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CAPITAL STOCK and EARNINGS PER SHARE | 12 Months Ended
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Mar. 31, 2020
CAPITAL STOCK and EARNINGS PER SHARE |
CAPITAL STOCK and EARNINGS PER SHARE | NOTE 6 - CAPITAL STOCK and EARNINGS PER SHARE Common Stock We had 90,000,000 authorized shares of common stock at March 31, 2020 and March 31, 2019. There were 29,354,594 and 29,234,594 shares of common stock outstanding at March 31, 2020 and March 31, 2019, respectively. Preferred Stock We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitations of the holders of such series. There were no shares of preferred stock outstanding at March 31, 2020 and 2019. Earnings per Share Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.
|  | March 31, |  | March 31,
|  | 2020 |  | 2019
Basic EPS |  |  |  |  |  |
Net (loss) income |  | $ | (341,569) |  | $ | 1,100,676
Weighted average shares |  |  | 29,258,692 |  |  | 28,878,780
Net (loss) income per share |  | $ | (0.01) |  | $ | 0.04
Diluted EPS |  |  |  |  |  |
Net (loss) income |  | $ | (341,569) |  | $ | 1,100,676
Dilutive effect of stock options |  |  | — |  |  | 1,414,890
Weighted average shares |  |  | 29,258,692 |  |  | 30,293,670
Net (loss) income per share |  | $ | (0.01) |  | $ | 0.04
All potential common stock equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the fiscal year ended March 31, 2020, there were 2,966,000 of potentially anti-dilutive stock options, none of which were included in the EPS calculations above. All potential common stock equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the year ended March 31, 2019 there were 221,000 of potential common stock equivalents that were out-of-the-money and were not included in the EPS calculations.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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