Friedman Industries (FRD) 10-K 28 Jun 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Jun. 28, 2018	Sep. 30, 2017
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	39,092
Trading Symbol	frd
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		7,009,444
Entity Public Float			$ 41,592
Document Type	10-K
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Mar. 31, 2017
CURRENT ASSETS:
Cash	$ 4,052,582	$ 1,461,695
Accounts receivable, net of allowances for bad debts and cash discounts of $21,052 and $27,276 at March 31, 2018 and 2017, respectively	17,458,289	8,939,051
Inventories	38,039,332	34,918,550
Other	429,101	113,540
TOTAL CURRENT ASSETS	59,979,304	45,432,836
PROPERTY, PLANT AND EQUIPMENT:
Land	1,452,799	1,082,331
Buildings and yard improvements	8,710,958	7,111,735
Machinery and equipment	39,282,944	31,451,479
Construction in progress		9,451,972
Less accumulated depreciation	(35,280,700)	(33,924,353)
Property, plant, and equipment, net	14,166,001	15,173,164
OTHER ASSETS:
Deferred income tax asset		1,165,950
Federal income taxes recoverable		913,347
Cash value of officers’ life insurance and other assets	217,900	578,000
TOTAL ASSETS	74,363,205	63,263,297
CURRENT LIABILITIES:
Accounts payable and accrued expenses	10,233,431	2,003,661
Dividends payable	140,189	70,094
Contribution to retirement plan	45,000	42,000
Employee compensation and related expenses	612,015	240,835
TOTAL CURRENT LIABILITIES	11,030,635	2,356,590
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	175,056	550,282
DEFERRED INCOME TAX LIABILITY	103,198
TOTAL LIABILITIES	11,308,889	2,906,872
COMMITMENTS AND CONTINGENCIES (SEE NOTE 4 AND NOTE 7)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,185,160 at March 31, 2018 and 2017	8,185,160	8,185,160
Additional paid-in capital	29,154,874	28,865,914
Treasury stock at cost (1,175,716 shares at March 31, 2018 and 2017)	(5,475,964)	(5,475,964)
Retained earnings	31,190,246	28,781,315
TOTAL STOCKHOLDERS’ EQUITY	63,054,316	60,356,425
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 74,363,205	$ 63,263,297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Allowance for bad debt and cash discounts	$ 21,052	$ 27,276
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	8,185,160	8,185,160
Treasury stock, shares (in shares)	1,175,716	1,175,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 121,157,278	$ 77,756,055
Costs and expenses:
Cost of products sold	112,905,381	77,947,677
Selling, general and administrative	4,181,657	4,018,199
Interest expense	27,846
Costs and expenses, total	117,114,884	81,965,876
EARNINGS (LOSS) FROM OPERATIONS	4,042,394	(4,209,821)
Interest and other income	(24,900)	(59,005)
EARNINGS (LOSS) BEFORE INCOME TAXES	4,067,294	(4,150,816)
Provision for (benefit from) income taxes:
Current	38,742	(714,684)
Deferred	1,269,148	(757,448)
Total	1,307,890	(1,472,132)
NET EARNINGS (LOSS)	$ 2,759,404	$ (2,678,684)
Weighted average number of common shares outstanding:
Basic (in shares)	7,009,444	6,851,944
Diluted (in shares)	7,009,444	6,851,944
Net earnings (loss) per share:
Basic (in dollars per share)	$ 0.39	$ (0.39)
Diluted (in dollars per share)	$ 0.39	$ (0.39)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
BALANCE at Mar. 31, 2016	$ 7,975,160	$ 29,003,674	$ (5,475,964)	$ 31,736,177
Net earnings (loss)				(2,678,684)	$ (2,678,684)
Issuance of restricted stock	210,000	(137,760)
Cash dividends				(276,178)
BALANCE at Mar. 31, 2017	8,185,160	28,865,914	(5,475,964)	28,781,315	60,356,425
Net earnings (loss)				2,759,404	2,759,404
Cash dividends				(350,473)
BALANCE at Mar. 31, 2018	8,185,160	29,154,874	(5,475,964)	31,190,246	$ 63,054,316
Paid in capital – restricted stock awards		$ 288,960

Consolidated Statements of Sto6

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.05	$ 0.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net earnings (loss)	$ 2,759,404	$ (2,678,684)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation, Total	1,356,347	1,594,406
Deferred taxes	1,269,148	(757,448)
Compensation expense for restricted stock	288,960	72,240
Change in post-retirement benefits other than pensions	9,774	57,682
Changes in operating assets and liabilities:
Accounts receivable, net	(8,519,238)	(4,116,665)
Inventories	(3,120,782)	7,020,578
Federal income taxes recoverable	913,347	(913,347)
Other	(315,561)	29,840
Accounts payable and accrued expenses	8,229,770	(473,038)
Employee compensation and related expenses	371,180	(36,722)
Contribution to retirement plan	3,000	(1,500)
Net cash provided by (used in) operating activities	3,245,349	(202,658)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(349,184)	(799,331)
Increase in cash value of officers’ life insurance	(24,900)	(59,000)
Net cash used in investing activities	(374,084)	(858,331)
FINANCING ACTIVITIES
Cash dividends paid	(280,378)	(274,078)
Net cash used in financing activities	(280,378)	(274,078)
Increase (decrease) in cash	2,590,887	(1,335,067)
Cash at beginning of year	1,461,695	2,796,762
Cash at end of year	$ 4,052,582	$ 1,461,695

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated. REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured. TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third 30 $6,052 $7,276 March 31, 2018 March 31, 2017, INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil and non-standard coil inventories consist primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined under the last-in, first $7,290,000 $5,593,000 March 31, 2018 2017, 2018 2018 2018 not no The following is a summary of inventory by product group: March 31 201 8 2017 Prime coil inventory $ 6,895,756 $ 8,481,605 Non-standard coil inventory 2,971,324 1,119,170 Tubular raw material 6,734,076 1,480,730 Tubular finished goods 21,438,176 23,837,045 $ 38,039,332 $ 34,918,550 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc. At March 31, 2018, 2018 may Effective April 1, 2018, 10 June 30, 2018. not PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10 During the quarter ended June 30, 2017, April 1, 2017, $640,000, $406,000 $0.06 2018. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not No March 31, 2018 2017. Maintenance and repairs are expensed as incurred. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was $175,056 $550,282 March 31, 2018 March 31, 2017, SHIPPING COSTS: Sales are increased for freight billed to customers and freight costs are charged to cost of products sold. SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid interest of approximately $27,900 2018 no 2017. $959,000 2018. $13,500 2017. $140,189 $70,094 2018 2017, $385,000 $293,000 2018 2017, INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. The Company has also analyzed tax positions taken on tax returns filed and does not not no USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates that are subject to the Company’s assumptions include valuation of LIFO inventories in the Company’s quarterly reporting, determination of useful lives for fixed assets and determination of the allowance for doubtful accounts. Valuation of LIFO inventories in the Company’s quarterly reporting requires estimates of the year end quantities, which is inherently difficult. The determination of useful lives for depreciation of fixed assets requires the Company to make assumptions regarding the future productivity of the Company’s fixed assets. The allowance for doubtful accounts requires the Company to draw conclusions on the future collectability of the Company’s accounts receivable. Actual results could differ from these estimates. FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value. EARNINGS PER SHARE: The Company uses the two no ECONOMIC RELATIONSHIP: The Company purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company. Coil segment sales to Trinity Industries, Inc. accounted for approximately 16% 28% 2018 2017, No 10% two March 31, 2018. The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30 NEW ACCOUNTING PRONOUNCEMENTS: There were no 2018. In the fourth 2017, No. 2016 09, 2016 09” 2016 09 January 1, 2017 no January 1, 2017. not 2018 2017. In August 2016, No. 2016 15, 2016 15” 2016 15 eight December 15, 2017, 2016 15 not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 December 15, 2018, 2016 02 not In May 2014, No. 2014 09, 2014 09” 2014 09 2014 09 December 15, 2016 not August 2015, No. 2015 14, 2015 14” 2015 14 2014 09 December 15, 2017, one December 15, 2016, April 1, 2018. two April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018

Note 2 - Equity Compensation Pl

Note 2 - Equity Compensation Plans and Capital Stock	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	2. EQUITY COMPENSATION PLANS AND CAPITAL STOCK The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The total number of restricted shares awarded and outstanding under the Plan was 210,000 March 31, 2018 March 31, 2017. five January 4, 2022. No $1,444,800 60 $288,960 $72,240 2018 2017, The Company has 1,000,000 $1 may one no March 31, 2018 March 31, 2017.

Note 3 - Debt

Note 3 - Debt	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	3. On December 11, 2017, $7,500,000 December 11, 2018 0.55% 4.2% March 31, 2018. may not 1 $50.0 2 50% March 31, 2018, no

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	4 . COMMITMENTS AND CONTINGENCIES The Company is obligated under a noncancelable operating lease for its Longview, Texas office space. The lease was scheduled to expire on April 30, 2018 36 April 30, 2021. $2,728. five March 31, 2018: 2019 $ 32,736 2020 32,736 2021 32,736 2022 2,728 2023 — Total $ 100,936 Rental expenses for leased properties were approximately $32,736 $64,400 2018 2017, 2017 not At March 31, 2018, December 31, 2018. March 31, 2018, April 2018 December 2018 $33,660,000. One of the Company’s purchase agreements provides an annual rebate payable to the Company if a certain volume of material is purchased during the term of the agreement. As of March 31, 2018, not In fiscal 2017, not

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	5 . EARNINGS PER SHARE Basic and dilutive net earnings (loss) per share is computed based on the following information: Year Ended March 31 2018 2017 Basic Net earnings (loss) $ 2,759,404 $ (2,678,684 ) Weighted average common shares 7,009,444 6,851,944 Dilutive Net earnings (loss) $ 2,759,404 $ (2,678,684 ) Weighted average common shares and common share equivalents 7,009,444 6,851,944

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31 201 8 2017 Federal Current $ — $ (714,684 ) Deferred 1,178,073 (644,865 ) 1,178,073 (1,359,549 ) State Current 38,742 — Deferred 91,075 (112,583 ) 129,817 (112,583 ) Total $ 1,307,890 $ (1,472,132 ) The effective tax rate for fiscal 2018 December 22, 2017 not The Tax Act reduced the federal corporate tax rate applicable to the Company from 34% 21% January 1, 2018. 15 30.8% 2018. January 1, 2018 21% March 31, 2019 As a result of the change to the corporate tax rate, the Company was required to re-measure its net deferred tax assets and liabilities using the tax rate that will apply when those amounts are expected to reverse. The re-measurement of deferred tax assets and liabilities at the new tax rate resulted in a provisional noncash tax benefit of approximately $77,000 $240,500 10 December 31, 2017. 2018. On December 22, 2017, 118 118” 118 not one 740 740” 118, 740 740 may may may 2017 2018. The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31 201 8 2017 Income tax expense (benefit) at U.S. federal statutory rate (1) 30.8 % (34.0% ) Benefit due to tax reform (2.0 ) — Current year state and local income taxes net of federal income tax benefit 3.4 (1.7 ) Other — 0.2 Provision for (benefit from) income taxes 32.2 % (35.5% ) ( 1 The statutory rate for fiscal 2018 December 22, 2017. The Company’s tax returns may March 31, 2015 March 31, 2017. may March 31, 2014 March 31, 2017. 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 31 201 8 2017 Deferred tax liabilities: Depreciation $ (1,053,139 ) $ (507,970 ) Total deferred tax liabilities (1,053,139 ) (507,970 ) Deferred tax assets: Inventory capitalization 114,428 166,979 LIFO Inventory 484,016 783,645 Postretirement benefits other than pensions 36,762 187,096 Net operating loss carryforward - Federal 184,668 343,729 Net operating loss carryforward - State 21,507 112,583 Other 108,560 79,888 Total deferred tax assets 949,941 1,673,920 Net deferred tax asset (liability) $ (103,198 ) $ 1,165,950

Note 7 - Retirement Plan

Note 7 - Retirement Plan	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	7 . RETIREMENT PLAN The Company maintains the Friedman Industries, Inc. Employees’ Retirement and 401 six The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which are determined at the discretion of the Board of Directors in an amount not 15% $162,000 March 31, 2018, $170,000 March 31, 2017. Employees may 401 one may 401 $37,500 $32,000 March 31, 2018 2017,

Note 8 - Industry Segment Data

Note 8 - Industry Segment Data	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	8 . INDUSTRY SEGMENT DATA The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Year Ended March 31 2018 2017 NET SALES: Coil $ 90,132,804 $ 64,641,805 Tubular 31,024,474 13,114,250 TOTAL NET SALES $ 121,157,278 $ 77,756,055 OPERATING PROFIT (LOSS): Coil $ 4,026,329 $ (770,091 ) Tubular 2,024,035 (1,438,088 ) TOTAL OPERATING PROFIT (LOSS) 6,050,364 (2,208,179 ) General corporate expenses (1,980,124 ) (2,001,642 ) Interest expense (27,846 ) — Interest and other income 24,900 59,005 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 4,067,294 $ (4,150,816 ) IDENTIFIABLE ASSETS: Coil $ 27,068,602 $ 21,832,790 Tubular 43,010,190 37,298,800 70,078,792 59,131,590 General corporate assets 4,284,413 4,131,707 TOTAL ASSETS $ 74,363,205 $ 63,263,297 DEPRECIATION: Coil $ 570,819 $ 1,208,446 Tubular 779,590 378,077 Corporate and other 5,938 7,883 $ 1,356,347 $ 1,594,406 CAPITAL EXPENDITURES: Coil $ 35,720 $ 75,889 Tubular 306,310 715,973 Corporate and other 7,154 7,469 $ 349,184 $ 799,331 Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not 31, 2018, 31, 2017, no May 2017.

Note 9 - Summary of Quarterly R

Note 9 - Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Quarterly Financial Information [Text Block]	9 . SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2018 2017: Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 23,083,269 $ 26,077,710 $ 28,033,521 $ 43,962,778 Gross profit 1,263,423 1,377,170 1,669,134 3,942,170 Net earnings 170,620 310,039 122,929 2,155,816 Basic .02 .04 .02 .31 Diluted .02 .04 .02 .31 Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 22,393,764 $ 18,317,506 $ 15,988,745 $ 21,056,040 Gross profit (loss) (1,252,988 ) (45,711 ) 571,571 535,506 Net earnings (loss) (1,461,219 ) (603,882 ) (236,625 ) (376,958 ) Basic (.21 ) (.09 ) (.03 ) (.06 ) Diluted (.21 ) (.09 ) (.03 ) (.06 )

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS FRIEDMAN INDUSTRIES, INCORPORATED Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Deductions— Balance at Year ended March 31, 2018 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 27,276 $ — $ 425,140 $ 431,364 $ 21,052 Year ended March 31, 2017 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 22,276 $ — $ 307,932 $ 302,932 $ 27,276 ________________ (A) Cash discounts allowed on sales and charged against revenue. (B) Accounts receivable written off of $1,224 $0 $430,140 $302,932 2018 2017,

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated.
Revenue Recognition, Policy [Policy Text Block]	REVENUE RECOGNITION: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which is on the date of shipment. This date is when the terms of customers’ arrangements are met, the sales price is fixed or determinable and collection is reasonably assured.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third 30 $6,052 $7,276 March 31, 2018 March 31, 2017,
Inventory, Policy [Policy Text Block]	INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil and non-standard coil inventories consist primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined under the last-in, first $7,290,000 $5,593,000 March 31, 2018 2017, 2018 2018 2018 not no The following is a summary of inventory by product group: March 31 201 8 2017 Prime coil inventory $ 6,895,756 $ 8,481,605 Non-standard coil inventory 2,971,324 1,119,170 Tubular raw material 6,734,076 1,480,730 Tubular finished goods 21,438,176 23,837,045 $ 38,039,332 $ 34,918,550 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc. At March 31, 2018, 2018 may Effective April 1, 2018, 10 June 30, 2018. not
Property, Plant and Equipment, Policy [Policy Text Block]	PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows: Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10 During the quarter ended June 30, 2017, April 1, 2017, $640,000, $406,000 $0.06 2018. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not No March 31, 2018 2017. Maintenance and repairs are expensed as incurred.
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was $175,056 $550,282 March 31, 2018 March 31, 2017,
Shipping and Handling Cost, Policy [Policy Text Block]	SHIPPING COSTS: Sales are increased for freight billed to customers and freight costs are charged to cost of products sold.
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid interest of approximately $27,900 2018 no 2017. $959,000 2018. $13,500 2017. $140,189 $70,094 2018 2017, $385,000 $293,000 2018 2017,
Income Tax, Policy [Policy Text Block]	INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income. The Company has also analyzed tax positions taken on tax returns filed and does not not no
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates that are subject to the Company’s assumptions include valuation of LIFO inventories in the Company’s quarterly reporting, determination of useful lives for fixed assets and determination of the allowance for doubtful accounts. Valuation of LIFO inventories in the Company’s quarterly reporting requires estimates of the year end quantities, which is inherently difficult. The determination of useful lives for depreciation of fixed assets requires the Company to make assumptions regarding the future productivity of the Company’s fixed assets. The allowance for doubtful accounts requires the Company to draw conclusions on the future collectability of the Company’s accounts receivable. Actual results could differ from these estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	INANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value.
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER SHARE: The Company uses the two no
Concentration Risk, Credit Risk, Policy [Policy Text Block]	ECONOMIC RELATIONSHIP: The Company purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company. Coil segment sales to Trinity Industries, Inc. accounted for approximately 16% 28% 2018 2017, No 10% two March 31, 2018. The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING PRONOUNCEMENTS: There were no 2018. In the fourth 2017, No. 2016 09, 2016 09” 2016 09 January 1, 2017 no January 1, 2017. not 2018 2017. In August 2016, No. 2016 15, 2016 15” 2016 15 eight December 15, 2017, 2016 15 not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 December 15, 2018, 2016 02 not In May 2014, No. 2014 09, 2014 09” 2014 09 2014 09 December 15, 2016 not August 2015, No. 2015 14, 2015 14” 2015 14 2014 09 December 15, 2017, one December 15, 2016, April 1, 2018. two April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018

Note 1 - Summary of Significa19

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31 201 8 2017 Prime coil inventory $ 6,895,756 $ 8,481,605 Non-standard coil inventory 2,971,324 1,119,170 Tubular raw material 6,734,076 1,480,730 Tubular finished goods 21,438,176 23,837,045 $ 38,039,332 $ 34,918,550
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10

Note 4 - Commitments and Cont20

Note 4 - Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2019 $ 32,736 2020 32,736 2021 32,736 2022 2,728 2023 — Total $ 100,936

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31 2018 2017 Basic Net earnings (loss) $ 2,759,404 $ (2,678,684 ) Weighted average common shares 7,009,444 6,851,944 Dilutive Net earnings (loss) $ 2,759,404 $ (2,678,684 ) Weighted average common shares and common share equivalents 7,009,444 6,851,944

Note 6 - Income Taxes (Tables)

Note 6 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31 201 8 2017 Federal Current $ — $ (714,684 ) Deferred 1,178,073 (644,865 ) 1,178,073 (1,359,549 ) State Current 38,742 — Deferred 91,075 (112,583 ) 129,817 (112,583 ) Total $ 1,307,890 $ (1,472,132 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31 201 8 2017 Income tax expense (benefit) at U.S. federal statutory rate (1) 30.8 % (34.0% ) Benefit due to tax reform (2.0 ) — Current year state and local income taxes net of federal income tax benefit 3.4 (1.7 ) Other — 0.2 Provision for (benefit from) income taxes 32.2 % (35.5% )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31 201 8 2017 Deferred tax liabilities: Depreciation $ (1,053,139 ) $ (507,970 ) Total deferred tax liabilities (1,053,139 ) (507,970 ) Deferred tax assets: Inventory capitalization 114,428 166,979 LIFO Inventory 484,016 783,645 Postretirement benefits other than pensions 36,762 187,096 Net operating loss carryforward - Federal 184,668 343,729 Net operating loss carryforward - State 21,507 112,583 Other 108,560 79,888 Total deferred tax assets 949,941 1,673,920 Net deferred tax asset (liability) $ (103,198 ) $ 1,165,950

Note 8 - Industry Segment Data

Note 8 - Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31 2018 2017 NET SALES: Coil $ 90,132,804 $ 64,641,805 Tubular 31,024,474 13,114,250 TOTAL NET SALES $ 121,157,278 $ 77,756,055 OPERATING PROFIT (LOSS): Coil $ 4,026,329 $ (770,091 ) Tubular 2,024,035 (1,438,088 ) TOTAL OPERATING PROFIT (LOSS) 6,050,364 (2,208,179 ) General corporate expenses (1,980,124 ) (2,001,642 ) Interest expense (27,846 ) — Interest and other income 24,900 59,005 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 4,067,294 $ (4,150,816 ) IDENTIFIABLE ASSETS: Coil $ 27,068,602 $ 21,832,790 Tubular 43,010,190 37,298,800 70,078,792 59,131,590 General corporate assets 4,284,413 4,131,707 TOTAL ASSETS $ 74,363,205 $ 63,263,297 DEPRECIATION: Coil $ 570,819 $ 1,208,446 Tubular 779,590 378,077 Corporate and other 5,938 7,883 $ 1,356,347 $ 1,594,406 CAPITAL EXPENDITURES: Coil $ 35,720 $ 75,889 Tubular 306,310 715,973 Corporate and other 7,154 7,469 $ 349,184 $ 799,331

Note 9 - Summary of Quarterly24

Note 9 - Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 23,083,269 $ 26,077,710 $ 28,033,521 $ 43,962,778 Gross profit 1,263,423 1,377,170 1,669,134 3,942,170 Net earnings 170,620 310,039 122,929 2,155,816 Basic .02 .04 .02 .31 Diluted .02 .04 .02 .31 Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 22,393,764 $ 18,317,506 $ 15,988,745 $ 21,056,040 Gross profit (loss) (1,252,988 ) (45,711 ) 571,571 535,506 Net earnings (loss) (1,461,219 ) (603,882 ) (236,625 ) (376,958 ) Basic (.21 ) (.09 ) (.03 ) (.06 ) Diluted (.21 ) (.09 ) (.03 ) (.06 )

Schedule II - Valuation and Q25

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Deductions— Balance at Year ended March 31, 2018 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 27,276 $ — $ 425,140 $ 431,364 $ 21,052 Year ended March 31, 2017 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 22,276 $ — $ 307,932 $ 302,932 $ 27,276

Note 1 - Summary of Significa26

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 6,052				$ 7,276				$ 6,052	$ 7,276
Excess of Replacement or Current Costs over Stated LIFO Value	7,290,000				5,593,000				7,290,000	5,593,000
Depreciation, Total									1,356,347	1,594,406
Net Income (Loss) Attributable to Parent, Total	$ 2,155,816	$ 122,929	$ 310,039	$ 170,620	$ (376,958)	$ (236,625)	$ (603,882)	$ (1,461,219)	$ 2,759,404	$ (2,678,684)
Earnings Per Share, Diluted, Total	$ 0.31	$ 0.02	$ 0.04	$ 0.02	$ (0.06)	$ (0.03)	$ (0.09)	$ (0.21)	$ 0.39	$ (0.39)
Impairment of Long-Lived Assets Held-for-use									$ 0	$ 0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total									27,900	0
Income Taxes Paid, Net, Total									(959,000)
Income Taxes Paid										13,500
Dividends Payable, Current	$ 140,189				$ 70,094				140,189	$ 70,094
Unrecognized Tax Benefits, Ending Balance	0								$ 0
Trinity Industries, Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member]
Concentration Risk, Percentage									16.00%	28.00%
Transfer of Ownership of Life Insurance Policy to Retired Officer [Member]
Other Significant Noncash Transaction, Value of Consideration Given									$ 385,000	$ 293,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits	$ 175,056				$ 550,282				175,056	$ 550,282
Service Life [Member]
Depreciation, Total									(640,000)
Net Income (Loss) Attributable to Parent, Total									$ 406,000
Earnings Per Share, Diluted, Total									$ 0.06

Note 1 - Summary of Significa27

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Inventories	$ 38,039,332	$ 34,918,550
Prime Coil Inventory [Member]
Raw materials	6,895,756	8,481,605
Non-standard Coil Inventory [Member]
Raw materials	2,971,324	1,119,170
Tubular Inventory [Member]
Raw materials	6,734,076	1,480,730
Finished goods	$ 21,438,176	$ 23,837,045

Note 1 - Summary of Significa28

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	12 Months Ended
	Mar. 31, 2018
Building [Member]
Estimated useful lives (Year)	20 years
Machinery and Equipment [Member] | Minimum [Member]
Estimated useful lives (Year)	10 years
Machinery and Equipment [Member] | Maximum [Member]
Estimated useful lives (Year)	15 years
Yard Improvements [Member] | Minimum [Member]
Estimated useful lives (Year)	5 years
Yard Improvements [Member] | Maximum [Member]
Estimated useful lives (Year)	15 years
Loaders and Other Rolling Stock [Member] | Minimum [Member]
Estimated useful lives (Year)	5 years
Loaders and Other Rolling Stock [Member] | Maximum [Member]
Estimated useful lives (Year)	10 years

Note 2 - Equity Compensation 29

Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 01, 2016
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized		1,000,000
Preferred Stock, Par or Stated Value Per Share		$ 1
Preferred Stock, Shares Issued, Total	0	0	0
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				500,000
2016 Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	210,000	210,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years	5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 1,444,800
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		5 years
Allocated Share-based Compensation Expense, Total		$ 288,960	$ 72,240
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	210,000	210,000	210,000

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - Citizens National Bank [Member] - Revolving Credit Facility [Member] - USD ($)	12 Months Ended
	Mar. 31, 2018	Dec. 11, 2017
Line of Credit Facility, Maximum Borrowing Capacity		$ 7,500,000
Line of Credit Facility, Interest Rate at Period End	4.20%
Debt Instrument, Minimum Threshold of Shareholders' Equity	$ 50,000,000
Debt Instrument, Debt to Shareholders' Equity Maximum Threshold, Percent	50.00%
Long-term Line of Credit, Total	$ 0
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.55%)

Note 4 - Commitments and Cont31

Note 4 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Lessee, Operating Lease, Renewal Term	3 years
Operating Lease, Monthly Payment	$ 2,728
Operating Leases, Rent Expense, Total	32,736	$ 64,400
Purchase Commitment, Remaining Minimum Amount Committed	$ 33,660,000

Note 4 - Commitments and Cont32

Note 4 - Commitments and Contingencies - Future Minimum Annual Rental Payments Under Operating Leases (Details)	Mar. 31, 2018USD ($)
2,019	$ 32,736
2,020	32,736
2,021	32,736
2,022	2,728
2,023
Total	$ 100,936

Note 5 - Earnings Per Share - C

Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Basic
Net Income (Loss) Attributable to Parent, Total	$ 2,155,816	$ 122,929	$ 310,039	$ 170,620	$ (376,958)	$ (236,625)	$ (603,882)	$ (1,461,219)	$ 2,759,404	$ (2,678,684)
Weighted average common shares (in shares)									7,009,444	6,851,944
Dilutive
Net earnings (loss)	$ 2,155,816	$ 122,929	$ 310,039	$ 170,620	$ (376,958)	$ (236,625)	$ (603,882)	$ (1,461,219)	$ 2,759,404	$ (2,678,684)
Weighted average common shares and common share equivalents (in shares)									7,009,444	6,851,944

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
		Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	[1]			30.80%	34.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 240,500		$ (77,000)
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
[1]	The statutory rate for fiscal 2018 is a blended rate due to the Tax Cuts and Jobs Act enacted by the U.S. government on December 22, 2017.

Note 6 - Income Taxes - Compone

Note 6 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Federal
Current		$ (714,684)
Deferred	1,178,073	(644,865)
Total Federal Taxes	1,178,073	(1,359,549)
State
Current	38,742
Deferred	91,075	(112,583)
Total State Taxes	129,817	(112,583)
Total	$ 1,307,890	$ (1,472,132)

Note 6 - Income Taxes - Reconci

Note 6 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	[1]	30.80%	34.00%
Income tax expense (benefit) at U.S. federal statutory rate (1)	[1]	(30.80%)	(34.00%)
Benefit due to tax reform		(2.00%)
Current year state and local income taxes net of federal income tax benefit		3.40%	(1.70%)
Other			0.20%
Provision for (benefit from) income taxes		32.20%	(35.50%)
[1]	The statutory rate for fiscal 2018 is a blended rate due to the Tax Cuts and Jobs Act enacted by the U.S. government on December 22, 2017.

Note 6 - Income Taxes - Signifi

Note 6 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Deferred tax liabilities:
Depreciation	$ (1,053,139)	$ (507,970)
Total deferred tax liabilities	(1,053,139)	(507,970)
Deferred tax assets:
Inventory capitalization	114,428	166,979
LIFO Inventory	484,016	783,645
Postretirement benefits other than pensions	36,762	187,096
Net operating loss carryforward - Federal	184,668	343,729
Net operating loss carryforward - State	21,507	112,583
Other	108,560	79,888
Total deferred tax assets	949,941	1,673,920
Net deferred tax liability	$ (103,198)
Net deferred tax asset		$ 1,165,950

Note 7 - Retirement Plan (Detai

Note 7 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - UNITED STATES - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Service Vesting Period	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation	15.00%
Defined Contribution Plan, Cost	$ 162,000	$ 170,000
Deferred Compensation Arrangement with Individual, Requisite Service Period	1 year
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 37,500	$ 32,000

Note 8 - Industry Segment Dat39

Note 8 - Industry Segment Data - Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 43,962,778	$ 28,033,521	$ 26,077,710	$ 23,083,269	$ 21,056,040	$ 15,988,745	$ 18,317,506	$ 22,393,764	$ 121,157,278	$ 77,756,055
Operating profit (loss)									4,042,394	(4,209,821)
Interest expense									(27,846)
Interest and other income									24,900	59,005
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES									4,067,294	(4,150,816)
Identifiable assets	74,363,205				63,263,297				74,363,205	63,263,297
Depreciation, Total									1,356,347	1,594,406
Capital expenditures									349,184	799,331
Operating Segments [Member]
Operating profit (loss)									6,050,364	(2,208,179)
Identifiable assets	70,078,792				59,131,590				70,078,792	59,131,590
Operating Segments [Member] | Coil [Member]
Net sales									90,132,804	64,641,805
Operating profit (loss)									4,026,329	(770,091)
Identifiable assets	27,068,602				21,832,790				27,068,602	21,832,790
Depreciation, Total									570,819	1,208,446
Capital expenditures									35,720	75,889
Operating Segments [Member] | Tubular [Member]
Net sales									31,024,474	13,114,250
Operating profit (loss)									2,024,035	(1,438,088)
Identifiable assets	43,010,190				37,298,800				43,010,190	37,298,800
Depreciation, Total									779,590	378,077
Capital expenditures									306,310	715,973
Corporate, Non-Segment [Member]
General corporate expenses									(1,980,124)	(2,001,642)
Identifiable assets	$ 4,284,413				$ 4,131,707				4,284,413	4,131,707
Depreciation, Total									5,938	7,883
Capital expenditures									$ 7,154	$ 7,469

Note 9 - Summary of Quarterly40

Note 9 - Summary of Quarterly Results of Operations (Unaudited) - Quarterly Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 43,962,778	$ 28,033,521	$ 26,077,710	$ 23,083,269	$ 21,056,040	$ 15,988,745	$ 18,317,506	$ 22,393,764	$ 121,157,278	$ 77,756,055
Gross profit	3,942,170	1,669,134	1,377,170	1,263,423	535,506	571,571	(45,711)	(1,252,988)
Net Income (Loss) Attributable to Parent, Total	$ 2,155,816	$ 122,929	$ 310,039	$ 170,620	$ (376,958)	$ (236,625)	$ (603,882)	$ (1,461,219)	$ 2,759,404	$ (2,678,684)
Basic (in dollars per share)	$ 0.31	$ 0.02	$ 0.04	$ 0.02	$ (0.06)	$ (0.03)	$ (0.09)	$ (0.21)	$ 0.39	$ (0.39)
Earnings Per Share, Diluted, Total	$ 0.31	$ 0.02	$ 0.04	$ 0.02	$ (0.06)	$ (0.03)	$ (0.09)	$ (0.21)	$ 0.39	$ (0.39)

Schedule II - Valuation and Q41

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable, Write-offs	$ 1,224	$ 0
Cash Discount on Sales	$ 430,140	$ 302,932

Schedule II - Valuation and Q42

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Beginning of Period		$ 27,276	$ 22,276
Additions Charged to Costs and Expenses
Additions Charged to Other Accounts	[1]	425,140	307,932
Deductions	[2]	431,364	302,932
End of Period		$ 21,052	$ 27,276
[1]	Cash discounts allowed on sales and charged against revenue.
[2]	Accounts receivable written off of $1,224 and $0 and cash discounts taken on sales of $430,140 and $302,932 during fiscal years 2018 and 2017, respectively.