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Shareholders' Equity | 12 Months Ended
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Mar. 31, 2020
Equity [Abstract] |
Shareholders' Equity | NOTE 8 – SHAREHOLDERS’ EQUITY COMMON STOCK ISSUANCES During the years ended March 31, 2020 and 2019 the Company issued the following common stock shares: Fiscal 2020: On August 30, 2019 the Company issued 60,000 shares of its common stock to a former director who exercised stock options at an average exercise price of $0.17 per share. On June 12, 2019, the Company issued 32,890 shares of its common stock to our Board of Directors at $0.38 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2020. Fiscal 2019: On March 31, 2019, the Company accrued a subscription receivable for 20,000 shares of its common stock to a former director who exercised stock options at an exercise price of $0.11 per share. The Company received payment of $2,200 in May 2019. On January 24, 2019, the Company issued 60,000 shares of its common stock to a current director who exercised stock options at an average exercise price of $.07 per share. The Company received payment of $4,000 in January 2019. On August 3, 2018 the Company issued 80,000 shares of its common stock to a former director who exercised stock options at an average exercise price of $.08 per share. The Company received payment of $6,400 in January 2019. On August 1, 2018, the Company issued 22,725 shares of its common stock to our Board of Directors at $0.55 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2019. The value of this issuance was $12,500. EARNINGS PER SHARE In accordance with FASB ASC 210, “Earnings per Share”, basic earnings per share are computed by dividing the net earnings for the year by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing earnings for the year by the weighted average number of common shares outstanding including the effect of common stock equivalents. As of March 31, 2020 there were common stock equivalents to purchase 2,230,000 shares of common stock, none of which were included in the computation of diluted earnings per share because their effect on earnings per share would be anti-dilutive. For the fiscal year ended March 31, 2019 there were common stock equivalents to purchase 2,210,000 shares of common stock of which 1,630,000 were included in the computation of diluted earnings per share. STOCK OPTIONS On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (“Plan”), as amended. The Plan was developed to provide a means whereby directors and selected employees, officers, consultants, and advisors of the Company may be granted incentive or non-qualified stock options to purchase common stock of the Company. As of March 31, 2020, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2020 or 2019. A summary of stock option activity for each of the years presented is summarized below.
|  | Fiscal 2020 |  |  | Fiscal 2019 |
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Number of Options |  |  | Weighted Average Exercise Price |
Stock Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  | 2,210,000 |  |  | $ | 0.25 |  |  |  | 2,330,000 |  |  | $ | 0.22 |
Granted |  |  | 100,000 |  |  | $ | 0.38 |  |  |  | 100,000 |  |  | $ | 0.55 |
Exercised |  |  | (60,000 | ) |  | $ | 0.17 |  |  |  | (160,000 | ) |  | $ | 0.08 |
Forfeited |  |  | (20,000 | ) |  | $ | 0.03 |  |  |  | (60,000 | ) |  | $ | 0.11 |
Balance at end of year * |  |  | 2,230,000 |  |  | $ | 0.26 |  |  |  | 2,210,000 |  |  | $ | 0.25 |
Options exercisable at end of year |  |  | 2,130,000 |  |  | $ | 0.25 |  |  |  | 2,110,000 |  |  | $ | 0.15 |
The following table summarizes information about employee stock options outstanding at March 31, 2020:
Range of Exercise Price |  | Number Outstanding at March 31, 2020 |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |  |  | Number Exercisable at March 31, 2020 |  |  | Weighted Average Exercise Price |
$0.04 - $0.38 |  |  | 1,650,000 |  |  |  | 4.3 |  |  | $ | 0.13 |  |  |  | 1,550,000 |  |  | $ | 0.16 |
$0.47 - $0.55 |  |  | 580,000 |  |  |  | 7.4 |  |  | $ | 0.50 |  |  |  | 580,000 |  |  | $ | 0.50 |
* |  |  | 2,230,000 |  |  |  |  |  |  |  |  |  |  |  | 2,130,000 |  |  |  |  |
* Total number of options outstanding as of March 31, 2020 includes 1,080,000 options issued to five current and two former directors as compensation and 1,150,000 options issue to key employees that were not issued from the Plan.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: 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(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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