update 2016 - 13, Financial Instruments — Credit Losses (ASC 326 ): Measurement of Credit Losses on Financial Instruments (“ASU 2016 - 13” ). ASU 2016 - 13 requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine the allowance for doubtful accounts with respect to accounts receivable. The CECL model requires estimation of lifetime expected credit loss with respect to receivables and recognition of allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. Subsequently, in November 2018, the FASB issued Accounting Standards Update 2018 - 19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (ASC 326 ), which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases. ASU 2016 - 13 called for an effective date for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. In November 2019, the FASB issued Accounting Standards Update 2019 - 10, Financial Instruments ‒ Credit Losses (Topic 326 ), Derivatives and Hedging (Topic 815 ), and Leases (Topic 842 ): Effective Dates (“ASU 2019 - 10” ). ASU 2019 - 10 defers the effective date of ASU 2016 - 13 for SEC filers that are eligible to be smaller reporting companies, private companies, not -for-profit organizations and employee benefit plans to annual periods beginning after December 15, 2022, including interim periods within those annual periods. The Company qualifies as a smaller reporting company and does not expect to early adopt ASU 2016 - 13. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019 - 12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes (“ASU 2019 - 12” ), which simplifies accounting for income taxes by revising or clarifying existing guidance in ASC 740, as well as removing certain exceptions within ASC 740. ASU 2019 - 12 is effective for annual reporting periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.

NOTE B — NEW ACCOUNTING STANDARDS

February

2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

No.

2016

02,

Leases (“ASU

2016

02”

). ASU

2016

establishes a new lease accounting standard that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than

months. Leases with a term of

months or less will be accounted for similar to prior guidance for operating leases. In

July 2018,

the FASB issued Accounting Standards Update

No.

2018

10,

Codification Improvements to Topic

842,

Leases, to clarify how to apply certain aspects of the new standard. In

July 2018,

the FASB also issued Accounting Standards Update

No.

2018

11,

Leases (Topic

842

): Targeted Improvements, to give entities another option for transition and to provide practical expedients to reduce the cost and complexity of implementing the new standard. ASU

2016

and all subsequently issued amendments, collectively "ASC

842,"

is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years.

The Company adopted ASC

842

April 1, 2019

using the optional transition method under which the new standard is applied only to the most current period presented and the cumulative effect of applying the new standard to existing lease agreements is recognized at the date of initial application. The adoption of ASC

842

resulted in the recording of right-of-use lease assets and lease liabilities of approximately

$63,000.

The Company implemented the appropriate changes to business processes and controls to support recognition and disclosure under the new standard, including the new qualitative and quantitative disclosures. The Company also elected the package of transition practical expedients related to lease identification, lease classification, and initial direct costs. In addition, the Company made the following accounting policy elections: (

) the Company will

not

separate lease and non-lease components by class of underlying asset and (

) the Company will apply the short-term lease exemption by class of underlying asset. The adoption of this standard did

not

have an impact on the Company’s consolidated statement of operations or cash flows and did

not

result in a cumulative adjustment to retained earnings. See Note E – Leases for additional information.

June 2016,

the FASB issued Accounting Standards Update

2016

13,

Financial Instruments — Credit Losses (ASC

326

): Measurement of Credit Losses on Financial Instruments (“ASU

2016

13”

). ASU

2016

requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine the allowance for doubtful accounts with respect to accounts receivable. The CECL model requires estimation of lifetime expected credit loss with respect to receivables and recognition of allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. Subsequently, in

November 2018,

the FASB issued Accounting Standards Update

2018

19,

Codification Improvements to Topic

326,

Financial Instruments – Credit Losses (ASC

326

), which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC

842,

Leases. ASU

2016

called for an effective date for annual periods, including interim periods within those annual periods, beginning after

December 15, 2019.

November 2019,

the FASB issued Accounting Standards Update

2019

10,

Financial Instruments ‒ Credit Losses (Topic

326

), Derivatives and Hedging (Topic

815

), and Leases (Topic

842

): Effective Dates (“ASU

2019

10”

). ASU

2019

defers the effective date of ASU

2016

for SEC filers that are eligible to be smaller reporting companies, private companies,

not

-for-profit organizations and employee benefit plans to annual periods beginning after

December 15, 2022,

including interim periods within those annual periods. The Company qualifies as a smaller reporting company and does

not

expect to early adopt ASU

2016

13.

The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.

December 2019,

the FASB issued Accounting Standards Update

2019

12,

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes (“ASU

2019

12”

), which simplifies accounting for income taxes by revising or clarifying existing guidance in ASC

740,

as well as removing certain exceptions within ASC

740.

ASU

2019

is effective for annual reporting periods beginning after

December 15, 2020

and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.