Note L - Stockholders' Equity

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE L — STOCKHOLDERS' EQUITY

The following tables reflect the changes in stockholders' equity for the

six

months ended

September 30, 2020

and

September 30, 2019

:

			Additional
	Common		Paid-In		Treasury			Retained
	Stock		Capital		Stock			Earnings
BALANCE AT MARCH 31, 2020	$	8,295,160	$	29,565,416	$	(5,525,964	)	$	34,530,755
Net loss		—		—		—			(858,862	)
Issuance of restricted stock		11,000		—		—			—
Paid in capital – restricted stock awards		—		99,814		—			—
Cash dividends ($0.02 per share)		—		—		—			(143,229	)
BALANCE AT JUNE 30, 2020	$	8,306,160	$	29,665,230	$	(5,525,964	)	$	33,528,664
Net loss		—		—		—			(250,005	)
Paid in capital – restricted stock awards		—		110,813		—			—
Repurchase of shares		—		—		(410,221	)		—
Cash dividends ($0.02 per share)		—		—		—			(143,181	)
BALANCE AT SEPTEMBER 30, 2020	$	8,306,160	$	29,776,043	$	(5,936,185	)	$	33,135,478

			Additional
	Common		Paid-In		Treasury			Retained
	Stock		Capital		Stock			Earnings
BALANCE AT MARCH 31, 2019	$	8,205,160	$	29,322,472	$	(5,525,964	)	$	40,479,909
Net earnings		—		—		—			194,772
Issuance of restricted stock		20,000		—		—			—
Paid in capital – restricted stock awards		—		63,236		—			—
Cash dividends ($0.04 per share)		—		—		—			(279,978	)
BALANCE AT JUNE 30, 2019	$	8,225,160	$	29,385,708	$	(5,525,964	)	$	40,394,703
Net loss		—		—		—			(1,544,137	)
Paid in capital – restricted stock awards		—		83,236		—			—
Cash dividends ($0.02 per share)		—		—		—			(139,990	)
BALANCE AT SEPTEMBER 30, 2019	$	8,225,160	$	29,468,944	$	(5,525,964	)	$	38,710,576

On

June 25, 2020,

the Board of Directors of the Company authorized a share repurchase program under which the Company

may

repurchase up to

1,062,067

shares of the Company's outstanding common stock through

June 30, 2023,

which equates to

15%

of the Company's outstanding shares of common stock as of  

June 25, 2020.

Repurchases under the program

may

be made from time to time at the Company's discretion and

may

be made in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that

may

be adopted by the Company's management in accordance with Rule

10b5

-

1

of the Securities Exchange Act of

1934,

as amended, or otherwise. The timing and actual number of shares repurchased pursuant to the program will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program does

not

obligate the Company to acquire a specific dollar amount or number of shares and

may

be modified, suspended or discontinued at any time. The Company repurchased

67,281

 shares at a cost of

$410,221

under the program during the

three

 months ended

September 30, 2020

.