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Note 9 - Income Taxes | 12 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES Components of tax expense (benefit) are as follows:
|  | Year Ended March 31, |
|  | 2021 |  |  | 2020 |
Federal |  |  |  |  |  |  |  |
Current |  | $ | 1,904,797 |  |  | $ | (408,360 | )
Deferred |  |  | 1,100,368 |  |  |  | (971,540 | )
|  |  | 3,005,165 |  |  |  | (1,379,900 | )
State |  |  |  |  |  |  |  |
Current |  |  | 554,212 |  |  |  | 3,468 |
Deferred |  |  | 238,121 |  |  |  | (212,560 | )
|  |  | 792,333 |  |  |  | (209,092 | )
Total |  | $ | 3,797,498 |  |  | $ | (1,588,992 | )
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:
|  | Year Ended March 31, |
|  | 2021 |  |  | 2020 |
Income tax expense (benefit) at U.S. federal statutory rate |  |  | 21.0 | % |  |  | (21.0 | )%
Current year state and local income taxes net of federal income tax benefit |  |  | 4.1 |  |  |  | (2.4 | )
Other |  |  | (0.1 | ) |  |  | 0.2 |
Provision for (benefit from) income taxes |  |  | 25.0 | % |  |  | (23.2 | )%
The Company's tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2018 through March 31, 2020. State and local returns may be subject to examination for fiscal years ended March 31, 2017 through March 31, 2020. Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's consolidated deferred tax assets (liabilities) are as follows:
|  | March 31, |
|  | 2021 |  |  | 2020 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  | $ | (1,945,788 | ) |  | $ | (128,868 | )
LIFO to average cost Section 481(a) adjustment |  |  | (301,110 | ) |  |  | (602,220 | )
Total deferred tax liabilities |  |  | (2,246,898 | ) |  |  | (731,088 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Unrealized derivative loss - OCI |  |  | 3,564,059 |  |  |  | — |
Inventory capitalization |  |  | 63,468 |  |  |  | 85,137 |
Postretirement benefits other than pensions |  |  | 26,240 |  |  |  | 24,127 |
Net operating loss carryforward - State |  |  | — |  |  |  | 15,012 |
Restricted stock award compensation |  |  | 328,434 |  |  |  | 200,949 |
Other |  |  | 129,121 |  |  |  | 44,717 |
Total deferred tax assets |  |  | 4,111,322 |  |  |  | 369,942 |
Net deferred tax asset (liability) |  | $ | 1,864,424 |  |  | $ | (361,146 | )

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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