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6. INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2021
INCOME TAXES |
Income (loss) before income taxes and provision for income taxes |
|  | Year Ended March 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (In thousands) |
Income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | (10,775) |  | $ | (8,574) |  | $ | (5,487) |
Foreign |  |  | (10,395) |  |  | (1,516) |  |  | 5,755 |
|  | $ | (21,170) |  | $ | (10,090) |  | $ | 268 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | (379) |  | $ | (39) |  | $ | (28) |
Foreign |  |  | 714 |  |  | 274 |  |  | 121 |
State |  |  | (1) |  |  | 1 |  |  | 1 |
|  |  | 334 |  |  | 236 |  |  | 94 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 1 |  |  | 12 |  |  | 13 |
State |  |  | — |  |  | (1) |  |  | (2) |
|  |  | 1 |  |  | 11 |  |  | 11 |
Provision for income taxes |  | $ | 335 |  | $ | 247 |  | $ | 105 |
Income tax reconciliation |
|  | Year Ended March 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (In thousands) |
U.S. Federal taxes at statutory rate |  | $ | (4,446) |  | $ | (2,120) |  | $ | 56 |
State taxes, net of federal benefit |  |  | (1) |  |  | — |  |  | (2) |
Settlement of uncertain tax positions |  |  | 524 |  |  | — |  |  | — |
Stock-based compensation |  |  | 482 |  |  | (58) |  |  | (124) |
Tax credits |  |  | (509) |  |  | (494) |  |  | (536) |
Foreign tax rate differential |  |  | 2,419 |  |  | 593 |  |  | 117 |
Tax exempt interest |  |  | (5) |  |  | (16) |  |  | (4) |
Non-deductible expenses and other |  |  | (2) |  |  | 38 |  |  | 17 |
|  |  | (1,538) |  |  | (2,057) |  |  | (476) |
Valuation allowance |  |  | 1,873 |  |  | 2,304 |  |  | 581 |
|  | $ | 335 |  | $ | 247 |  | $ | 105 |
Deferred tax assets and deferred tax liabilities |
|  | March 31, |
|  | 2021 |  | 2020 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Tax credits |  | $ | 6,975 |  | $ | 5,512 |
Net operating losses |  |  | 2,980 |  |  | 1,245 |
Stock-based compensation |  |  | 1,180 |  |  | 950 |
Property and equipment |  |  | 807 |  |  | 731 |
Other reserves and accruals |  |  | 1,267 |  |  | 976 |
Total deferred tax assets |  |  | 13,209 |  |  | 9,414 |
Less valuation allowance |  |  | (13,017) |  |  | (9,389) |
Deferred tax assets, net |  |  | 192 |  |  | 25 |
Deferred tax liabilities: |  |  |  |  |  |  |
Leased assets |  |  | (186) |  |  | — |
Unrecognized gains |  |  | (15) |  |  | (32) |
Total deferred tax liabilities |  |  | (201) |  |  | (32) |
Net deferred tax liability |  | $ | (9) |  | $ | (7) |
Unrecognized tax benefits |
|  | Year Ended March 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (In thousands) |
Unrecognized tax benefits, beginning of period |  | $ | 3,321 |  | $ | 3,102 |  | $ | 2,735 |
Additions based on tax positions related to current year |  |  | 233 |  |  | 394 |  |  | 371 |
Additions based on tax positions related to prior years |  |  | — |  |  | — |  |  | 13 |
Settlements during the period |  |  | (203) |  |  | — |  |  | — |
Reductions based on tax positions related to prior years |  |  | (78) |  |  | (158) |  |  | (17) |
Lapses during the current year applicable to statutes of limitations |  |  | — |  |  | (17) |  |  | — |
Unrecognized tax benefits, end of period |  | $ | 3,273 |  | $ | 3,321 |  | $ | 3,102 |

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