Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 10, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | MEXCO ENERGY CORP | |
Entity Central Index Key | 66,418 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,040,166 | |
Trading Symbol | MXC | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 435,092 | $ 492,610 |
Accounts receivable: | ||
Oil and gas sales | 424,162 | 395,991 |
Trade | 200,934 | 436,249 |
Prepaid costs and expenses | 37,688 | 47,583 |
Total current assets | 1,097,876 | 1,372,433 |
Property and equipment, at cost | ||
Oil and gas properties, using the full cost method | 35,336,568 | 35,224,784 |
Other | 107,484 | 107,484 |
Accumulated depreciation, depletion and amortization | (26,669,100) | (26,453,025) |
Property and equipment, net | 8,774,952 | 8,879,243 |
Other noncurrent assets | 31,448 | 149,278 |
Total assets | 9,904,276 | 10,400,954 |
Current liabilities | ||
Accounts payable and accrued expenses | 133,223 | 446,815 |
Total current liabilities | 133,223 | 446,815 |
Long-term debt | 500,000 | 700,000 |
Asset retirement obligations | 851,605 | 852,553 |
Total liabilities | 1,484,828 | 1,999,368 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding | ||
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,104,266 shares issued and 2,037,266 shares outstanding as of June 30, 2018 and March 31, 2018 | 1,052,133 | 1,052,133 |
Additional paid-in capital | 7,269,043 | 7,265,601 |
Retained earnings | 444,273 | 429,853 |
Treasury stock, at cost (67,000 shares) | (346,001) | (346,001) |
Total stockholders' equity | 8,419,448 | 8,401,586 |
Total liabilities and stockholders' equity | $ 9,904,276 | $ 10,400,954 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 1 | $ 1 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares outstanding | ||
Common stock par value | $ 0.50 | $ 0.50 |
Common stock shares authorized | 40,000,000 | 40,000,000 |
Common stock shares issued | 2,104,266 | 2,104,266 |
Common stock shares outstanding | 2,037,266 | 2,037,266 |
Treasury stock, shares | 67,000 | 67,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating revenues: | ||
Total operating revenues | $ 749,011 | $ 667,684 |
Operating expenses: | ||
Production | 258,935 | 309,863 |
Accretion of asset retirement obligations | 3,635 | 8,249 |
Depreciation, depletion and amortization | 216,075 | 311,258 |
General and administrative | 249,038 | 306,659 |
Total operating expenses | 727,683 | 936,029 |
Operating income (loss) | 21,328 | (268,345) |
Other income (expense): | ||
Interest income | 13 | 9 |
Interest expense | (6,921) | (27,216) |
Net other expense | (6,908) | (27,207) |
Income (loss) before provision for income taxes | 14,420 | (295,552) |
Income tax | ||
Net income (loss) | $ 14,420 | $ (295,552) |
Income (loss) per common share: | ||
Basic: | $ 0.01 | $ (0.15) |
Diluted: | $ 0.01 | $ (0.15) |
Weighted average common shares outstanding: | ||
Basic: | 2,037,266 | 2,037,266 |
Diluted: | 2,037,266 | 2,037,266 |
Oil and Gas [Member] | ||
Operating revenues: | ||
Total operating revenues | $ 735,353 | $ 651,442 |
Other [Member] | ||
Operating revenues: | ||
Total operating revenues | $ 13,658 | $ 16,242 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 3 months ended Jun. 30, 2018 - USD ($) | Common Stock Par Value [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2018 | $ 1,052,133 | $ (346,001) | $ 7,265,601 | $ 429,483 | $ 8,401,586 |
Balance, shares at Mar. 31, 2018 | 2,104,266 | (67,000) | |||
Net income | 14,420 | 14,420 | |||
Stock based compensation | $ 3,442 | $ 3,442 | |||
Common stock shares, issued | |||||
Common stock shares, held in treasury, Acquisitions, shares | |||||
Balance at Jun. 30, 2018 | $ 1,052,133 | $ (346,001) | $ 7,269,043 | $ 444,273 | $ 8,419,448 |
Balance, shares at Jun. 30, 2018 | 2,104,266 | (67,000) | |||
Common stock shares outstanding at Jun. 30, 2018 | 2,037,266 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 14,420 | $ (295,552) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Stock-based compensation | 3,442 | 8,725 |
Depreciation, depletion and amortization | 216,075 | 311,258 |
Accretion of asset retirement obligations | 3,635 | 8,249 |
Changes in operating assets and liabilities | ||
Decrease in accounts receivable | 207,144 | 30,998 |
Decrease in prepaid expenses | 9,895 | 1,643 |
(Decrease) increase in accounts payable and accrued expenses | (299,061) | 146,697 |
Decrease in asset retirement obligations | (1,049) | (169) |
Net cash provided by operating activities | 154,501 | 211,849 |
Cash flows from investing activities: | ||
Additions to oil and gas properties | (29,042) | (200,062) |
Proceeds from sale of oil and gas properties and equipment | 17,023 | 460,461 |
Net cash (used in) provided by investing activities | (12,019) | 260,399 |
Cash flows from financing activities: | ||
Reduction of long-term debt | (200,000) | (424,500) |
Net cash used in financing activities | (200,000) | (424,500) |
Net (decrease) increase in cash and cash equivalents | (57,518) | 47,748 |
Cash and cash equivalents at beginning of period | 492,610 | 73,451 |
Cash and cash equivalents at end of period | 435,092 | 121,199 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 7,964 | 28,104 |
Non-cash investing and financing activities: | ||
Asset retirement obligations | $ 1,743 | $ 1,943 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the exploration, development and production of natural gas, crude oil, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in the Permian Basin of West Texas; however, the Company owns producing properties and undeveloped acreage in thirteen states. Although the Company’s oil and gas interests predominately are operated by others, the Company operates three wells on a lease in which it owns a 100% working interest. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Principles of Consolidation Estimates and Assumptions Interim Financial Statements. Revenue from Contracts with Customers. Revenue from Contracts with Customers (Topic 606) Adoption of this new standard did not have an impact on the Company’s financial statements. When comparing the Company’s historical revenue recognition to the newly applied revenue recognition under Topic 606, there was no change to the amount or timing of revenue recognized. Therefore, no quantitative adjustment was required to be made to the prior periods presented in the unaudited consolidated financial statements after the adoption. Upon adoption the Company had not altered its existing information technology and internal controls outside of the contract review processes in order to identify impacts of future revenue contracts the Company may enter into. Accounting Policy - Revenues from our royalty and non-operated working interest properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two to four months after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Any identified differences between its revenue estimates and actual revenue received historically have not been significant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 3. Asset Retirement Obligations The Company’s asset retirement obligations (“ARO”) relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is initially incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset. The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and other accrued expenses. The following table provides a rollforward of the AROs for the first three months of fiscal 2019: Carrying amount of asset retirement obligations as of April 1, 2018 $ 862,553 Liabilities incurred 1,743 Liabilities settled (6,328 ) Accretion expense 3,635 Carrying amount of asset retirement obligations as of June 30, 2018 861,605 Less: Current portion 10,000 Non-Current asset retirement obligation $ 851,605 |
Credit Facility
Credit Facility | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facility | 4. Credit Facility The Company has a loan agreement with Bank of America, N.A. (the “Agreement”)(“Bank”), which provided for a credit facility of $5,570,000 with no monthly commitment reductions and a borrowing base to be evaluated on July 30 and January 1 of each year or at any additional time in the Bank’s discretion. The borrowing base also resets to the extent the Company sells or otherwise disposes of any of its oil and gas properties as the Company is required to pay 100% of such net proceeds to the lender resulting in a permanent reduction of the borrowing base unless prior approval by Bank states otherwise. As of June 30, 2018, the borrowing base was set at $750,000. Subsequently, the borrowing base was evaluated on July 31, 2018 and set at $525,000. The Agreement was renewed eleven times with the eleventh amendment effective as of March 8, 2017 with a maturity date of November 30, 2020. Under such renewal agreement, interest on the facility accrues at an annual rate equal to the British Bankers Association London Interbank Offered Rate (“BBA LIBOR”) daily floating rate, plus 3.0 percentage points, which was 5.10% on June 30, 2018. Interest on the outstanding amount under the credit agreement is payable monthly. There was no availability of this facility at June 30, 2018. No principal payments are anticipated to be required through November 30, 2020. Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties. The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires minimum earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $650,000 for each trailing four fiscal quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. The Company is in compliance with all covenants as of June 30, 2018 and believes it will remain in compliance for the next fiscal year. The amended Agreement allows for up to $500,000 of the facility to be used for outstanding letters of credits. As of June 30, 2018, one letter of credit for $50,000, in lieu of a plugging bond with the Texas Railroad Commission covering the properties the Company operates is outstanding under the facility. The Company will pay a fee in an amount equal to 1 percent (1.0%) per annum of the outstanding undrawn amount of each standby letter of credit, payable monthly in arrears, on the basis of the face amount outstanding on the day the fee is calculated. This letter of credit renews annually and was subsequently renewed on July 20, 2018 with an amended amount of $25,000. In addition, this Agreement prohibits the Company from paying cash dividends on its common stock. The Agreement does grant the Company permission to enter into hedge agreements however, it is under no obligation to do so. The balance outstanding on the line of credit as of June 30, 2018 was $500,000. The following table is a summary of activity on the Bank of America, N.A. line of credit for the three months ended June 30, 2018: Principal Balance at April 1, 2018: $ 700,000 Borrowings - Repayments (200,000 ) Balance at June 30, 2018: $ 500,000 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies as well as the current and forecasted business economics of our industry. Based on the material write-downs of the carrying value of our oil and natural gas properties during fiscal 2016, we are in a net deferred tax asset position as of June 30, 2018. Our deferred tax asset is $1,238,530 as of June 30, 2018 with a valuation amount of $1,238,530. We believe it is more likely than not that these deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as future expected growth. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions Related party transactions for the Company relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the quarters ended June 30, 2018 and 2017 were $16,419 and $8,832, respectively. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 3 Months Ended |
Jun. 30, 2018 | |
Income (loss) per common share: | |
Income (Loss) Per Common Share | 7. Income (Loss) Per Common Share The Company’s basic net income (loss) per share has been computed based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and is computed by dividing net income (loss) by the weighted average number of common shares and dilutive potential common shares (stock options) outstanding during the period. In periods where losses are reported, the weighted average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive. The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income (loss) per share for the three month periods ended June 30, 2018 and 2017. 2018 2017 Net income (loss) $ 14,420 $ (295,552 ) Shares outstanding: Weighted average common shares outstanding – basic 2,037,266 2,037,266 Effect of the assumed exercise of dilutive stock options - - Weighted average common shares outstanding – dilutive 2,037,266 2,037,266 Income (loss) per common share: Basic $ 0.01 $ (0.15 ) Diluted $ 0.01 $ (0.15 ) For the three months ended June 30, 2018, 148,600 potential common shares relating to stock options were excluded in the computation of diluted net income per share because the price of the options was greater than the average market price of the common shares and therefore, the effect would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $6.54 at June 30, 2018. Due to a net loss for the three months ended June 30, 2017, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Estimates and Assumptions | Estimates and Assumptions |
Interim Financial Statements | Interim Financial Statements. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers. Revenue from Contracts with Customers (Topic 606) Adoption of this new standard did not have an impact on the Company’s financial statements. When comparing the Company’s historical revenue recognition to the newly applied revenue recognition under Topic 606, there was no change to the amount or timing of revenue recognized. Therefore, no quantitative adjustment was required to be made to the prior periods presented in the unaudited consolidated financial statements after the adoption. Upon adoption the Company had not altered its existing information technology and internal controls outside of the contract review processes in order to identify impacts of future revenue contracts the Company may enter into. Accounting Policy - Revenues from our royalty and non-operated working interest properties are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two to four months after the production month, the Company accrues for revenue earned but not received by estimating production volumes and product prices. Any identified differences between its revenue estimates and actual revenue received historically have not been significant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Rollforward of Asset Retirement Obligations | The following table provides a rollforward of the AROs for the first three months of fiscal 2019: Carrying amount of asset retirement obligations as of April 1, 2018 $ 862,553 Liabilities incurred 1,743 Liabilities settled (6,328 ) Accretion expense 3,635 Carrying amount of asset retirement obligations as of June 30, 2018 861,605 Less: Current portion 10,000 Non-Current asset retirement obligation $ 851,605 |
Credit Facility (Tables)
Credit Facility (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Line of Credit Activity | The balance outstanding on the line of credit as of June 30, 2018 was $500,000. The following table is a summary of activity on the Bank of America, N.A. line of credit for the three months ended June 30, 2018: Principal Balance at April 1, 2018: $ 700,000 Borrowings - Repayments (200,000 ) Balance at June 30, 2018: $ 500,000 |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Income (loss) per common share: | |
Schedule of Reconciliation of Basic Net Loss Per Share and Diluted Loss Per Share | The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income (loss) per share for the three month periods ended June 30, 2018 and 2017. 2018 2017 Net income (loss) $ 14,420 $ (295,552 ) Shares outstanding: Weighted average common shares outstanding – basic 2,037,266 2,037,266 Effect of the assumed exercise of dilutive stock options - - Weighted average common shares outstanding – dilutive 2,037,266 2,037,266 Income (loss) per common share: Basic $ 0.01 $ (0.15 ) Diluted $ 0.01 $ (0.15 ) |
Nature of Operations (Details N
Nature of Operations (Details Narrative) | Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage | 100.00% |
Assets Retirement Obligations -
Assets Retirement Obligations - Schedule of Rollforward of Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Carrying amount of asset retirement obligations, beginning of year | $ 862,553 | ||
Liabilities incurred | 1,743 | ||
Liabilities settled | (6,328) | ||
Accretion expense | 3,635 | $ 8,249 | |
Carrying amount of asset retirement obligations, end of year | 861,605 | ||
Less: Current portion | 10,000 | ||
Non-Current asset retirement obligation | $ 851,605 | $ 852,553 |
Credit Facility (Details Narrat
Credit Facility (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Amendment replaces the tangible net worth | $ 650,000 | |
Debt instrument covenant description | For each trailing four fiscal quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. The Company is in compliance with all covenants as of June 30, 2018 and believes it will remain in compliance for the next fiscal year. | |
Line of credit | $ 500,000 | $ 700,000 |
Revolving Credit Agreement [Member] | ||
Maximum line of credit amount used for letter of credit | 500,000 | |
Letter of credit | $ 50,000 | |
Line of credit unused commitment fee percentage | 1.00% | |
Revolving Credit Agreement [Member] | July 20 2018 [Member] | ||
Letter of credit | $ 25,000 | |
Revolving Credit Agreement [Member] | Bank of America, N.A [Member] | ||
Credit facility face amount | $ 5,570,000 | |
Percentage of amount require to pay lender | 100.00% | |
Line of credit borrowing capacity | $ 750,000 | |
Revolving Credit Agreement [Member] | Bank of America, N.A [Member] | July 31 2018 [Member] | ||
Line of credit borrowing capacity | $ 525,000 | |
Renewel Agreements [Member] | ||
Line of credit maturity date | Nov. 30, 2020 | |
Accrued interest rate | 5.10% | |
Line of credit commitment fee description | Under such renewal agreement, interest on the facility accrues at an annual rate equal to the British Bankers Association London Interbank Offered Rate ("BBA LIBOR") daily floating rate, plus 3.0 percentage points, which was 5.10% on June 30, 2018. Interest on the outstanding amount under the credit agreement is payable monthly. | |
Renewel Agreements [Member] | BBA LIBOR [Member] | Maximum [Member] | ||
Accrues variable interest rate | 3.00% |
Credit Facility - Summary of Li
Credit Facility - Summary of Line of Credit Activity (Details) | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Debt Disclosure [Abstract] | |
Balance at April 1, 2018: | $ 700,000 |
Borrowings | |
Repayments | (200,000) |
Balance at June 30, 2018: | $ 500,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Jun. 30, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax asset, net | $ 1,238,530 |
Valuation allowance of deferred tax asset | $ 1,238,530 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transactions [Abstract] | ||
Total billed to and reimbursed expenses | $ 16,419 | $ 8,832 |
Income (Loss) Per Common Shar25
Income (Loss) Per Common Share (Details Narrative) - Stock Option [Member] | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Anti diluted excluding common shares | shares | 148,600 |
Weighted average exercise price | $ / shares | $ 6.54 |
Income (Loss) Per Common Shar26
Income (Loss) Per Common Share - Schedule of Reconciliation of Basic Net Loss Per Share and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income (loss) per common share: | ||
Net income (loss) | $ 14,420 | $ (295,552) |
Weighted average common shares outstanding - basic | 2,037,266 | 2,037,266 |
Effect of the assumed exercise of dilutive stock options | ||
Weighted average common shares outstanding - dilutive | 2,037,266 | 2,037,266 |
Income (loss) per common share: Basic | $ 0.01 | $ (0.15) |
Income (loss) per common share: Diluted | $ 0.01 | $ (0.15) |