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Note 17 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Notes Tables

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

		Year Ended March 31,
		2017				2016
Current:
Federal		$	1,124,000			$	1,817,000
State			128,000				316,000
Foreign			132,000				171,000
Total current			1,384,000				2,304,000
Deferred:
Federal			(592,000	)			152,000
State			(67,000	)			(61,000	)
Total deferred			(659,000	)			91,000
Total		$	725,000			$	2,395,000

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

		Year Ended March 31,
		2017								2016
Expected Federal income tax expense U.S. statutory rate		$	(1,434,000	)			34.0	%		$	2,092,000				34.0	%
State income taxes, net of Federal benefit			40,000				-0.9	%			169,000				2.7	%
Permanent differences, other			156,000				-3.7	%			47,000				0.8	%
Dividend received deduction			(302,000	)			7.2	%			-				0.0	%
Section 831(b) benefit			(281,000	)			6.7	%			(316,000	)			-5.1	%
Change in valuation allowance			3,868,000				-91.8	%			557,000				9.0	%
Domestic production activities deductions			(64,000	)			1.5	%			(193,000	)			-3.1	%
Income attributable to minority interest - Contrail Aviation			(45,000	)			1.1	%			-				0.0	%
Deferred benefit for outside basis difference recorded on Delphax CFC's			(1,015,000	)			24.1	%			-				0.0	%
Deferred state income taxes, net of Federal benefit for Delphax			(102,000	)			2.4	%			-				0.0	%
Other differences, net			(96,000	)			2.3	%			39,000				0.6	%
Income tax expense		$	725,000				-17.1	%		$	2,395,000				38.9	%

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

		Year Ended March 31,
		2017				2016
Inventory reserves		$	785,000			$	504,000
Accrued vacation			475,000				439,000
Stock option compensation			108,000				141,000
Property and equipment			169,000				-
Warranty reserve			39,000				74,000
Accounts and notes receivable reserve			290,000				181,000
Employee severance reserve			460,000				-
Net operating loss carryforwards			6,461,000				5,353,000
Federal/Canadian tax credits			4,648,000				4,784,000
263A inventory capitalization			10,000				60,000
Unrealized gains/losses and outside basis difference for CFC's			1,995,000				-
Intangibles			43,000				-
Other			78,000				112,000
Total deferred tax assets			15,561,000				11,648,000
Deferred revenue			(35,000	)			(52,000	)
Prepaid expenses			(505,000	)			(563,000	)
Property and equipment			-				(70,000	)
Intangibles			-				(388,000	)
Gain on marketable securities (OCI)			(94,000	)			-
Outside basis difference			(34,000	)			-
Total deferred tax liabilities			(668,000	)			(1,073,000	)
Net deferred tax asset (liability)		$	14,893,000			$	10,575,000
Less valuation allowance			(14,698,000	)			(10,830,000	)
Net deferred tax asset (liability) after valuation allowance		$	195,000			$	(255,000	)

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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