Note 7 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Notes Tables

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

	Year Ended March 31
	20 20			2019
Federal
Current	$	(408,360	)	$	1,738,512
Deferred		(971,540	)		(312,658	)
		(1,379,900	)		1,425,854
State
Current		3,468			312,429
Deferred		(212,560	)		(14,262	)
		(209,092	)		298,167
Total	$	(1,588,992	)	$	1,724,021

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

	Year Ended March 31
	20 20			2019
Income tax expense (benefit) at U.S. federal statutory rate		(21.0	%)		21.0	%
Current year state and local income taxes net of federal income tax benefit		(2.4	)		3.5
Other		0.2			0.8
Provision for (benefit from) income taxes		(23.2	%)		25.3	%

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

	March 31
	20 20			2019
Deferred tax liabilities:
Depreciation	$	(128,868	)	$	(954,569	)
LIFO to average cost Section 481(a) adjustment		(602,220	)		(903,330	)
Total deferred tax liabilities		(731,088	)		(1,857,899	)
Deferred tax assets:
Inventory capitalization		85,137			106,856
Postretirement benefits other than pensions		24,127			50,798
Net operating loss carryforward - State		15,012			—
Restricted stock award compensation		200,949			120,510
Other		44,717			34,489
Total deferred tax assets		369,942			312,653
Net deferred tax asset (liability)	$	(361,146	)	$	(1,545,246	)