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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands):

			2024						2023
Deferred tax asset
Property and equipment			$	503					$	724
Accrued expenses			1,080						209
Deferred revenue			12,828						6,131
Asset retirement obligations			14						13
Net operating loss carryforward			77,308						81,908
Operating lease liabilities			1,437						1,312
Charitable contributions carryforward			3						64
Stock compensation expense			8,034						6,744
Total deferred tax asset			101,207						97,105
Deferred tax liability
Right of use assets			(1,189)						(821)
Indefinite-lived intangible assets			(16,557)						(15,740)
Total deferred tax liability			(17,746)						(16,561)
Total deferred tax assets and liabilities			83,461						80,544
Valuation allowance			(89,742)						(85,984)
Net deferred tax assets and liabilities			$	(6,281)					$	(5,440)

Schedule of Components of Income Tax Expense

The components of the income tax expense for the years ended March 31, 2024 and 2023 are as follows (in thousands):

			2024						2023
Current:
Federal			$	—					$	—
State			772						44
Total current			772						44
Deferred:
Federal			432						442
State			409						776
Total deferred			841						1,218
Total income tax expense			$	1,613					$	1,262

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, 2024 and 2023 are as follows (in thousands):

			2024												2023
Statutory federal tax			$	(1,578)					21		%				$	(3,162)					21		%
State income taxes, net of federal benefit			1,023						-14		%				814						-23		%
Incentive stock option expense			(46)						1		%				(27)						0		%
Other permanent differences			(11)						0		%				(62)						0		%
162M executive compensation limit			78						-1		%				316						-2		%
Change in valuation allowance - Federal			1,866						-25		%				3,314						-22		%
Prior-year adjustments			281						-3		%				69						0		%
			$	1,613					-21		%				$	1,262					-26		%

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- Definition

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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
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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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