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Income Taxes
 9 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

8. INCOME TAXES

 

We calculate income tax expense based upon an annual effective tax rate forecast, which includes estimates and assumptions. We recognized income tax expense of $6 thousand and $19 thousand for the three and nine months ended December 31, 2024, respectively. We recognized income tax (benefit) expense of $(24) thousand and $12 thousand for the three and nine months ended December 31, 2023, respectively. Our income tax expense is attributable to taxable income earned in India relating to transfer pricing.

 

We have not recorded tax expense in the U.S. on our income because we anticipate utilizing net operating loss carry forwards. We have not recorded tax benefits on our U.S. deferred tax assets because we continue to provide a valuation allowance for all our U.S. net deferred tax assets as of December 31, 2024, as it is more likely than not that the assets will not be recovered based on an insufficient history of earnings

 

Our effective tax rate was 0.1% and 0.6% for the three and nine months ended December 31, 2024, respectively, and 0.9% and (0.2)% for the three and nine months ended December 31, 2023, respectively.