Note 17 - Subsequent Events

12 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

17. SUBSEQUENT EVENTS

Pursuant to the Paycheck Protection Program ("PPP") under the CARES Act, on

May 5, 2020,

the Company received the proceeds of a loan from

one

of its banks in the principal amount of

$1,380,000.

The PPP loan dated

April 30, 2020,

matures on

May 5, 2022

and bears interest at a rate of

1.0%

per annum, payable monthly commencing on

November 5, 2020,

following an initial deferral period as specified under the PPP. The Company intends to use the proceeds of the PPP loan for certain payroll costs, group health care benefits and other permitted expenses in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest

may

be forgiven to the extent the proceeds are used for qualifying expenses as determined by the guidance of the U.S. Small Business Administration under the PPP. There can be

no

assurance, however, that the PPP loan will be forgiven in whole or in part.