Note 9 - Income Taxes

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

9

 - INCOME TAXES

At  

December 31, 2019, 

the Company had federal net operating loss carry-forwards ("NOL")'s of approximately 

$2,546,000.

These NOLs 

may 

be used to offset future taxable income and thereby reduce or eliminate our federal income taxes otherwise payable. A valuation allowance is provided when it is more likely than 

not

 that some portion or all of the deferred tax assets will 

not

 be realized. Ultimate utilization of such NOLs and research and development credits is dependent upon the Company's ability to generate taxable income in future periods and 

may 

be significantly curtailed if a significant change inownership occurs.

During the 

nine

months ended 

December 31, 2019, 

the Company utilized approximately

$94,000

of the net operating losses, and expects to utilize the remaining NOL’s before expiration.

The effective rates were approximately (

290

)% and

98%

 for the 

nine

months ended

December 31, 2019

and

2018,

 respectively.