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Revision of Previously Issued Consolidated Financial Statements | 12 Months Ended
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Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Consolidated Financial Statements | Revision of Previously Issued Consolidated Financial Statements During fiscal 2026, the Company identified an error in the timing of revenue recognition for its Refund Assurance Plan ("RAP") fees associated with the Company's tax preparation services. The Company had historically recognized RAP fees as revenue at the time the related tax return was prepared. The Company has determined that under ASC 606, Revenue from Contracts with Customers, these fees should be recognized ratably over the 36-month coverage period of each plan, as the related performance obligation is a stand-ready obligation satisfied over time. Accordingly, the Company should recognize a contract liability for the unearned portion of RAP fees, which is recognized as revenue ratably over the coverage period. The error affected previously issued financial statements for the years ended March 31, 2025 and 2024, and prior periods. The Company evaluated the error in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, considering both quantitative and qualitative factors, and concluded that the error was not material, individually or in the aggregate, to any previously issued financial statements. The Company has revised the prior period comparative financial statements presented herein to reflect the correction for comparability purposes. The cumulative effect of the error for periods prior to fiscal 2024 was $1.7 million, which has been recorded as an adjustment to opening retained earnings as of April 1, 2023. Because the error is not material to any previously issued financial statements, no restatement to any previously filed annual or quarterly report is required. The effect of the revision on the Company's previously issued consolidated financial statements for each financial statement line item affected is presented in the tables below: Effect on Consolidated Balance Sheets
| As of March 31, 2025 |  |
| As Reported |  | Increase (Decrease) |  | As Revised |  |  |  |  |  |
Deferred income taxes, net | $ | 33,291,074 |  |  | $ | 860,594 |  |  | $ | 34,151,668 |  |  |  |  |  |  |
Total assets | 1,007,627,647 |  |  | 860,594 |  |  | 1,008,488,241 |  |  |  |  |  |  |
Deferred revenue (contract liability) | — |  |  | 3,349,571 |  |  | 3,349,571 |  |  |  |  |  |  |
Total liabilities | 568,147,183 |  |  | 3,349,571 |  |  | 571,496,754 |  |  |  |  |  |  |
Retained earnings | 173,053,986 |  |  | (2,488,977) |  |  | 170,565,009 |  |  |  |  |  |  |
Total shareholders' equity | 439,480,464 |  |  | (2,488,977) |  |  | 436,991,487 |  |  |  |  |  |  |
Total liabilities and shareholders' equity | 1,007,627,647 |  |  | 860,594 |  |  | 1,008,488,241 |  |  |  |  |  |  |
Effect on Consolidated Statements of Operations
| For the years ended March 31,
| 2025 |  | 2024
| As Reported |  | Decrease |  | As Revised |  | As Reported |  | Decrease |  | As Revised
Insurance and other income, net1 | $ | 99,750,948 |  |  | $ | (670,429) |  |  | $ | 99,080,519 |  |  | $ | 104,685,541 |  |  | $ | (402,954) |  |  | $ | 104,282,587 |
Total revenues | 564,841,465 |  |  | (670,429) |  |  | 564,171,036 |  |  | 573,213,402 |  |  | (402,954) |  |  | 572,810,448 |
Income before income taxes | 111,985,377 |  |  | (670,429) |  |  | 111,314,948 |  |  | 99,407,736 |  |  | (402,954) |  |  | 99,004,782 |
Income tax expense | 22,243,979 |  |  | (171,753) |  |  | 22,072,226 |  |  | 22,062,509 |  |  | (104,071) |  |  | 21,958,438 |
Net income | 89,741,398 |  |  | (498,676) |  |  | 89,242,722 |  |  | 77,345,227 |  |  | (298,883) |  |  | 77,046,344 |
Net income per common share | 16.54 |  |  | (0.09) |  |  | 16.45 |  |  | 13.45 |  |  | (0.05) |  |  | 13.40 |
Net income per diluted share | 16.30 |  |  | (0.09) |  |  | 16.21 |  |  | 13.19 |  |  | (0.05) |  |  | 13.14 |
Effect on Consolidated Statements of Shareholders Equity
| As of and for the years ended March 31,
| 2025 |  | 2024
| As Reported |  | Decrease |  | As Revised |  | As Reported |  | Decrease |  | As Revised
Opening retained earnings at March 31 | $ | 137,994,264 |  |  | $ | (1,990,301) |  |  | $ | 136,003,963 |  |  | $ | 97,154,898 |  |  | $ | (1,691,418) |  |  | $ | 95,463,480 |
Opening shareholders' equity at March 31 | 424,427,216 |  |  | (1,990,301) |  |  | 422,436,915 |  |  | 385,226,737 |  |  | (1,691,418) |  |  | 383,535,319 |
Net income | 89,741,398 |  |  | (498,676) |  |  | 89,242,722 |  |  | 77,345,227 |  |  | (298,883) |  |  | 77,046,344 |
Ending retained earnings at March 31 | 173,053,986 |  |  | (2,488,977) |  |  | 170,565,009 |  |  | 137,994,264 |  |  | (1,990,301) |  |  | 136,003,963 |
Ending shareholders' equity | 439,480,464 |  |  | (2,488,977) |  |  | 436,991,487 |  |  | 424,427,216 |  |  | (1,990,301) |  |  | 422,436,915 |
Retained Earnings Adjustment Summary
| Pre-Tax |  | Tax Effect |  | After-Tax
Errors through fiscal 2023 - adjustment to opening retained earnings as of April 1, 2023 | $ | (2,276,188) |  |  | $ | 584,770 |  |  | $ | (1,691,418) |
Fiscal 2024 | (402,954) |  |  | 104,071 |  |  | (298,883) |
Fiscal 2025 | (670,429) |  |  | 171,753 |  |  | (498,676) |
Fiscal 2026 | (575,958) |  |  | 147,299 |  |  | (428,659) |
Total | $ | (3,925,529) |  |  | $ | 1,007,893 |  |  | $ | (2,917,636) |
Effect on Consolidated Statements of Cash Flows
| For the years ended March 31,
| 2025 |  | 2024
| As Reported |  | Increase (Decrease) |  | As Revised |  | As Reported |  | Increase (Decrease) |  | As Revised
Cash flow from operating activities: |  |  |  |  |  |  |  |  |  |
Net income | $ | 89,741,398 |  |  | $ | (498,676) |  |  | $ | 89,242,722 |  |  | $ | 77,345,227 |  |  | $ | (298,883) |  |  | $ | 77,046,344 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Change in accounts: |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense (benefit) | (2,348,230) |  |  | $ | (171,753) |  |  | (2,519,983) |  |  | 10,737,604 |  |  | (104,071) |  |  | 10,633,533 |
Deferred revenue (contract liability) | — |  |  | $ | 670,429 |  |  | 670,429 |  |  | — |  |  | 402,954 |  |  | 402,954 |
Net cash provided by operating activities | 254,163,602 |  |  | $ | — |  | — |  | 254,163,602 |  |  | 265,783,366 |  |  | — |  |  | 265,783,366 |

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