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Income Taxes
 6 Months Ended
Sep. 30, 2023
Income Taxes [Abstract]  
Income Taxes
12. Income Taxes

The Company recorded an income tax benefit of $46,000, or an effective tax rate of 2.3%, and $914,000, or an effective tax rate of 12.3%, for the three months ended September 30, 2023 and 2022, respectively. The Company recorded an income tax benefit of $55,000, or an effective tax rate of 1.6%, and $325,000, or an effective tax rate of 4.6%, for the six months ended September 30, 2023 and 2022, respectively. Effective tax rates are based on current annual projections and any changes in future periods could result in an effective tax rate that is materially different from the current estimate. The effective tax rate for the three and six months ended September 30, 2023, was primarily impacted by (i) non-deductible executive compensation under Internal Revenue Code Section 162(m), (ii) the portion of book expense related to convertible notes and derivatives that is not expected to be deductible for tax, (iii) foreign income taxed at rates that are different from the federal statutory rate, and (iv) specific jurisdictions that the Company does not expect to recognize the benefit of losses.

The Company and its subsidiaries file income tax returns in the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. At September 30, 2023, the Company is under examination by the State of California for fiscal years 2021 and 2022. At September 30, 2023, the Company is not under any other examination in any material jurisdictions except for the State of California, and remains subject to examination from the years ended March 31, 2018. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.