Friedman Industries (FRD) 10-Q 14 Aug 20 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	0000039092
Trading Symbol	frd
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		7,080,444
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, $1 Par Value

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
CURRENT ASSETS:
Cash	$ 15,143,919	$ 17,057,751
Accounts receivable, net of allowances for bad debts and cash discounts of $82,417 at June 30 and March 31, 2020	10,470,089	11,705,344
Inventories	31,383,892	35,668,243
Other current assets	969,034	780,179
TOTAL CURRENT ASSETS	57,966,934	65,211,517
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,179,831
Buildings and yard improvements	9,180,304	9,008,869
Machinery and equipment	27,776,569	29,339,893
Construction in process	3,874,444	3,797,364
Less accumulated depreciation	(29,503,454)	(31,825,401)
Property, plant, and equipment, net	12,507,694	11,500,556
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	176,125	183,350
Income taxes recoverable	597,366	448,665
TOTAL ASSETS	71,248,119	77,344,088
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,230,609	8,944,614
Dividends payable	141,609	139,989
Contribution to retirement plan	100,500	50,250
Employee compensation and related expenses	311,695	409,778
Current portion of financing lease	101,215	100,728
Current portion of Paycheck Protection Program loan	686,890
TOTAL CURRENT LIABILITIES	3,572,518	9,645,359
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	102,831	99,864
DEFERRED INCOME TAX LIABILITY	252,424	361,146
OTHER NON-CURRENT LIABILITIES	342,761	372,352
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN	1,003,495
TOTAL LIABILITIES	5,274,029	10,478,721
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,306,160 shares and 8,295,160 shares at June 30 and March 31, 2020, respectively	8,306,160	8,295,160
Additional paid-in capital	29,665,230	29,565,416
Treasury stock at cost (1,225,716 shares at June 30 and March 31, 2020)	(5,525,964)	(5,525,964)
Retained earnings	33,528,664	34,530,755
TOTAL STOCKHOLDERS’ EQUITY	65,974,090	66,865,367
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 71,248,119	$ 77,344,088

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Allowances for bad debts and cash discounts	$ 82,417	$ 82,417
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	8,306,160	8,295,160
Treasury stock, shares (in shares)	1,225,716	1,225,716

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 23,524,600	$ 40,975,320
Costs and expenses
Costs of goods sold	23,267,846	39,503,996
General, selling and administrative costs	1,391,754	1,208,388
Interest expense	5,953
Costs and expenses, total	24,665,553	40,712,384
EARNINGS (LOSS) FROM OPERATIONS	(1,140,953)	262,936
Interest and other income	(4,323)	(6,335)
EARNINGS (LOSS) BEFORE INCOME TAXES	(1,136,630)	269,271
Provision for (benefit from) income taxes:
Current	(169,046)	90,538
Deferred	(108,722)	(16,039)
Income tax	(277,768)	74,499
NET EARNINGS (LOSS)	$ (858,862)	$ 194,772
Weighted average number of common shares outstanding:
Basic (in shares)	7,080,444	6,999,444
Diluted (in shares)	7,080,444	6,999,444
Net earnings (loss) per share:
Basic (in dollars per share)	$ (0.12)	$ 0.03
Diluted (in dollars per share)	(0.12)	0.03
Cash dividends declared per common share (in dollars per share)	$ 0.02	$ 0.04

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020
OPERATING ACTIVITIES
Net earnings (loss)	$ (858,862)	$ 194,772
Adjustments to reconcile net earnings (loss) to cash provided by (used in) operating activities:
Depreciation	335,479	304,781
Deferred taxes	(108,722)	(16,039)
Compensation expense for restricted stock	110,813	83,236
Change in postretirement benefits	2,967	2,738
Lower of cost or net realizable value inventory adjustment	274,093		$ 274,093
Decrease (increase) in operating assets:
Accounts receivable	1,235,255	(2,685,454)
Inventories	3,956,258	5,305,040
Federal income taxes recoverable	(148,701)
Other current assets	(103,899)	(12,322)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(6,706,560)	(3,215,889)
Income taxes payable		65,157
Contribution to retirement plan	50,250	50,250
Employee compensation and related expenses	(98,083)	(8,649)
Other Non-Current Liabilities		26,425
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(2,059,712)	94,046
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(1,373,573)	(672,410)
Increase in cash surrender value of officers’ life insurance	(4,323)	(4,370)
NET CASH USED IN INVESTING ACTIVITIES	(1,377,896)	(676,780)
FINANCING ACTIVITIES
Paycheck Protection Program loan proceeds	1,690,385
Cash dividends paid	(141,609)	(279,978)
Cash paid for principal portion of finance lease	(25,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,523,776	(279,978)
INCREASE (DECREASE) IN CASH	(1,913,832)	(862,712)
CASH AT BEGINNING OF PERIOD	17,057,751	11,667,161
CASH AT END OF PERIOD	$ 15,143,919	$ 10,804,449	$ 15,143,919

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A — BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 10 March 31, 2020.

Note B - New Accounting Standar

Note B - New Accounting Standards	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE B — NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, The Company adopted ASC 842 April 1, 2019 842 $63,000 1 not 2 not not In August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first Accounting Standards Not In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, 2016 13 December 15, 2019. November 2019, 2019 10, 326 815 842 2019 10” 2019 10 2016 13 not December 15, 2022, not 2016 13. In December 2019, 2019 12, 740 2019 12” 740, 740. 2019 12 December 15, 2020

Note C - Inventories

Note C - Inventories	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C — INVENTORIES Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. At June 30, 2020, $274,093 A summary of inventory values by product group follows: June 30, 2020 March 31, 20 20 Prime Coil Inventory $ 13,420,448 $ 17,190,435 Non-Standard Coil Inventory 1,219,634 1,550,734 Tubular Raw Material 7,624,568 4,888,542 Tubular Finished Goods 9,119,242 12,038,532 $ 31,383,892 $ 35,668,243 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 the Company has purchased from U.S. Steel Tubular Products, Inc.

Note D - Debt

Note D - Debt	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE D – DEBT In April 2020, $1,690,385 2020 two 0.98%. six may no

Note E - Leases

Note E - Leases	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE E — LEASES The Company adopted ASU 2016 02, 842” April 1, 2019 April 1, 2019 not 842 $63,000 April 1, 2019. The Company's lease of its office space in Longview, Texas is the only operating lease included in the ROU asset and lease liability. The lease calls for monthly rent payments of $4,128 April 30, 2021. In October 2019, 5 $518,616 $9,074. The components of expense related to leases for the three June 30, 2020 2019 Three Month Ended June 30, 2020 Three Month Ended June 30, 20 19 Finance lease – amortization of ROU asset $ 25,000 $ — Finance lease – interest on lease liability 2,223 — Operating lease expense 12,384 8,184 $ 39,607 $ 8,184 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2020: June 30, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 39,986 Other assets Finance lease right-of-use asset 501,329 Property, plant & equipment Total right-of-use assets $ 541,315 Liabilities Operating lease liability, current $ 39,986 Accrued expenses Finance lease liability, current 101,215 Current portion of finance lease Finance lease liability, non-current 342,761 Other non-current liabilities Total lease liabilities $ 483,962 As of June 30, 2020, 0.8 4.2 7% 1.9% Maturities of lease liabilities as of June 30, 2020 Operating Leases Finance Leases Fiscal 2021 (remainder of fiscal year) 37,152 81,666 Fiscal 2022 4,128 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 41,280 $ 462,774 Less: imputed interest (1,294 ) (18,798 ) Present value of lease liability $ 39,986 $ 443,976

Note F - Property, Plant and Eq

Note F - Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE F — PROPERTY, PLANT AND EQUIPMENT The Company continued two first 2021. The first May 2020. 22,000 $1,083,000 $1,100,000. second June 2020, $30,957 $2,688,381 $2,657,424 October 2020 February 2021. $5,800,000. As of June 30, 2020, $3,874,444

Note G - Stock Based Compensati

Note G - Stock Based Compensation	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE G — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The following table summarizes the activity related to restricted stock awards for the three June 30, 2020: Number of Shares Weighted Average Value Per Share Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 11,000 4.53 Vested — — Unvested at June 30, 2020 281,000 $ 6.30 Of the 281,000 June 30, 2020, 160,000 five January 4, 2022, 20,000 five April 1, 2024, 20,000 two March 13, 2021, 11,000 one April 1, 2021 70,000 five April 1, 2020. $110,813 $83,236 three June 30, 2020 2019, June 30, 2020, $787,000, 3.0

Note H - Derivative Financial I

Note H - Derivative Financial Instruments	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS In June 2020, first 815 815” During June 2020, 4,000 August 2020 $514.50 2,000 September 2020 $522 815. June 30, 2020, $54,000 $54,000 three June 30, 2020, $54,000 $180,000 June 30, 2020.

Note I - Fair Value Measurement

Note I - Fair Value Measurements	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE I — FAIR VALUE MEASUREMENTS Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1 ● Level 2 1 ● Level 3 no Recurring Fair Value Measurements At June 30, 2020, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Commodity futures – financial assets $ 54,000 $ — $ — $ 54,000 Total $ 54,000 $ — $ — $ 54,000 At March 31, 2020, not Non-Recurring Fair Value Measurements At March 31, 2020, Quoted Prices Significant (Level 2) Significant (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450 ( 1 At March 31, 2020, $1,771,450. At June 30, 2020, not

Note J - Segment Information

Note J - Segment Information	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE J — SEGMENT INFORMATION (in thousands) THREE MONTHS ENDED 20 20 201 9 Net sales Coil $ 15,433 $ 28,181 Tubular 8,092 12,794 Total net sales $ 23,525 $ 40,975 Operating profit (loss) Coil $ (459 ) $ 345 Tubular 59 545 Total operating profit (loss) (400 ) 890 Corporate expenses 735 627 Interest expenses 6 — Interest and other income (4 ) (6 ) Total earnings (loss) before taxes $ (1,137 ) $ 269 June 30, 2020 March 31, 20 20 Segment assets Coil $ 32,271 $ 35,895 Tubular 22,788 23,659 55,059 59,554 Corporate assets 16,189 17,790 $ 71,248 $ 77,344 Corporate expenses reflect general and administrative expenses not

Note K - Revenue

Note K - Revenue	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE K — REVENUE Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company's revenue is generated by sales of material out of the Company's inventory, but a portion of the Company's revenue is derived from processing of customer owned material. Generally, the Company's performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company's rights to consideration are unconditional at that time, the Company does not not The Company has two three three three June 30, 2020 2019, Three Months Ended June 30, 2020 2019 Coil Segment: Prime Coil 13,307,468 24,228,453 Non-standard Coil 1,941,003 3,772,515 Customer Owned Coil 184,313 180,500 15,432,784 28,181,468 Tubular Segment: Manufactured Pipe 7,161,850 10,732,487 Mill Reject Pipe 929,966 2,061,365 Pipe Finishing Services - - 8,091,816 12,793,852

Note L - Stockholders' Equity

Note L - Stockholders' Equity	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE L — STOCKHOLDERS' EQUITY The following tables reflect the changes in stockholders' equity for the three June 30, 2020 June 30, 2019: Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2020 $ 8,295,160 $ 29,565,416 $ (5,525,964 ) $ 34,530,755 Net loss — — — (858,862 ) Issuance of restricted stock 11,000 — — — Paid in capital – restricted stock awards — 99,814 — — Cash dividends ($0.02 per share) — — — (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ 29,665,230 $ (5,525,964 ) $ 33,528,664 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703 On June 25, 2020, may 1,062,067 June 30, 2023, 15% June 25, 2020. may may may 10b5 1 1934, not may not June 30, 2020.

Note M - Supplemental Cash Flow

Note M - Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE M — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest of approximately $6,000 three June 30, 2020 not three June 30, 2019. not three June 30, 2020 $10,000 three June 30, 2019.

Note N - Income Taxes

Note N - Income Taxes	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE N — INCOME TAXES For the three June 30, 2020, $277,768, 24.4% $74,499, 27.7% three June 30, 2019. three

Note O - Related Party Transact

Note O - Related Party Transactions	3 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE O – RELATED PARTY TRANSACTIONS The Company has engaged Metal Edge Partners, LLC (“Metal Edge”) to provide services that include strategic advisory services, risk management services, procurement advisory services, steel market analytics and macro-economic analytics. Tim Stevenson serves as a member of our Board of Directors and serves as Chief Executive Officer of Metal Edge. In the three June 30, 2020, $37,500 may ninety $12,500

Note C - Inventories (Tables)

Note C - Inventories (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2020 March 31, 20 20 Prime Coil Inventory $ 13,420,448 $ 17,190,435 Non-Standard Coil Inventory 1,219,634 1,550,734 Tubular Raw Material 7,624,568 4,888,542 Tubular Finished Goods 9,119,242 12,038,532 $ 31,383,892 $ 35,668,243

Note E - Leases (Tables)

Note E - Leases (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Lease, Cost [Table Text Block]	Three Month Ended June 30, 2020 Three Month Ended June 30, 20 19 Finance lease – amortization of ROU asset $ 25,000 $ — Finance lease – interest on lease liability 2,223 — Operating lease expense 12,384 8,184 $ 39,607 $ 8,184
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	June 30, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 39,986 Other assets Finance lease right-of-use asset 501,329 Property, plant & equipment Total right-of-use assets $ 541,315 Liabilities Operating lease liability, current $ 39,986 Accrued expenses Finance lease liability, current 101,215 Current portion of finance lease Finance lease liability, non-current 342,761 Other non-current liabilities Total lease liabilities $ 483,962
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Fiscal 2021 (remainder of fiscal year) 37,152 81,666 Fiscal 2022 4,128 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 41,280 $ 462,774 Less: imputed interest (1,294 ) (18,798 ) Present value of lease liability $ 39,986 $ 443,976

Note G - Stock Based Compensa_2

Note G - Stock Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares Weighted Average Value Per Share Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 11,000 4.53 Vested — — Unvested at June 30, 2020 281,000 $ 6.30

Note I - Fair Value Measureme_2

Note I - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Commodity futures – financial assets $ 54,000 $ — $ — $ 54,000 Total $ 54,000 $ — $ — $ 54,000 Quoted Prices Significant (Level 2) Significant (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450

Note J - Segment Information (T

Note J - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	THREE MONTHS ENDED 20 20 201 9 Net sales Coil $ 15,433 $ 28,181 Tubular 8,092 12,794 Total net sales $ 23,525 $ 40,975 Operating profit (loss) Coil $ (459 ) $ 345 Tubular 59 545 Total operating profit (loss) (400 ) 890 Corporate expenses 735 627 Interest expenses 6 — Interest and other income (4 ) (6 ) Total earnings (loss) before taxes $ (1,137 ) $ 269 June 30, 2020 March 31, 20 20 Segment assets Coil $ 32,271 $ 35,895 Tubular 22,788 23,659 55,059 59,554 Corporate assets 16,189 17,790 $ 71,248 $ 77,344

Note K - Revenue (Tables)

Note K - Revenue (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2020 2019 Coil Segment: Prime Coil 13,307,468 24,228,453 Non-standard Coil 1,941,003 3,772,515 Customer Owned Coil 184,313 180,500 15,432,784 28,181,468 Tubular Segment: Manufactured Pipe 7,161,850 10,732,487 Mill Reject Pipe 929,966 2,061,365 Pipe Finishing Services - - 8,091,816 12,793,852

Note L - Stockholders' Equity (

Note L - Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2020 $ 8,295,160 $ 29,565,416 $ (5,525,964 ) $ 34,530,755 Net loss — — — (858,862 ) Issuance of restricted stock 11,000 — — — Paid in capital – restricted stock awards — 99,814 — — Cash dividends ($0.02 per share) — — — (143,229 ) BALANCE AT JUNE 30, 2020 $ 8,306,160 $ 29,665,230 $ (5,525,964 ) $ 33,528,664 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings BALANCE AT MARCH 31, 2019 $ 8,205,160 $ 29,322,472 $ (5,525,964 ) $ 40,479,909 Net earnings — — — 194,772 Issuance of restricted stock 20,000 — — — Paid in capital – restricted stock awards — 63,236 — — Cash dividends ($0.04 per share) — — — (279,978 ) BALANCE AT JUNE 30, 2019 $ 8,225,160 $ 29,385,708 $ (5,525,964 ) $ 40,394,703

Note B - New Accounting Stand_2

Note B - New Accounting Standards (Details Textual)	Apr. 01, 2019USD ($)
Operating Lease, Right-of-Use Asset	$ 63,000
Operating Lease, Liability, Total	$ 63,000

Note C - Inventories (Details T

Note C - Inventories (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020
Inventory Write-down	$ 274,093		$ 274,093

Note C - Inventories - Summary

Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Inventories	$ 31,383,892	$ 35,668,243
Prime Coil Inventory [Member]
Raw materials	13,420,448	17,190,435
Non-standard Coil Inventory [Member]
Raw materials	1,219,634	1,550,734
Tubular Inventory [Member]
Raw materials	7,624,568	4,888,542
Finished goods	$ 9,119,242	$ 12,038,532

Note D - Debt (Details Textual)

Note D - Debt (Details Textual)	Apr. 10, 2020USD ($)
Proceeds from Paycheck Protection Program Under CARES Act	$ 1,690,385

Note E - Leases (Details Textua

Note E - Leases (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2019	Jun. 30, 2020	Apr. 01, 2019
Operating Lease, Right-of-Use Asset			$ 63,000
Operating Lease, Monthly Payments		$ 4,128
Finance Lease, Liability, Payment, Due, Total		$ 462,774
Operating Lease, Weighted Average Remaining Lease Term (Year)		292 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		4 years 73 days
Operating Lease, Weighted Average Discount Rate, Percent		7.00%
Finance Lease, Weighted Average Discount Rate, Percent		1.90%
Operating Lease, Liability, Total			63,000
Accrued Expense and Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total		$ 39,986	$ 63,000
Heavy-duty Forklift [Member]
Lessee, Finance Lease, Term of Contract (Year)	5 years
Finance Lease, Liability, Payment, Due, Total	$ 518,616
Finance Lease, Monthly Payment	$ 9,074

Note E - Leases - Lease Cost (D

Note E - Leases - Lease Cost (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Finance lease – amortization of ROU asset	$ 25,000
Finance lease – interest on lease liability	2,223
Operating lease expense	12,384	8,184
Lease, Cost, Total	$ 39,607	$ 8,184

Note E - Leases - Balance Sheet

Note E - Leases - Balance Sheet Information (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Apr. 01, 2019
Operating lease right-of-use asset			$ 63,000
Total right-of-use assets	$ 541,315
Finance lease liability, current	101,215	$ 100,728
Total lease liabilities	483,962
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	39,986
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	501,329
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	39,986
Current Portion of Financing Lease [Member]
Finance lease liability, current	101,215
Other Noncurrent Liabilities [Member]
Finance lease liability, non-current	$ 342,761

Note E - Leases - Maturities of

Note E - Leases - Maturities of Operating and Finance Lease (Details) - USD ($)	Jun. 30, 2020	Apr. 01, 2019
Operating lease, Fiscal 2021	$ 37,152
Finance lease, Fiscal 2021	81,666
Operating lease, Fiscal 2022	4,128
Finance lease, Fiscal 2022	108,888
Operating lease, Fiscal 2023
Finance lease, Fiscal 2023	108,888
Operating lease, Fiscal 2024
Finance lease, Fiscal 2024	108,888
Operating lease, Fiscal 2025
Finance lease, Fiscal 2025	54,444
Operating lease, Total undiscounted lease payments	41,280
Finance lease, Total undiscounted lease payments	462,774
Operating lease, Less: imputed interest	(1,294)
Finance lease, Less: imputed interest	(18,798)
Present value of lease liability, operating lease		$ 63,000
Present value of lease liability, finance lease	443,976
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 39,986	$ 63,000

Note F - Property, Plant and _2

Note F - Property, Plant and Equipment (Details Textual)	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	May 31, 2020USD ($)ft²	Mar. 31, 2021	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Construction in Progress, Gross	$ 3,874,444			$ 3,874,444	$ 3,797,364
Building [Member]
Area of Real Estate Property (Square Foot) | ft²		22,000
Payments to Acquire Productive Assets, Total		$ 1,083,000
Capital Expenditures Incurred but Not yet Paid		$ 1,100,000
Disposal Group, Estimated Proceeds	30,957			30,957
Property, Plant and Equipment, Disposals	2,688,381
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment	$ 2,657,424
Equipment [Member]
Capital Expenditures Incurred but Not yet Paid				$ 5,800,000
Forecast [Member]
Number of Capital Expenditure Projects			2

Note G - Stock Based Compensa_3

Note G - Stock Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Sep. 01, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	281,000		270,000
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				500,000
2016 Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	281,000
Share-based Payment Arrangement, Expense	$ 110,813	$ 83,236
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 787,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	160,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	2 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	11,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	70,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years

Note G - Stock Based Compensa_4

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2020$ / sharesshares
Unvested (in shares) | shares	270,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 6.37
Cancelled or forfeited (in shares) | shares
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares
Granted (in shares) | shares	11,000
Granted, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 4.53
Vested (in shares) | shares
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares
Unvested (in shares) | shares	281,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 6.30

Note H - Derivative Financial_2

Note H - Derivative Financial Instruments (Details Textual)	1 Months Ended	3 Months Ended
	Jun. 30, 2020USD ($)T$ / item	Jun. 30, 2020USD ($)$ / item
Derivative, Amount of Hedged Item	$ 54,000	$ 54,000
Derivative, Collateral, Right to Reclaim Cash	$ 180,000	180,000
Cost of Sales [Member]
Derivative, Gain (Loss) on Derivative, Net, Total		$ 54,000
Commodity Price Risk Derivative for August 2020 Settlement [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	4,000
Derivative, Average Forward Price (in USD per Per Share) | $ / item	514.5	514.5
Commodity Price Risk Derivative for September 2020 Settlement [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	2,000
Derivative, Average Forward Price (in USD per Per Share) | $ / item	522	522
Commodity Contract [Member]
Derivative Asset, Total	$ 54,000	$ 54,000

Note I - Fair Value Measureme_3

Note I - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Property, Plant and Equipment, Net, Ending Balance	$ 12,507,694	$ 11,500,556
Pipe Finishing Facility [Member] | Tubular [Member]
Property, Plant and Equipment, Net, Ending Balance		$ 1,771,450

Note I - Fair Value Measureme_4

Note I - Fair Value Measurements - Recurring and Non-Recurring Fair Value Measurements (Details)	Jun. 30, 2020USD ($)
Commodity Contract [Member]
Commodity futures – financial assets	$ 54,000
Fair Value, Recurring [Member]
Total	54,000
Fair Value, Recurring [Member] | Commodity Contract [Member]
Commodity futures – financial assets	54,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total	54,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member]
Commodity futures – financial assets	54,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member]
Commodity futures – financial assets
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Total
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member]
Commodity futures – financial assets
Fair Value, Nonrecurring [Member]
Total	1,771,450
Long-lived assets held and used	1,771,450	[1]
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total
Long-lived assets held and used		[1]
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total
Long-lived assets held and used		[1]
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Total	1,771,450
Long-lived assets held and used	$ 1,771,450	[1]
[1]	At March 31, 2020, the Company performed an impairment review of the tubular segment's pipe finishing facility that resulted in the assets being written down to their estimated fair value of $1,771,450.

Note J - Segment Information -

Note J - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Total Net Sales	$ 23,524,600	$ 40,975,320
Net Sales	23,524,600	40,975,320
Operating profit (loss)	(1,140,953)	262,936
Corporate expenses	735,000	627,000
Interest expense	5,953
Interest and other income	(4,323)	(6,335)
Total earnings (loss) before taxes	(1,136,630)	269,271
Segment assets	71,248,119		$ 77,344,088
Coil [Member]
Total Net Sales	15,432,784	28,181,468
Net Sales	15,432,784	28,181,468
Tubular [Member]
Total Net Sales	8,091,816	12,793,852
Net Sales	8,091,816	12,793,852
Operating Segments [Member]
Operating profit (loss)	(400,000)	890,000
Segment assets	55,059,000		59,554,000
Operating Segments [Member] | Coil [Member]
Total Net Sales	15,433,000	28,181,000
Net Sales	15,433,000	28,181,000
Operating profit (loss)	(459,000)	345,000
Segment assets	32,271,000		35,895,000
Operating Segments [Member] | Tubular [Member]
Total Net Sales	8,092,000	12,794,000
Net Sales	8,092,000	12,794,000
Operating profit (loss)	59,000	$ 545,000
Segment assets	22,788,000		23,659,000
Corporate, Non-Segment [Member]
Segment assets	$ 16,189,000		$ 17,790,000

Note K - Revenue (Details Textu

Note K - Revenue (Details Textual)	3 Months Ended
	Jun. 30, 2020
Number of Reportable Segments	2

Note K - Revenue - Disaggregati

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 23,524,600	$ 40,975,320
Coil [Member]
Net Sales	15,432,784	28,181,468
Coil [Member] | Prime Coil [Member]
Net Sales	13,307,468	24,228,453
Coil [Member] | Secondary Coil [Member]
Net Sales	1,941,003	3,772,515
Coil [Member] | Customer Owned [Member]
Net Sales	184,313	180,500
Tubular [Member]
Net Sales	8,091,816	12,793,852
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	7,161,850	10,732,487
Tubular [Member] | Mill Reject Pipe [Member]
Net Sales	929,966	2,061,365
Tubular [Member] | Pipe Finishing Services [Member]
Net Sales

Note L - Stockholders' Equity_2

Note L - Stockholders' Equity (Details Textual)	Jun. 25, 2020shares
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)	1,062,067
Stock Repurchase Program, Percentage of Total Outstanding Shares of Common Stock	15.00%

Note L - Stockholders' Equity -

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Balance	$ 66,865,367
Net earnings	(858,862)	$ 194,772
Balance	65,974,090
Common Stock [Member]
Balance	8,295,160	8,205,160
Net earnings
Issuance of restricted stock	11,000	20,000
Paid in capital – restricted stock awards
Cash dividends
Balance	8,306,160	8,225,160
Additional Paid-in Capital [Member]
Balance	29,565,416	29,322,472
Net earnings
Issuance of restricted stock
Paid in capital – restricted stock awards	99,814	63,236
Cash dividends
Balance	29,665,230	29,385,708
Treasury Stock [Member]
Balance	(5,525,964)	(5,525,964)
Net earnings
Issuance of restricted stock
Paid in capital – restricted stock awards
Cash dividends
Balance	(5,525,964)	(5,525,964)
Retained Earnings [Member]
Balance	34,530,755	40,479,909
Net earnings	(858,862)	194,772
Issuance of restricted stock
Paid in capital – restricted stock awards
Cash dividends	(143,229)	(279,978)
Balance	$ 33,528,664	$ 40,394,703

Note L - Stockholders' Equity_3

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.04
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.04

Note M - Supplemental Cash Fl_2

Note M - Supplemental Cash Flow Information (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 6,000	$ 0
Income Taxes Paid	$ 0	$ 10,000

Note N - Income Taxes (Details

Note N - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Expense (Benefit), Total	$ (277,768)	$ 74,499
Effective Income Tax Rate Reconciliation, Percent, Total	24.40%	27.70%

Note O - Related Party Transa_2

Note O - Related Party Transactions (Details Textual) - Metal Edge [Member] - Services [Member]	3 Months Ended
	Jun. 30, 2020USD ($)
Related Party Transaction, Amounts of Transaction	$ 37,500
Related Party Transaction. Minimum Monthly Amounts Required	$ 12,500