Financial Performance - For the three months ended June 30, 2021, sales increased by $42,391,839 to a total of $63,000,000 compared to the same period in 2020, driven by a rise in average selling prices and tons sold, which increased from approximately 38,000 tons to 54,000 tons [63]. - Gross profit for the 2021 quarter was $17,329,935, up from $256,754 in the 2020 quarter, with gross profit as a percentage of sales increasing from approximately 1.1% to 26.3% [63]. - The coil product segment's sales for the 2021 quarter totaled $52,694,730, compared to $15,432,784 in the 2020 quarter, with the average selling price per ton rising from approximately $566 to $1,462 [64]. - The tubular product segment's sales for the 2021 quarter were $13,221,709, up from $8,091,816 in the 2020 quarter, with tons sold increasing from approximately 11,000 to 14,500 [66]. - The company recorded operating profits of approximately $13,256,000 for the coil segment and $2,600,000 for the tubular segment in the 2021 quarter, compared to operating losses in the previous year [64][67]. Operational Developments - The company expects to complete the construction of a new facility in Sinton, Texas, with an estimated total cost of $21 million, expected to commence operations in April 2022 [60]. - The Company expects strong margins for Q2 ending September 30, 2021, with an anticipated improvement in operating results compared to Q1 [79]. - Hot-rolled steel prices have increased approximately 10% since June 30, 2021, and the Company expects prices to continue rising through September 30, 2021 [79]. Financial Position - The company's current ratio was 1.6 at June 30, 2021, down from 2.7 at March 31, 2021, with working capital increasing to $50,869,746 [73]. - The company had borrowings of $23,381,289 outstanding under the ABL Facility as of the filing date, with full access to the facility [76]. Costs and Expenses - General, selling, and administrative costs increased by $1,958,400 in the 2021 quarter, primarily due to incentive compensation and professional fees [70]. - The company reported other income of $312,062, primarily from a $1,706,614 gain associated with the forgiveness of the Paycheck Protection Program loan [71]. Internal Controls and Compliance - The Company identified a material weakness in internal control over financial reporting related to the review of the annual income tax provision [88]. - The Chief Executive Officer and Chief Financial Officer concluded that the Company's internal control over financial reporting was not effective as of the end of the period covered by the report [84]. - The Company has not completed its remediation of the material weakness previously identified and disclosed in the Annual Report for the fiscal year ended March 31, 2021 [84]. - The Company plans to remediate the identified material weakness by investing in human capital, having hired an additional degreed accountant on May 24, 2021 [89]. - As of the filing date, the Company had 104 employees, with a finance team consisting of two degreed accountants [89]. - The Company believes that the additional investment in human capital will provide sufficient remediation in future periods [90]. - The Company will continue to monitor and evaluate the effectiveness of its disclosure controls and procedures [90]. Forward-Looking Statements - Actual results may differ materially from forward-looking statements due to various risks and uncertainties, including changes in demand and prices of products [82].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File No. 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1121 Judson Road Suite 124, Longview, TX 75601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (903) 758-3431 Securities registered pursuant ...

FOR THE QUARTERLY PERIOD ENDED December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) TEXAS 74-1504405 (State or other jurisdicti ...

Sales Performance - Sales for the six months ended September 30, 2020, decreased by $32,584,620 compared to the same period in 2019, with tons sold dropping from approximately 112,000 to 81,500[58]. - Coil segment sales for the 2020 period totaled $33,888,870, down from $56,602,077 in the 2019 period, with average selling price per ton decreasing from approximately $695 to $556[59]. - Tubular segment sales for the 2020 period totaled $14,497,410, down from $24,368,823 in the 2019 period, with tons sold decreasing from approximately 31,000 to 21,000[62]. - The company experienced a decline in sales volume due to the economic impacts of COVID-19, with significant drops in April and August 2020[60][64]. - The company anticipates that sales volumes for both segments in the third quarter will be comparable to the second quarter, with potential seasonal declines[76]. Profitability and Margins - Gross profit as a percentage of sales increased from approximately 1.0% in the 2019 period to approximately 2.8% in the 2020 period[58]. - Hot-rolled steel pricing increased approximately 60% as of the filing date, positively impacting coil segment margins[76]. - The tubular segment margins are expected to improve, although they do not respond as quickly to fluctuations in steel prices[76]. Costs and Expenses - General, selling, and administrative costs increased by $331,405 during the 2020 period compared to the 2019 period, primarily due to increased payroll and professional fees[66]. Financial Position - The Company's current ratio improved to 9.0 as of September 30, 2020, compared to 6.8 at March 31, 2020[77]. - Working capital decreased to $51,947,484 at September 30, 2020, from $55,566,158 at March 31, 2020[77]. - The Company received a $1,690,385 loan under the Paycheck Protection Program with a 0.98% interest rate, deferring principal and interest payments for six months[79]. - The Company believes its current cash position and cash flows from operations are adequate to meet expected cash requirements for the next 12 months[82]. Share Repurchase Program - A share repurchase program was authorized to buy back up to 1,062,067 shares, equating to 15% of outstanding shares as of June 25, 2020[80]. - During the quarter ended September 30, 2020, the Company repurchased 67,281 shares at a total cost of $410,221[90]. - The share repurchase program may be modified, suspended, or discontinued at any time based on various factors[81]. Internal Controls and Future Outlook - The Company has not experienced any changes in internal control over financial reporting that materially affected its financial reporting[87]. - Forward-looking statements regarding future performance involve risks and uncertainties that could cause actual results to differ materially[85]. - The Company plans to apply for forgiveness of the PPP Loan, but there is no assurance that any portion will be forgiven[79].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) TEXAS 74-1504405 (State or other jurisdiction o ...

Sales Performance - The coil products segment accounted for 70% of total sales in 2020, up from 67% in 2019, while tubular products contributed 30%, down from 33%[17] - Sales of coil products to Trinity Industries, Inc. represented approximately 18% of total sales in 2020, compared to 21% in 2019[17] Facilities and Operations - The Decatur facility is set to enhance processing capabilities with new equipment, allowing for material up to 96" wide and thicknesses up to ½", with commercial use expected to start in February 2021[12] - The company operates two hot-roll coil processing facilities located in Hickman, Arkansas, and Decatur, Alabama[12] - The tubular products segment operates two electric resistance welded pipe mills with a combined outside diameter size range of 2 3/8" to 8 5/8"[15] Workforce and Sales Strategy - The company had 103 full-time employees as of March 31, 2020[22] - The company sells substantially all of its products through its own sales force, which includes a Vice President and several professional sales personnel[18][20] - The company competes in a highly competitive market, relying on competitive pricing and rapid delivery to meet customer specifications[21] Financial Performance and Provisions - The allowance for doubtful accounts receivable charged to bad debt expense was $53,239 for fiscal year 2020, compared to $15,673 for fiscal year 2019, indicating a significant increase in provisions[65] - Cash discounts allowed on sales were $624,413 in fiscal year 2020, down from $750,059 in fiscal year 2019, reflecting a decrease of approximately 16.8%[66] - The ending balance for the allowance for doubtful accounts receivable was $82,417 for fiscal year 2020, compared to $29,178 for fiscal year 2019, showing an increase of 181.5%[65] - The total accounts receivable written off was $0 in fiscal year 2020, compared to $7,547 in fiscal year 2019, indicating improved collection efforts[66] Governance and Compliance - The consolidated balance sheets and statements of operations for the fiscal year ended March 31, 2020, are included in the annual report[55] - The company plans to file definitive copies of the proxy statement with the SEC within 120 days after the end of the fiscal year[53] - The financial statements include a report from an independent registered public accounting firm, ensuring the accuracy of the financial data presented[55] - The financial statement schedules are included in the report, providing detailed insights into the company's financial position[55] - The company has incorporated various amendments to its articles of incorporation and bylaws, reflecting ongoing governance updates[56] Employee Incentives - The company has established a restricted stock plan to incentivize key employees, which is part of its broader compensation strategy[56]

Sales Performance - Sales for the nine months ended December 31, 2019, decreased by $35,829,710 or approximately 10% in tons sold, from 175,500 tons in 2018 to 157,500 tons in 2019[49]. - Coil product segment sales decreased by $17,085,201 or approximately 18%, totaling $77,603,435 in the 2019 period compared to $94,688,636 in the 2018 period[52]. - Tubular product segment sales decreased by $18,744,509 or approximately 37%, totaling $31,518,282 in the 2019 period compared to $50,262,791 in the 2018 period[55]. Profitability - Gross profit as a percentage of sales dropped from approximately 8.3% in the 2018 period to approximately 0.7% in the 2019 period[49]. - Average selling price per ton for coil segment inventory decreased from approximately $890 in the 2018 period to approximately $667 in the 2019 period[52]. - Average selling price per ton for tubular segment inventory increased from approximately $704 in the 2018 period to approximately $750 in the 2019 period[55]. - Operating loss for the tubular segment was approximately $1,670,000 in the 2019 period, compared to an operating profit of approximately $4,348,000 in the 2018 period[55]. Costs and Expenses - General, selling, and administrative costs decreased by $173,649 in the 2019 period compared to the 2018 period[58]. Financial Position - The current ratio was 5.4 at December 31, 2019, down from 6.0 at March 31, 2019[71]. - Working capital was $56,420,996 at December 31, 2019, compared to $62,091,305 at March 31, 2019[71]. Capital Expenditures - The Company commenced two capital expenditure projects with a total estimated cost of $6,900,000, including a $1,100,000 building expansion in Arkansas and a $5,800,000 new processing line in Alabama[73]. - The new processing line in Alabama will increase the coil processing capability from up to 72" wide to up to 96" wide, allowing for higher strength grades[73]. - The Company expects the building expansion project to be completed by April 2020[73]. - Installation of the new processing equipment in Alabama is expected to begin in October 2020, with commercial use starting in February 2021[73]. Cash Flow and Credit - The Company believes its current cash position and cash flows from operations are adequate to fund expected cash requirements for the next 24 months[75]. - The Company's $5,000,000 revolving line of credit facility expired on December 12, 2019, with no borrowings outstanding at expiration[74]. Internal Controls and Reporting - There were no changes in the Company's internal control over financial reporting during the fiscal quarter ended December 31, 2019[80]. - The Company’s management evaluated the effectiveness of its disclosure controls and procedures as of December 31, 2019, concluding they were effective[79]. Risks and Estimates - The Company’s financial statements require significant estimates, including useful lives for fixed assets and allowance for doubtful accounts, which could differ from actual results[76]. - Forward-looking statements made by the Company involve risks and uncertainties that could cause actual results to differ materially[77].

Sales Performance - Sales for the six months ended September 30, 2019, decreased by $20,654,447 or approximately 10% compared to the same period in 2018, with tons sold dropping from approximately 124,000 to 112,000[43] - Coil product segment sales decreased by $9,355,567 or approximately 14%, totaling $56,602,077 in 2019 compared to $65,957,644 in 2018[45] - Tubular product segment sales decreased by $11,298,880 or approximately 32%, totaling $24,368,823 in 2019 compared to $35,667,703 in 2018[48] Profitability - Gross profit as a percentage of sales fell from approximately 10.0% in 2018 to approximately 1.0% in 2019, reflecting a significant decline in profitability[43] - The company recorded an operating loss of approximately $1,201,000 in the tubular segment for the 2019 period, compared to an operating profit of approximately $3,698,000 in 2018[48] Pricing and Volume - The average selling price per ton for coil segment inventory dropped from approximately $883 in 2018 to approximately $695 in 2019, despite an increase in shipment volume[45] - Tons sold in the tubular segment decreased from approximately 50,000 in 2018 to approximately 31,000 in 2019, while the average selling price per ton increased from approximately $697 to $787[48] Cost Management - General, selling, and administrative costs decreased by $319,941 in 2019 compared to 2018, primarily due to lower bonuses associated with decreased earnings[51] Liquidity and Financial Position - The current ratio improved to 7.3 at September 30, 2019, compared to 6.0 at March 31, 2019, indicating a strong liquidity position[62] - Cash increased primarily due to a reduction in inventory levels, despite purchases of property, plant, and equipment, and cash dividend payments[64] - The Company entered into a $5,000,000 revolving line of credit facility, which expires on December 12, 2019, with a borrowing base allowing access to approximately $4,988,000 as of September 30, 2019[65] - The Company was in violation of the debt service coverage ratio covenant, constituting an event of default that prohibits accessing funds unless waived by the Bank[65] - The Company believes its current cash position and cash flows from operations are adequate to fund expected cash requirements for the next 24 months[66] Estimates and Risks - Significant estimates in financial statements include useful lives for fixed assets and allowance for doubtful accounts, which could differ from actual results[67] - Forward-looking statements may involve risks and uncertainties that could cause actual results to differ materially from expectations, including changes in demand and prices for products[68]

Sales Performance - Sales for the three months ended June 30, 2019, decreased by $7,217,998 compared to the same period in 2018, with tons sold dropping from approximately 60,500 tons to 53,500 tons[41] - Coil segment sales totaled $28,181,468 in the 2019 quarter, down from $31,129,200 in the 2018 quarter, with the average selling price per ton decreasing from approximately $853 to $743[43] - Tubular segment sales for the 2019 quarter were $12,793,852, a decline from $17,064,118 in the 2018 quarter, while the average selling price per ton increased from approximately $670 to $819[46] Profitability - Gross profit as a percentage of sales fell from approximately 12.8% in the 2018 quarter to approximately 3.6% in the 2019 quarter[41] - Operating profits for the coil segment dropped from approximately $3,179,000 in the 2018 quarter to approximately $345,000 in the 2019 quarter[43] - The tubular segment's operating profits decreased from approximately $2,321,000 in the 2018 quarter to approximately $545,000 in the 2019 quarter[46] Financial Position - The current ratio improved to 7.7 at June 30, 2019, compared to 6.0 at March 31, 2019, indicating a strong liquidity position[53] - Working capital was $61,674,289 at June 30, 2019, slightly down from $62,091,305 at March 31, 2019[53] - The company maintained compliance with all financial covenants and had no borrowings outstanding under its $5,000,000 revolving line of credit facility as of June 30, 2019[55] Future Outlook - The company expects continued margin challenges into the second quarter of fiscal 2020 due to declining steel prices and softer demand[42] - No future outlook or performance guidance was included in the documents[67] Missing Information - No relevant financial data or performance summary was provided in the documents[65] - No user data or metrics were mentioned in the documents[66] - No information on new products or technology development was found in the documents[68] - No details on market expansion or acquisitions were present in the documents[69] - No new strategies or initiatives were discussed in the documents[69]

PART I [Business Overview](index=3&type=section&id=Item%201.%20Business) Friedman Industries, established in 1965, manufactures and processes steel products through coil and tubular segments, serving various industries with significant sales to a single customer in a competitive market - The company operates in two reportable segments: coil products and tubular products[13](index=13&type=chunk) - The coil product segment operates two hot-roll coil processing facilities in Hickman, Arkansas, and Decatur, Alabama, which improve steel quality and cut coils into sheets and plates[14](index=14&type=chunk) - The tubular product segment, Texas Tubular Products (TTP), operates two electric resistance welded pipe mills in Lone Star, Texas, manufacturing API-licensed line pipe and oil country pipe[17](index=17&type=chunk) Percentage of Total Sales by Product Group | Product and Service Groups | 2019 | 2018 | | :--- | :--- | :--- | | Coil Products | 67% | 74% | | Tubular Products | 33% | 26% | - Sales to a single customer, Trinity Industries, Inc., accounted for a significant portion of the company's total sales, representing approximately **21%** in fiscal 2019 and **16%** in fiscal 2018[20](index=20&type=chunk) - The company operates in a non-seasonal, highly-competitive business, competing with other processors of hot-rolled steel coils[24](index=24&type=chunk) - As of March 31, 2019, the company had **104** full-time employees[26](index=26&type=chunk) [Risk Factors](index=5&type=section&id=Item%201A.%20Risk%20Factors) Disclosure of risk factors is not required for this filing - Disclosure of risk factors is not required[28](index=28&type=chunk) [Unresolved Staff Comments](index=5&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - The company has no unresolved staff comments[29](index=29&type=chunk) [Properties](index=5&type=section&id=Item%202.%20Properties) The company's principal real properties include owned manufacturing plants and offices in Texas, Arkansas, and Alabama, alongside leased office space in Longview, Texas Principal Properties | Location | Facility | Size (sq. ft) | Ownership | | :--- | :--- | :--- | :--- | | Lone Star, Texas | Plant, Offices, Land | 161,000, 12,200, 122.4 acres | Owned | | Hickman, Arkansas | Plant, Offices, Land | 42,600, 2,500, 26.2 acres | Owned | | Decatur, Alabama | Plant, Offices, Land | 48,000, 2,000, 47.3 acres | Owned | | Longview, Texas | Offices | 2,600 | Leased | - All owned real properties are held in fee and are not subject to any mortgage or deed of trust[30](index=30&type=chunk) - The leased office in Longview, Texas has a lease expiring on **April 30, 2021**, with a monthly rent of **$2,728**[31](index=31&type=chunk) [Legal Proceedings](index=5&type=section&id=Item%203.%20Legal%20Proceedings) The company received **$56,500** in fiscal 2019 from a completed steel antitrust class action settlement, with no other material pending legal proceedings - In fiscal 2019, the company received settlement proceeds of **$56,500** as a class member of steel antitrust class action litigation, which is now considered complete[32](index=32&type=chunk) - The company is not a party to any other material pending legal proceedings[33](index=33&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=6&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE American under '**FRD**', with approximately **190** shareholders of record as of April 26, 2019, and other stock information incorporated by reference - The Company's Common Stock is traded on the NYSE – American under the symbol **FRD**[35](index=35&type=chunk) - As of April 26, 2019, the company had approximately **190** shareholders of record[37](index=37&type=chunk) [Selected Financial Data](index=6&type=section&id=Item%206.%20Selected%20Financial%20Data) Disclosure of selected financial data is not required for this filing - Disclosure of selected financial data is not required[38](index=38&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=6&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section is incorporated by reference from the company's Annual Report to Shareholders for the fiscal year ended March 31, 2019 - The Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated by reference from the Annual Report to Shareholders for the fiscal year ended March 31, 2019[39](index=39&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=6&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Quantitative and qualitative disclosures about market risk are not required for this filing - Disclosure about market risk is not required[40](index=40&type=chunk) [Financial Statements and Supplementary Data](index=6&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Consolidated financial statements for fiscal years 2019 and 2018, including the independent auditor's report, are incorporated by reference from the Annual Report to Shareholders - The Consolidated Balance Sheets, Statements of Operations, Stockholders' Equity, Cash Flows, and Notes to Consolidated Financial Statements for the years ended March 31, 2019 and 2018 are incorporated by reference[41](index=41&type=chunk) - Schedule II — Valuation and Qualifying Accounts for the years ended March 31, 2019 and 2018 is included elsewhere in the report[42](index=42&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=6&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure matters - There were no changes in or disagreements with accountants on accounting and financial disclosure[43](index=43&type=chunk) [Controls and Procedures](index=7&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal control over financial reporting during the fourth fiscal quarter - Based on an evaluation as of the end of the reporting period, the CEO and principal financial officer concluded that the company's disclosure controls and procedures were effective[44](index=44&type=chunk) - There were no changes in the company's internal control over financial reporting during the fiscal quarter ended March 31, 2019, that have materially affected, or are reasonably likely to materially affect, these controls[46](index=46&type=chunk) [Other Information](index=7&type=section&id=Item%209B.%20Other%20Information) The company reports no other information to disclose under this item - There is no information to report under this item[47](index=47&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=8&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors and corporate governance is incorporated by reference from the 2019 Proxy Statement, executive officers from Item 1, and the company has adopted a Code of Conduct and Ethics - Information regarding directors and corporate governance is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement[50](index=50&type=chunk) - Information regarding executive officers is incorporated by reference from the section 'Executive Officers of the Company' in Item 1 of this report[51](index=51&type=chunk) - The company has adopted the Friedman Industries, Incorporated Code of Conduct and Ethics[52](index=52&type=chunk) [Executive Compensation](index=8&type=section&id=Item%2011.%20Executive%20Compensation) This section on executive compensation is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement - Information regarding executive compensation is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement[53](index=53&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=8&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan information is incorporated by reference from the 2019 Proxy Statement and Notes to Consolidated Financial Statements - Information regarding security ownership and related matters is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement[54](index=54&type=chunk)[56](index=56&type=chunk) [Certain Relationships, Related Transactions and Director Independence](index=8&type=section&id=Item%2013.%20Certain%20Relationships%2C%20Related%20Transactions%20and%20Director%20Independence) This section is incorporated by reference from the company's proxy statement for the 2019 Annual Meeting of Shareholders - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement[57](index=57&type=chunk) [Principal Accountant Fees and Services](index=8&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section is incorporated by reference from the company's proxy statement for the 2019 Annual Meeting of Shareholders - Information regarding principal accountant fees and services is incorporated by reference from the 2019 Annual Meeting of Shareholders proxy statement[58](index=58&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=9&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed with the Form 10-K, including financial statements, a schedule for valuation and qualifying accounts, and various exhibits like corporate governance documents and certifications - The financial statements and notes from the Annual Report to Shareholders for the fiscal year ended March 31, 2019, are incorporated by reference[60](index=60&type=chunk) - The report includes Schedule II — Valuation and Qualifying Accounts[60](index=60&type=chunk) - A list of **21** exhibits is provided, including Articles of Incorporation, loan agreements, the Code of Conduct and Ethics, and Sarbanes-Oxley certifications[61](index=61&type=chunk) [Signatures](index=11&type=section&id=Signatures) The Form 10-K report was authorized and signed on **July 1, 2019**, by the company's principal executive and financial officers and a majority of the board - The report was signed on **July 1, 2019**, by Michael J. Taylor, Interim President and Interim Chief Executive Officer, and Alex LaRue, Chief Financial Officer, along with the company's directors[66](index=66&type=chunk)[67](index=67&type=chunk) [SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS](index=12&type=section&id=SCHEDULE%20II%20%E2%80%94%20VALUATION%20AND%20QUALIFYING%20ACCOUNTS) This schedule details activity in the allowance for doubtful accounts and cash discounts for fiscal years 2019 and 2018, with the ending balance increasing to **$29,178** in 2019 from **$21,052** in 2018 Allowance for Doubtful Accounts and Cash Discounts | Fiscal Year Ended | Beginning Balance ($) | Additions (Costs & Expenses) ($) | Additions (Other Accounts) ($) | Deductions ($) | Ending Balance ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | March 31, 2019 | $21,052 | $— | $765,732 | $757,606 | $29,178 | | March 31, 2018 | $27,276 | $— | $425,140 | $431,364 | $21,052 | - For fiscal year 2019, additions to the allowance included **$15,673** for bad debt expense and **$750,059** for cash discounts allowed on sales, while deductions included **$7,547** in accounts receivable written off and **$750,059** in cash discounts taken[69](index=69&type=chunk)[70](index=70&type=chunk)