XML 31 R24.htm IDEA: XBRL DOCUMENT v3.25.1
INCOME TAXES
 6 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 15 – INCOME TAXES

The income tax provision effective tax rates were zero and (19.3)% for the three and six months ended September 30, 2024, respectively, and 19.8% and 18.5% for the three and six months ended September 30, 2023, respectively. During the three and six months ended September 30, 2024, the effective tax rate differed from the U.S. federal statutory rate primarily due to the change in valuation allowance. We recorded a full valuation allowance against our U.S. federal and state net deferred tax assets for the three and six months ended September 30, 2024 as we concluded it is more likely than not that the net deferred tax assets will not be realized. During the three and six months ended September 30, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to employee stock awards.

The Company has never had an Internal Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022, 2023, and 2024 are subject to audit.