Procyon (PCYN) 10-Q 17 May 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2019	May 13, 2019
Document Information [Line Items]
Entity Registrant Name	PROCYON CORP
Entity Central Index Key	0000812306
Trading Symbol	pcyn
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		8,077,388
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2019	Jun. 30, 2018
CURRENT ASSETS
Cash	$ 253,434	$ 270,313
Certificates of Deposit, plus accrued interest	153,874	153,457
Accounts Receivable, less allowance for doubtful accounts of $6,719 and $2,804 respectively	415,532	372,309
Inventories	432,156	416,621
Prepaid Expenses	343,176	171,340
TOTAL CURRENT ASSETS	1,598,172	1,384,040
PROPERTY AND EQUIPMENT, NET	482,484	512,353
OTHER ASSETS
Deposits	4,192	4,192
Inventories	149,413	160,294
Intangible Asset	17,000	17,000
Deferred Tax Asset, net valuation allowance of $ 144,348 and $133,867, respectively	227,125	280,370
	397,730	461,856
TOTAL ASSETS	2,478,386	2,358,249
CURRENT LIABILITIES
Accounts Payable	169,121	95,472
Capital Lease Liability		2,110
Accrued Expenses	193,260	228,894
TOTAL CURRENT LIABILITIES	362,381	326,476
COMMITMENTS AND CONTINGENCIES (NOTE G)
STOCKHOLDERS' EQUITY
Preferred Stock
Common Stock, no par value, 80,000,000 shares authorized; 8,087,388 and 8,077,388 shares issued and outstanding, respectively	4,444,766	4,434,766
Paid-in Capital	15,885	15,885
Accumulated Deficit	(2,471,506)	(2,555,738)
TOTAL STOCKHOLDERS' EQUITY	2,116,005	2,031,773
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,478,386	2,358,249
Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock	$ 126,860	$ 136,860

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Mar. 31, 2019	Jun. 30, 2018
Accounts receivable, allowance for doubtful accounts	$ 6,719	$ 2,804
Valuation allowance	$ 144,348	$ 133,867
Preferred stock, authorized (in shares)	496,000,000	496,000,000
Preferred stock, issued (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	80,000,000	80,000,000
Common stock, outstanding (in shares)	8,087,388	8,077,388
Common stock, issued (in shares)	8,087,388	8,077,388
Convertible Preferred Stock [Member]
Preferred stock, authorized (in shares)	4,000,000	4,000,000
Preferred stock, issued (in shares)	167,100	177,100
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, outstanding (in shares)	167,100	177,100

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
NET SALES	$ 1,070,830	$ 1,107,018	$ 3,075,918	$ 2,955,868
COST OF SALES	288,684	297,889	832,876	793,622
GROSS PROFIT	782,146	809,129	2,243,042	2,162,246
OPERATING EXPENSES
Salaries and Benefits	379,399	390,860	1,112,133	1,119,944
Selling, General and Administrative	315,554	335,590	995,170	923,174
	694,953	726,450	2,107,303	2,043,118
INCOME / (LOSS) FROM OPERATIONS	87,193	82,679	135,739	119,128
OTHER INCOME (EXPENSE)
Interest Income	587	178	1,737	639
	587	178	1,737	639
INCOME / (LOSS) BEFORE INCOME TAXES	87,780	82,857	137,476	119,767
INCOME TAX (EXPENSE) / BENEFIT	(22,759)	(23,933)	(53,245)	(429,374)
NET INCOME / (LOSS)	65,021	58,923	84,231	(309,607)
Dividend requirements on preferred stock	(4,178)	(4,428)	(12,783)	(13,283)
Basic net income (loss) available to common shares	$ 60,843	$ 54,496	$ 71,448	$ (322,890)
Basic net income (loss) per common share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ (0.04)
Weighted average number of common shares outstanding (in shares)	8,077,388	8,077,388	8,077,388	8,077,388
Diluted net income (loss) per common share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ (0.04)
Weighted average number of common shares outstanding, diluted (in shares)	8,319,488	8,300,669	8,319,488	8,077,388

Consolidated Statements of Chan

Consolidated Statements of Changes In Stockholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings, Appropriated [Member]	Total
Balance (in shares) at Jun. 30, 2017	177,100	8,077,388
Balance at Jun. 30, 2017	$ 136,860	$ 4,434,766	$ 15,885	$ (2,300,011)	$ 2,287,500
Net Income (Loss)				7,865	7,865
Balance (in shares) at Sep. 30, 2017	177,100	8,077,388
Balance at Sep. 30, 2017	$ 136,860	$ 4,434,766	15,885	(2,292,146)	2,295,365
Balance (in shares) at Jun. 30, 2017	177,100	8,077,388
Balance at Jun. 30, 2017	$ 136,860	$ 4,434,766	15,885	(2,300,011)	2,287,500
Net Income (Loss)					(309,607)
Balance (in shares) at Mar. 31, 2018	177,100	8,077,388
Balance at Mar. 31, 2018	$ 136,860	$ 4,434,766	15,885	(2,609,617)	1,977,894
Balance (in shares) at Sep. 30, 2017	177,100	8,077,388
Balance at Sep. 30, 2017	$ 136,860	$ 4,434,766	15,885	(2,292,146)	2,295,365
Net Income (Loss)				(376,394)	(376,394)
Balance (in shares) at Dec. 31, 2017	177,100	8,077,388
Balance at Dec. 31, 2017	$ 136,860	$ 4,434,766	15,885	(2,668,540)	1,918,971
Net Income (Loss)				58,923	58,923
Balance (in shares) at Mar. 31, 2018	177,100	8,077,388
Balance at Mar. 31, 2018	$ 136,860	$ 4,434,766	15,885	(2,609,617)	1,977,894
Balance (in shares) at Jun. 30, 2018	177,100	8,077,388
Balance at Jun. 30, 2018	$ 136,860	$ 4,434,766	15,885	(2,555,738)	2,031,773
Net Income (Loss)				87,280	87,280
Balance (in shares) at Sep. 30, 2018	177,100	8,077,388
Balance at Sep. 30, 2018	$ 136,860	$ 4,434,766	15,885	(2,468,458)	2,119,053
Balance (in shares) at Jun. 30, 2018	177,100	8,077,388
Balance at Jun. 30, 2018	$ 136,860	$ 4,434,766	15,885	(2,555,738)	2,031,773
Net Income (Loss)					84,231
Balance (in shares) at Mar. 31, 2019	167,100	8,087,388
Balance at Mar. 31, 2019	$ 126,860	$ 4,444,766	15,885	(2,471,506)	2,116,005
Balance (in shares) at Sep. 30, 2018	177,100	8,077,388
Balance at Sep. 30, 2018	$ 136,860	$ 4,434,766	15,885	(2,468,458)	2,119,053
Net Income (Loss)				(68,069)	(68,069)
Preferred Stock Converted to Common (in shares)	(10,000)
Preferred Stock Converted to Common	$ (10,000)
Preferred Stock Converted to Common (in shares)		10,000
Preferred Stock Converted to Common		$ 10,000
Balance (in shares) at Dec. 31, 2018	167,100	8,087,388
Balance at Dec. 31, 2018	$ 126,860	$ 4,444,766	15,885	(2,536,527)	2,050,984
Net Income (Loss)				65,021	65,021
Balance (in shares) at Mar. 31, 2019	167,100	8,087,388
Balance at Mar. 31, 2019	$ 126,860	$ 4,444,766	$ 15,885	$ (2,471,506)	$ 2,116,005

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 84,231	$ (309,607)
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:
Depreciation	39,375	35,375
Increase in Allowance for Doubtful Accounts	3,915	1,854
Deferred Income Taxes	53,245	429,374
Accrued Interest on Certificates of Deposit	(416)
Decrease (increase) in:
Accounts Receivable	(47,138)	30,614
Inventory	(4,654)	(73,556)
Prepaid Expenses	(171,836)	(120,663)
Increase (decrease) in:
Accounts Payable	73,649	66,931
Accrued Expenses	(35,634)	(115,251)
NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES	(5,263)	(54,929)
CASH FLOW FROM INVESTING ACTIVITIES
Redemption of CD		60,551
Purchase of property & equipment	(9,506)	(9,376)
NET CASH PROVIDED BY INVESTING ACTIVITIES	(9,506)	51,175
CASH FLOW FROM FINANCING ACTIVITIES
Capital Lease Liability payments	(2,110)	(2,841)
NET CASH (USED IN) FINANCING ACTIVITIES	(2,110)	(2,841)
NET CHANGE IN CASH	(16,879)	(6,595)
CASH AT BEGINNING OF PERIOD	270,313	173,173
CASH AT END OF PERIOD	253,434	166,578
SUPPLEMENTAL DISCLOSURES
Interest Paid
Taxes Paid

Note A - Summary of Accounting

Note A - Summary of Accounting Policies	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE A - SUMMARY OF ACCOUNTING POLICIES The interim consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted as allowed by such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not June 30, 2018. not may Management of the Company has prepared the accompanying unaudited condensed consolidated financial statements prepared in conformity with generally accepted accounting principles, which require the use of management estimates, contain all adjustments (including normal recurring adjustments) necessaryto present fairly the operations and cash flows for the period presented and to make the financial statements not STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2009, On March 31, 2019, 65,000 The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no March 31, 2019. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the nine March 31, 2019,

Note B - Inventories

Note B - Inventories	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE B - INVENTORIES Inventories consisted of the following: March 31, 2019 June 30, 2018 Finished Goods $ 397,127 $ 391,879 Raw Materials 184,442 185,036 $ 581,569 $ 576,915 At March 31, 2019 June 30, 2018, $149,413 $160,294 not one

Note C - Stockholders' Equity

Note C - Stockholders' Equity	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE C - STOCKHOLDERS' EQUITY During January 1995, 4,000,000 $.10 March 31, 2019, no $366,919 March 31, 2019. Holders of the Preferred Stock have the right to convert their shares of Preferred Stock into an equal number of shares of Common Stock of the Company. In addition, Preferred Stock holders have the right to vote the number of shares into which their shares are convertible into Common Stock. Such preferred shares will automatically convert into one $1,000,000, $1 no

Note D - Income Taxes and Avail

Note D - Income Taxes and Available Carryforward	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE D - INCOME TAXES AND AVAILABLE CARRYFORWARD As of March 31, 2019, $1,437,000. 2035. 382 The components of the provision for income tax (expense) attributable to continuing operations are as follows: Nine Months Nine Months 3/31/2019 3/31/2018 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (44,117 ) $ (376,305 ) State (9,128 ) (53,069 ) $ (53,245 ) $ (429,374 ) Total Income Tax (Expense) $ (53,245 ) $ (429,374 ) Deferred income taxes reflect the net tax effects of the temporarydifferences 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 deferred tax assets and liabilities are as follows: Non-Current Deferred tax assets NOL and contribution carryforwards $ 367,626 Accrued compensated absences 8,593 Accrued bonus - Allowance for doubtful accounts 1,703 Total deferred tax assets 377,922 Deferred tax (liabilities) Excess of tax over book depreciation (6,449 ) Total deferred tax (liabilities) (6,449 ) Total deferred tax asset 371,473 Valuation Allowance (144,348 ) Net Deferred Tax Asset $ 227,125 The change in the valuation allowance is as follows: June 30, 2018 $ (133,867 ) March 31, 2019 $ (144,348 ) $ (10,481 ) Management believes it is more likely than not $504,000 not $144,348 During the six December 31, 2017, 35% 21%, December 22, 2017. 28.06% six December 31, 2017 $282,782 six December 31, 2017 no The accounting for the effects of the rate change on deferred tax balances is complete and no Income taxes for the nine March 31, 2019 2017 25.35% 37.63%, Nine Months Nine Months March 31, 2019 March 31, 2018 Expected (provision) at US statutory rate $ (28,870 ) $ (33,604 ) State income tax net of federal (provision) (5,973 ) (4,740 ) Nondeductible Expense (4,344 ) (3,881 ) Change in estimates of losses carryforward (563 ) - Change in valuation allowance (10,481 ) (108,150 ) Effect or remeasurement due to tax reform - (278,999 ) Other (3,014 ) - Income Tax (Expense) $ (53,245 ) $ (429,374 ) The earliest tax year still subject to examination by a major taxing jurisdiction is fiscal year end June 30, 2016. The Company performed a review of its uncertain tax positions in accordance with Accounting Standards Codification ASC 740 10 not no no

Note E - Line of Credit

Note E - Line of Credit	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE E - LINE OF CREDIT The Company held a $250,000, not April 2018. October 9, 2018. October 9, 2020,

Note F - Subsequent Events

Note F - Subsequent Events	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE F - SUBSEQUENT EVENTS We have evaluated subsequent events through May 14, 2019,

Note G - Recent Accounting Pron

Note G - Recent Accounting Pronouncements	9 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE G - RECENT ACCOUNTING PRONOUNCEMENTS In June 2018, No. 2018 07, 718 June 30, 2019 not On June 16, 2016, 2016 13, 326 December 15, 2019, December 15, 2018. not In February 2016, No. 2016 02, 842 not July 1, 2019, not Other recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Share-based Payment Arrangement [Policy Text Block]	STOCK-BASED COMPENSATION Stock based compensation is accounted for in accordance with Topic 718 718, 718 December 2009, On March 31, 2019, 65,000 The fair value of a stock option is determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. There were no March 31, 2019. The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no not not
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities such as stock options and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in earnings. We use the treasury stock method to compute potential common shares from stock options and the as-if-converted method to compute potential common shares from Preferred Stock. For the nine March 31, 2019,

Note B - Inventories (Tables)

Note B - Inventories (Tables)	9 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Inventory, Current and Noncorrent [Table Text Block]	Inventories consisted of the following: March 31, 2019 June 30, 2018 Finished Goods $ 397,127 $ 391,879 Raw Materials 184,442 185,036 $ 581,569 $ 576,915

Note D - Income Taxes and Ava_2

Note D - Income Taxes and Available Carryforward (Tables)	9 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Nine Months Nine Months 3/31/2019 3/31/2018 Current Federal $ 0 $ 0 State 0 0 $ 0 $ 0 Deferred Federal $ (44,117 ) $ (376,305 ) State (9,128 ) (53,069 ) $ (53,245 ) $ (429,374 ) Total Income Tax (Expense) $ (53,245 ) $ (429,374 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Non-Current Deferred tax assets NOL and contribution carryforwards $ 367,626 Accrued compensated absences 8,593 Accrued bonus - Allowance for doubtful accounts 1,703 Total deferred tax assets 377,922 Deferred tax (liabilities) Excess of tax over book depreciation (6,449 ) Total deferred tax (liabilities) (6,449 ) Total deferred tax asset 371,473 Valuation Allowance (144,348 ) Net Deferred Tax Asset $ 227,125 The change in the valuation allowance is as follows: June 30, 2018 $ (133,867 ) March 31, 2019 $ (144,348 ) $ (10,481 )
Comprehensive Income (Loss) [Table Text Block]	Nine Months Nine Months March 31, 2019 March 31, 2018 Expected (provision) at US statutory rate $ (28,870 ) $ (33,604 ) State income tax net of federal (provision) (5,973 ) (4,740 ) Nondeductible Expense (4,344 ) (3,881 ) Change in estimates of losses carryforward (563 ) - Change in valuation allowance (10,481 ) (108,150 ) Effect or remeasurement due to tax reform - (278,999 ) Other (3,014 ) - Income Tax (Expense) $ (53,245 ) $ (429,374 )

Note A - Summary of Accountin_2

Note A - Summary of Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	65,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0

Note B - Inventories (Details T

Note B - Inventories (Details Textual) - USD ($)	Mar. 31, 2019	Jun. 30, 2018
Inventory, Noncurrent, Total	$ 149,413	$ 160,294

Note B - Inventories - Inventor

Note B - Inventories - Inventories (Details) - USD ($)	Mar. 31, 2019	Jun. 30, 2018
Finished Goods	$ 397,127	$ 391,879
Raw Materials	184,442	185,036
	$ 581,569	$ 576,915

Note C - Stockholders' Equity (

Note C - Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 1995	Mar. 31, 2019	Jun. 30, 2018
Preferred Stock, Shares Authorized		496,000,000	496,000,000
Minimum [Member]
Proceeds From Public Offering Required for Mandatory Conversion		$ 1,000,000
Share Price		$ 1
Convertible Preferred Stock [Member]
Preferred Stock, Shares Authorized	4,000,000	4,000,000	4,000,000
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 0.10
Dividends, Preferred Stock, Total		$ 0
Preferred Stock, Amount of Preferred Dividends in Arrears		$ 366,919
Convertible Preferred Stock, Shares Issued upon Conversion		1
Conversion of Stock, Shares Converted		0

Note D - Income Taxes and Ava_3

Note D - Income Taxes and Available Carryforward (Details Textual) - USD ($)	6 Months Ended	9 Months Ended
	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Operating Loss Carryforwards, Total		$ 1,437,000
Operating Loss Carryforwards, Portion Estimated to Expire before Utilization		504,000
Operating Loss Carryforwards, Valuation Allowance, Total		$ 144,348
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		28.06%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 282,782
Effective Income Tax Rate Reconciliation, Percent, Total		25.35%	37.63%
Unrecognized Tax Benefits, Ending Balance		$ 0

Note D - Income Taxes and Ava_4

Note D - Income Taxes and Available Carryforward - Provision for Income Tax Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Federal			$ 0	$ 0
State			0	0
			0	0
Federal			(44,117)	(376,305)
State			(9,128)	(53,069)
			(53,245)	(429,374)
Income Tax (Expense)	$ (22,759)	$ (23,933)	$ (53,245)	$ (429,374)

Note D - Income Taxes and Ava_5

Note D - Income Taxes and Available Carryforward - Deferred Tax Assets and Liabilities (Details) - USD ($)	9 Months Ended
	Mar. 31, 2019	Jun. 30, 2018
Deferred tax assets
NOL and contribution carryforwards	$ 367,626
Accrued compensated absences	8,593
Accrued bonus
Allowance for doubtful accounts	1,703
Total deferred tax assets	377,922
Deferred tax (liabilities)
Excess of tax over book depreciation	(6,449)
Total deferred tax (liabilities)	(6,449)
Total deferred tax asset	371,473
Valuation Allowance	(144,348)	$ (133,867)
Net Deferred Tax Asset	227,125
	$ (10,481)

Note D - Income Taxes and Ava_6

Note D - Income Taxes and Available Carryforward - Income Taxes Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Expected (provision) at US statutory rate			$ (28,870)	$ (33,604)
State income tax net of federal (provision)			(5,973)	(4,740)
Nondeductible Expense			(4,344)	(3,881)
Change in estimates of losses carryforward			(563)
Change in valuation allowance			(10,481)	(108,150)
Effect or remeasurement due to tax reform				(278,999)
Other			(3,014)
Income Tax (Expense)	$ (22,759)	$ (23,933)	$ (53,245)	$ (429,374)

Note E - Line of Credit (Detail

Note E - Line of Credit (Details Textual)	Mar. 31, 2019USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 250,000