Note 13 - Profit Sharing and 401k Plan

12 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Profit Sharing Plan and 401 Plan Disclosure [Text Block]

13. PROFIT SHARING AND 401K PLAN

The Company sponsors a profit sharing plan for all employees

not

covered under a separate management incentive plan. Under the profit sharing plan, a percentage determined by the Board of Directors of pre-tax profits on a quarterly basis

may

be allocated to non-management employees at management’s discretion. The profit sharing bonus

may

be distributed all in cash on an after-tax basis or distributed half in cash (on an after-tax basis) and the remainder deposited in an employee’s

401

(k) account on a pre-tax basis. Employees

may

also make voluntary pre-tax contributions to their

401

(k) accounts. Compensation expense under this plan was approximately

$34,000,

$9,100

and

$91000

for the fiscal years ended

March 

31,

2020,

2019

and

2018,

respectively. Additionally, the Company makes a retirement contribution to all employees individual

401

(k) accounts equal to

two

percent of each employee’s base pay for each bi-weekly pay period on a pre-tax basis. Retirement expense under this plan was approximately

$96,000,

$116,000

and

$117,000

for fiscal years ended

March 

31,

2020,

2019

and

2018,

respectively.