PetMed Express (PETS) 10-Q 30 Jul 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0001040130
Entity Registrant Name	PETMED EXPRESS INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-28827
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0680967
Entity Address, Address Line One	420 South Congress Avenue
Entity Address, City or Town	Delray Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33445
City Area Code	561
Local Phone Number	526-4444
Title of 12(b) Security	Common Stock, par value $.001
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,349,079

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 111,786	$ 118,718
Accounts receivable, less allowance for doubtful accounts of $33 and $39, respectively	2,162	2,587
Inventories - finished goods	29,174	34,420
Prepaid expenses and other current assets	4,061	4,503
Prepaid income taxes	0	959
Total current assets	147,183	161,187
Noncurrent assets:
Property and equipment, net	25,280	25,450
Intangible assets	860	860
Total noncurrent assets	26,140	26,310
Total assets	173,323	187,497
Current liabilities:
Accounts payable	24,714	39,548
Accrued expenses and other current liabilities	6,579	5,387
Income taxes payable	569	0
Total current liabilities	31,862	44,935
Deferred tax liabilities	1,114	1,281
Total liabilities	32,976	46,216
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000 shares authorized; 20,270 and 20,269 shares issued and outstanding, respectively	20	20
Additional paid-in capital	7,829	7,111
Retained earnings	132,489	134,141
Total shareholders' equity	140,347	141,281
Total liabilities and shareholders' equity	$ 173,323	$ 187,497

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Allowance for doubtful accounts	$ 33	$ 39
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Preferred stock, shares issued (in shares)	3	3
Preferred stock, shares outstanding (in shares)	3	3
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	20,270	20,269
Common stock, shares outstanding (in shares)	20,270	20,269

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Sales	$ 79,312	$ 96,204
Cost of sales	57,532	69,419
Gross profit	21,780	26,785
Operating expenses:
General and administrative	8,041	7,754
Advertising	7,673	9,033
Depreciation	647	562
Total operating expenses	16,361	17,349
Income from operations	5,419	9,436
Other income:
Interest income, net	85	90
Other, net	284	255
Total other income	369	345
Income before provision for income taxes	5,788	9,781
Provision for income taxes	1,360	2,013
Net income	$ 4,428	$ 7,768
Net income per common share:
Basic (in dollars per share)	$ 0.22	$ 0.39
Diluted (in dollars per share)	$ 0.22	$ 0.39
Weighted average number of common shares outstanding:
Basic (in shares)	20,109	19,984
Diluted (in shares)	20,200	20,042
Cash dividends declared per common share (in dollars per share)	$ 0.30	$ 0.28

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 4,428	$ 7,768
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	647	562
Share based compensation	718	740
Deferred income taxes	(167)	(255)
Bad debt expense	29	33
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	396	1,100
Inventories - finished goods	5,246	(25,187)
Prepaid income taxes	959	0
Prepaid expenses and other current assets	442	(737)
Accounts payable	(14,834)	1,317
Accrued expenses and other current liabilities	1,145	903
Income taxes payable	569	2,554
Net cash used in operating activities	(422)	(11,202)
Cash flows from investing activities:
Purchases of property and equipment	(477)	(145)
Net cash used in investing activities	(477)	(145)
Cash flows from financing activities:
Dividends paid	(6,033)	(5,594)
Net cash used in financing activities	(6,033)	(5,594)
Net decrease in cash and cash equivalents	(6,932)	(16,941)
Cash and cash equivalents, at beginning of period	118,718	103,762
Cash and cash equivalents, at end of period	111,786	86,821
Supplemental disclosure of cash flow information:
Dividends payable in accrued expenses	$ 245	$ 297

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1: Organization PetMed Express, Inc. and subsidiaries, d/b/a 1 800 “1 800 www.petmeds.com March 31, 2022 2021 March 31, 2022 2021, Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not June 30, 2021, three June 30, 2021 2020, three June 30, 2021 2020. three June 30, 2021 not March 31, 2022. 10 March 31, 2021. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Recent Accounting Pronouncements In December 2019, No. 2019 12, 740 2019 12” 2019 12 April 1, 2021. not In March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: The Company generates revenue by selling pet medication products and pet supplies mainly to retail customers. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one not not no Outbound shipping and handling fees are an accounting policy election, and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. The Company disaggregates revenue in the following two 1 2 Three Months Ended June 30, Revenue (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 70,937 89.4 % $ 80,425 83.6 % $ (9,488 ) -11.8 % New Order Sales 8,375 10.6 % 15,779 16.4 % (7,404 ) -46.9 % Total Net Sales $ 79,312 100.0 % $ 96,204 100.0 % $ (16,892 ) -17.6 % Internet Sales $ 66,447 83.8 % $ 81,511 84.7 % $ (15,064 ) -18.5 % Contact Center Sales 12,865 16.2 % 14,693 15.3 % (1,828 ) -12.4 % Total Net Sales $ 79,312 100.0 % $ 96,204 100.0 % $ (16,892 ) -17.6 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no June 30, 2021 March 31, 2021.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3: In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 260 Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Three Months Ended June 30, 2021 2020 Net income (numerator): Net income $ 4,428 $ 7,768 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,109 19,984 Common shares issuable upon vesting of restricted stock 81 48 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,200 20,042 Net income per common share: Basic $ 0.22 $ 0.39 Diluted $ 0.22 $ 0.39 For the three June 30, 2021 2020,

Note 4 - Accounting for Stock-b

Note 4 - Accounting for Stock-based Compensation	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4: The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 Share Based Payment 2016 09 2006 “2006 2016 “2016 2006 2006 “2006 2015 “2015 2006 June 30, 2021, third one three The Company issued 1,380 shares of restricted stock during the quarter ended June 30, 2021 no June 30, 2020. June 30, 2021 2020, June 30, 2021 2020, one three June 30, 2021 2020,

Note 5 - Fair Value

Note 5 - Fair Value	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5: The Company carries cash and cash equivalents at fair value in the Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 three Level 1 Level 2 Level 3 no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At June 30, 2021, 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6: The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no not no

Note 7 - Changes in Shareholder

Note 7 - Changes in Shareholders' Equity	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7: Equity: Changes in shareholders’ equity for the three June 30, 2021 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489 Changes in shareholders’ equity for the three June 30, 2020 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298 There were no shares of common stock that were purchased or retired in the quarter ended June 30, 2021 2020. June 30, 2021,

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8: For the quarters ended June 30, 2021 2020, June 30, 2021 June 30, 2021 June 30, 2020. June 30, 2021 one June 30, 2020.

Note 9 - Related Party Transact

Note 9 - Related Party Transaction	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9: The Company’s Board Chairman, Gian Fulgoni serves on the board of directors of Prophet, a brand and marketing consulting company, which the Company engaged with in March 2021 2021 June 30, 2021. 3 rd

Note 10 - Subsequent Events

Note 10 - Subsequent Events	3 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 10: On May 28, 2021, not July 30, 2021, July 3, 2021, On July 26, 2021 August 6, 2021 August 13, 2021 July 30, 2021 On July 30, 2021, 2016 2015

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis Of Presentation and Consolidation [Policy Text Block]	Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not June 30, 2021, three June 30, 2021 2020, three June 30, 2021 2020. three June 30, 2021 not March 31, 2022. 10 March 31, 2021.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In December 2019, No. 2019 12, 740 2019 12” 2019 12 April 1, 2021. not In March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Revenue (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 70,937 89.4 % $ 80,425 83.6 % $ (9,488 ) -11.8 % New Order Sales 8,375 10.6 % 15,779 16.4 % (7,404 ) -46.9 % Total Net Sales $ 79,312 100.0 % $ 96,204 100.0 % $ (16,892 ) -17.6 % Internet Sales $ 66,447 83.8 % $ 81,511 84.7 % $ (15,064 ) -18.5 % Contact Center Sales 12,865 16.2 % 14,693 15.3 % (1,828 ) -12.4 % Total Net Sales $ 79,312 100.0 % $ 96,204 100.0 % $ (16,892 ) -17.6 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2021 2020 Net income (numerator): Net income $ 4,428 $ 7,768 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,109 19,984 Common shares issuable upon vesting of restricted stock 81 48 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,200 20,042 Net income per common share: Basic $ 0.22 $ 0.39 Diluted $ 0.22 $ 0.39

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	3 Months Ended
	Jun. 30, 2021
Minimum [Member]
Credit Card Sales, Cash Settlement Period (Day)	2 days
Maximum [Member]
Credit Card Sales, Cash Settlement Period (Day)	3 days

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenues	$ 79,312	$ 96,204
Revenues, percentage	100.00%	100.00%
Revenues, variance	$ (16,892)
Revenues, variance, percentage	(17.60%)
Internet [Member]
Revenues	$ 66,447	$ 81,511
Revenues, percentage	83.80%	84.70%
Revenues, variance	$ (15,064)
Revenues, variance, percentage	(18.50%)
Contact Center [Member]
Revenues	$ 12,865	$ 14,693
Revenues, percentage	16.20%	15.30%
Revenues, variance	$ (1,828)
Revenues, variance, percentage	(12.40%)
Reorder Customer [Member]
Revenues	$ 70,937	$ 80,425
Revenues, percentage	89.40%	83.60%
Revenues, variance	$ (9,488)
Revenues, variance, percentage	(11.80%)
New Order Customer [Member]
Revenues	$ 8,375	$ 15,779
Revenues, percentage	10.60%	16.40%
Revenues, variance	$ (7,404)
Revenues, variance, percentage	(46.90%)

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	22,248	72,120

Note 3 - Net Income Per Share -

Note 3 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net income (numerator):
Net income	$ 4,428	$ 7,768
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,109	19,984
Common shares issuable upon vesting of restricted stock (in shares)	81	48
Common shares issuable upon conversion of preferred shares (in shares)	10	10
Shares used in diluted computation (in shares)	20,200	20,042
Net income per common share
Basic (in dollars per share)	$ 0.22	$ 0.39
Diluted (in dollars per share)	$ 0.22	$ 0.39

Note 4 - Accounting for Stock_2

Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	1,380	0
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	972,175
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	218,180
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	272,000
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	173,880
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Minimum [Member]
Restriction Period (Year)	1 year
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Maximum [Member]
Restriction Period (Year)	3 years
Employee and Director Plans [Member]
Share-based Payment Arrangement, Expense	$ 718,000	$ 740,000
Employee and Director Plans [Member] | Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,900,000	$ 1,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	160,638	182,695
Employee and Director Plans [Member] | Restricted Stock [Member] | Minimum [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year
Employee and Director Plans [Member] | Restricted Stock [Member] | Maximum [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 111,786	$ 118,718

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock Repurchased and Retired During Period, Shares (in shares)	0	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 28.7

Note 7 - Changes in Sharehold_4

Note 7 - Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Balance	$ 141,281
Net income	4,428	$ 7,768
Balance	140,347
Additional Paid-in Capital [Member]
Balance	7,111	3,804
Share based compensation	718	740
Dividends declared	0	0
Net income	0	0
Balance	7,829	4,544
Retained Earnings [Member]
Balance	134,141	126,177
Share based compensation	0	0
Dividends declared	(6,080)	(5,647)
Net income	4,428	7,768
Balance	$ 132,489	$ 128,298

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Expense (Benefit), Total	$ 1,360,000	$ 2,013,000
Effective Income Tax Rate Reconciliation, Percent, Total	23.50%	20.60%
Proceeds from Income Tax Refunds		$ 285,000

Note 9 - Related Party Transa_2

Note 9 - Related Party Transaction (Details Textual) - Prophet [Member] - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021
Related Party Transaction, Amounts of Transaction	$ 292,000
Related Party Transaction, Expenses from Transactions with Related Party		$ 260,000	$ 32,000

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - USD ($)	Jul. 30, 2021	Jul. 26, 2021	Jul. 03, 2021	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				1,380	0
Subsequent Event [Member]
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.30
Dividends Payable, Current		$ 6,100,000
Dividends Payable, Date Declared		Jul. 26, 2021
Dividends Payable, Date of Record		Aug. 6, 2021
Dividends Payable, Date to be Paid		Aug. 13, 2021
Subsequent Event [Member] | Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	41,745
Subsequent Event [Member] | Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	37,500
Subsequent Event [Member] | Chief Financial Officer [Member]
Additional Stipend to Be Paid for Each Month of Additional Responsibilities			$ 10,000