Note 9 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

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

	Year Ended March 31,
	2022			2021
Federal
Current	$	3,881,166		$	1,904,797
Deferred		(478,918	)		1,100,368
		3,402,248			3,005,165
State
Current		944,809			554,212
Deferred		(82,821	)		238,121
		861,988			792,333
Total	$	4,264,236		$	3,797,498

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

	Year Ended March 31,
	2022			2021
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.7			4.1
Other		(1.4	)		(0.1	)
Provision for income taxes		23.3	%		25.0	%

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

	March 31,
	2022			2021
Deferred tax liabilities:
Depreciation	$	(1,788,033	)	$	(1,945,788	)
LIFO to average cost Section 481(a) adjustment		—			(301,110	)
Total deferred tax liabilities		(1,788,033	)		(2,246,898	)
Deferred tax assets:
Unrealized derivative loss - OCI		3,271,192			3,564,059
Inventory capitalization		98,227			63,468
Postretirement benefits other than pensions		28,893			26,240
Restricted stock compensation		69,122			328,434
Unrealized loss - mark to market derivatives		388,213			94,306
Other		65,681			34,815
Total deferred tax assets		3,921,328			4,111,322
Net deferred tax asset	$	2,133,295		$	1,864,424