XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 – Income Taxes: An analysis of the components of income before provision for income taxes is presented below:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 14,381 |  |  | $ | 5,077 |  |  | $ | (66 | )
Asia |  |  | 1,026 |  |  |  | 497 |  |  |  | 627 |
Income before provision for income taxes |  | $ | 15,407 |  |  | $ | 5,574 |  |  | $ | 561 |
The provision for income taxes consists of:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,387 |  |  | $ | 1,133 |  |  | $ | 37 |
State |  |  | 37 |  |  |  | 100 |  |  |  | 204 |
Foreign |  |  | 282 |  |  |  | 257 |  |  |  | 73 |
|  |  | 1,706 |  |  |  | 1,490 |  |  |  | 314 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 5,429 |  |  |  | (419 | ) |  |  | (89 | )
State |  |  | 210 |  |  |  | 88 |  |  |  | (82 | )
Foreign |  |  | 25 |  |  |  | (106 | ) |  |  | 93 |
Changes in valuation allowance |  |  | (4,193 | ) |  |  | (35 | ) |  |  | (42 | )
|  |  | 1,471 |  |  |  | (472 | ) |  |  | (120 | )
Total provision for income taxes |  | $ | 3,177 |  |  | $ | 1,018 |  |  | $ | 194 |
The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Provision for income taxes at federal rate |  | $ | 3,238 |  |  | $ | 1,170 |  |  | $ | 118 |
State taxes |  |  | 196 |  |  |  | 156 |  |  |  | 92 |
Charges not deductible for income tax purposes |  |  | 45 |  |  |  | 54 |  |  |  | 26 |
Stock based compensation |  |  | (382 | ) |  |  | (8 | ) |  |  | 114 |
Research and development tax credits |  |  | (308 | ) |  |  | (327 | ) |  |  | (240 | )
Valuation allowance |  |  | (4,193 | ) |  |  | (35 | ) |  |  | (42 | )
Effect of foreign tax rate |  |  | 50 |  |  |  | 26 |  |  |  | 27 |
Uncertain tax positions |  |  | 140 |  |  |  | — |  |  |  | — |
Nondeductible fringe benefits |  |  | 31 |  |  |  | 30 |  |  |  | 44 |
162(m) |  |  | 420 |  |  |  | 105 |  |  |  | — |
Foreign withholding tax |  |  | 9 |  |  |  | — |  |  |  | — |
Foreign-derived intangible income deduction |  |  | (61 | ) |  |  | (134 | ) |  |  | — |
Global intangible low-taxed income |  |  | — |  |  |  | (20 | ) |  |  | 55 |
Capital loss expiration |  |  | 4,211 |  |  |  | — |  |  |  | — |
Earnout revaluation |  |  | (239 | ) |  |  | — |  |  |  | — |
Other |  |  | 20 |  |  |  | 1 |  |  |  | — |
Provision for income taxes |  | $ | 3,177 |  |  | $ | 1,018 |  |  | $ | 194 |
The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows:
|  | March 31, |
|  | 2025 |  |  | 2024 |
Depreciation |  | $ | (3,060 | ) |  | $ | (2,931 | )
Accrued compensation |  |  | 322 |  |  |  | 237 |
Goodwill |  |  | (1,007 | ) |  |  | (607 | )
Prepaid pension asset |  |  | (1,278 | ) |  |  | (1,399 | )
Accrued pension liability |  |  | 219 |  |  |  | 232 |
Accrued postretirement benefits |  |  | 61 |  |  |  | 68 |
Compensated absences |  |  | 641 |  |  |  | 531 |
Inventories |  |  | 645 |  |  |  | 2,541 |
Warranty liability |  |  | 171 |  |  |  | 182 |
Accrued expenses |  |  | 445 |  |  |  | 600 |
Equity-based compensation |  |  | 475 |  |  |  | 328 |
Allowance for doubtful accounts |  |  | 136 |  |  |  | 18 |
Operating lease assets |  |  | (1,460 | ) |  |  | (1,694 | )
Operating lease liabilities |  |  | 1,557 |  |  |  | 1,784 |
Acquisition costs |  |  | 163 |  |  |  | 180 |
Intangible assets |  |  | 71 |  |  |  | 187 |
New York State investment tax credit |  |  | 1,048 |  |  |  | 1,030 |
Research and development cost |  |  | 3,612 |  |  |  | 2,771 |
Net operating loss carryforwards |  |  | 280 |  |  |  | 182 |
Capital loss carryforward |  |  | — |  |  |  | 4,211 |
Other |  |  | (515 | ) |  |  | (238 | )
|  |  | 2,526 |  |  |  | 8,213 |
Less: Valuation allowance |  |  | (1,048 | ) |  |  | (5,241 | )
Total |  | $ | 1,478 |  |  | $ | 2,972 |
Deferred income taxes include the impact of state investment tax credits of $254, which expire from 2030 to 2039 and state investment tax credits of $794, which have an unlimited carryforward period. In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management determined that a portion of the deferred tax assets as of March 31, 2025 related to certain state investment tax credits would not be realized and recorded a valuation allowance of $1,048. As of March 31, 2024, management determined that a portion of the deferred tax assets related to certain state investment tax credits and the capital loss related to a past acquisition would not be realized, and recorded a valuation allowance of $5,241. The decrease from fiscal 2024 to fiscal 2025 was due to the expiration of the capital loss. The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for tax years 2021 through 2024 and examination in state tax jurisdictions for tax years 2020 through 2024. The Company is subject to examination in the People's Republic of China for tax years 2021 through 2024 and in India for tax years 2022 through 2024. The liability for unrecognized tax benefits was $0 at each of March 31, 2025 and 2024.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration