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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following as of March 31, 2022 and 2021 (in thousands):

			2022						2021
Deferred tax asset
Property and equipment			$	700					$	618
Accrued expenses			998						1,052
Deferred revenue			502						680
Asset retirement obligations			12						11
Net operating loss carryforward			81,818						65,550
Operating lease liabilities			1,434						1,825
Charitable contributions carryforward			60						62
Stock compensation expense			4,408						5,207
Total deferred tax asset			89,932						75,005
Deferred tax liability
Right of use assets			(1,006)						(1,316)
Indefinite-lived intangible assets			(13,120)						(11,594)
Total deferred tax liability			(14,126)						(12,910)
Total deferred tax assets and liabilities			75,806						62,095
Valuation allowance			(79,998)						(65,304)
Net deferred tax assets and liabilities			$	(4,192)					$	(3,209)

Schedule of Components of Income Tax Expense

The components of the income tax expense for the years ended March 31, 2022, 2021 and 2020 are as follows (in thousands):

			2022						2021						2020
Current:
Federal			$	—					$	—					$	—
State			5						2						3
Total current*			5						2						3
Deferred:
Federal			370						251						1,637
State			608						(127)						762
Total deferred			978						124						2,399
Total income tax expense			$	983					$	126					$	2,402

* Fiscal 2021 current state tax expense was recorded as general and administrative expense.

Schedule of Effective Income Tax Rate Reconciliation

The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the years ended March 31, 2022, 2021 and 2020 are as follows (in thousands):

			2022												2021												2020
Statutory federal tax			$	(7,672)					21		%				$	(11,405)					21		%				$	(7,400)					21		%
State income taxes, net of federal benefit			612						-2		%				(125)						1		%				766						-2		%
Incentive stock option expense			(564)						2		%				(720)						1		%				(41)						0		%
Other permanent differences			(4,017)						11		%				(251)						0		%				(91)						0		%
162M executive compensation limit			1,673						-5		%				729						-1		%				—						0		%
Restricted stock shortfall/windfall			(617)						2		%				(136)						0		%				(437)						1		%
Change in valuation allowance - Federal			11,408						-31		%				14,570						-27		%				9,440						-27		%
Prior-year adjustments			160						-1		%				(2,536)						5		%				165						0		%
			$	983					-3		%				$	126					0		%				$	2,402					-7		%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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