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v3.23.1

Note 12 - Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2023
Notes Tables |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 1,887 |  |  | $ | 4,579 |  |  | $ | 6,297 |
Foreign |  |  | (2,276 | ) |  |  | (1,005 | ) |  |  | (3,994 | )
Total (loss) earnings before income taxes |  | $ | (389 | ) |  | $ | 3,574 |  |  | $ | 2,303 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current tax provision: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 593 |  |  | $ | (83 | ) |  | $ | 1,500 |
U.S. State |  |  | 538 |  |  |  | 286 |  |  |  | 628 |
Foreign |  |  | 1,070 |  |  |  | 1,372 |  |  |  | 404 |
Total current tax expense |  |  | 2,201 |  |  |  | 1,575 |  |  |  | 2,532 |
Deferred tax provision: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  |  | (1,432 | ) |  |  | 1,707 |  |  |  | (2,410 | )
U.S. State |  |  | (210 | ) |  |  | 337 |  |  |  | (619 | )
Foreign |  |  | (1,878 | ) |  |  | (1,916 | ) |  |  | (474 | )
Total deferred tax (benefit) expense |  |  | (3,520 | ) |  |  | 128 |  |  |  | (3,503 | )
Total income tax (benefit) expense |  | $ | (1,319 | ) |  | $ | 1,703 |  |  | $ | (971 | )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal income taxes at statutory rates |  | $ | (82 | ) |  | $ | 751 |  |  | $ | 483 |
State income taxes, net of federal benefit |  |  | (1,075 | ) |  |  | 628 |  |  |  | (221 | )
Tax benefit of stock option exercises |  |  | (1,169 | ) |  |  | (4,055 | ) |  |  | (1,816 | )
Research and development credit |  |  | (1,010 | ) |  |  | (495 | ) |  |  | (165 | )
Limitation for 162(m) |  |  | 2,675 |  |  |  | 4,039 |  |  |  | 1,113 |
Return to provision adjustment |  |  | (125 | ) |  |  | (68 | ) |  |  | (172 | )
Subpart F, GILTI, & FDII |  |  | (127 | ) |  |  | 6 |  |  |  | (999 | )
Foreign rate differential |  |  | (439 | ) |  |  | 152 |  |  |  | 810 |
Permanent Difference |  |  | 33 |  |  |  | 64 |  |  |  | 15 |
Interest reserve adjustment |  |  | - |  |  |  | 668 |  |  |  | - |
Other |  |  | - |  |  |  | 13 |  |  |  | (19 | )
Total income tax (benefit) expense |  | $ | (1,319 | ) |  | $ | 1,703 |  |  | $ | (971 | )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | March 31, 2023 |  |  | March 31, 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss |  | $ | 6,945 |  |  | $ | 11,274 |
Credits |  |  | 4,769 |  |  |  | 5,321 |
Allowances and reserves |  |  | 2,376 |  |  |  | 1,977 |
Capitalized research expenditures(1) |  |  | 3,124 |  |  |  | - |
Stock compensation deductible differences |  |  | 1,384 |  |  |  | 2,137 |
Inventories |  |  | 1,348 |  |  |  | 1,316 |
Other |  |  | 188 |  |  |  | 394 |
Total deferred tax assets |  |  | 20,134 |  |  |  | 22,419 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill and intangible assets |  |  | (49,781 | ) |  |  | (56,145 | )
Property, plant and equipment |  |  | (2,502 | ) |  |  | (3,284 | )
Other |  |  | (221 | ) |  |  | (188 | )
Total deferred tax liabilities |  |  | (52,504 | ) |  |  | (59,617 | )
Valuation allowance |  |  | (582 | ) |  |  | (708 | )
Net deferred tax (liability) |  | $ | (32,952 | ) |  | $ | (37,906 | )
Summary of Valuation Allowance [Table Text Block] |
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 708 |  |  | $ | 404 |  |  | $ | 391 |
Additions charged to income tax expense and other accounts |  |  | 567 |  |  |  | 304 |  |  |  | 13 |
Deductions from reserves |  |  | (693 | ) |  |  | - |  |  |  | - |
Ending balance |  | $ | 582 |  |  | $ | 708 |  |  | $ | 404 |
Summary of Operating Loss Carryforwards [Table Text Block] |
|  | March 31, 2023 |  |  | Expiration Date |
Pre-2018 federal NOL carryforwards |  | $ | - |  |  |  | N/A |
Post-2018 federal NOL carryforwards |  |  | 2,819 |  |  | Indefinite |
State NOL carryforwards |  |  | 7,210 |  |  | March 31, 2037 |
Foreign NOL carryforwards |  |  | 22,262 |  |  | Indefinite |
Summary of Tax Credit Carryforwards [Table Text Block] |
|  | March 31, 2023 |  |  | Expiration Date |
Federal research tax credit carryforwards |  | $ | 2,428 |  |  | March 31, 2038 |
State research tax credits carryforwards |  |  | 2,944 |  |  | March 31, 2034 |
Federal foreign tax credit carryforwards |  |  | 15 |  |  | March 31, 2036 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 1,329 |  |  | $ | 64 |  |  | $ | 653 |
(Decrease) increase related to prior period tax positions |  |  | (1,272 | ) |  |  | 1,179 |  |  |  | (629 | )
Increases related to current period tax positions |  |  | 35 |  |  |  | 86 |  |  |  | 40 |
Ending balance |  | $ | 92 |  |  | $ | 1,329 |  |  | $ | 64 |
Summary of Income Tax Examinations [Table Text Block] |
Significant Jurisdictions |  | Open Years |
U.S. Federal |  |  | 2019 - 2021 |
U.S. States |  |  | 2018 - 2021 |
Foreign |  |  | 2016 - 2021 |

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