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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2020
INCOME TAXES |
Schedule of income (loss) from continuing operations by location |
|  | 2020 |  | 2019
U.S. operations |  | $ | (403,419) |  | $ | 1,390,485
Foreign operations |  |  | (11,191) |  |  | 133,548
(Loss) income before income taxes |  |  | (414,610) |  |  | 1,524,033
Income tax (benefit) expense |  |  | (73,041) |  |  | 423,357
Net (loss) income |  | $ | (341,569) |  | $ | 1,100,676
Schedule of components of income tax benefit |
|  | 2020 |  | 2019
Current: |  |  |  |  |  |
Total Current |  | $ | — |  | $ | —
Deferred: |  |  |  |  |  |
Federal |  |  | (26,328) |  |  | 252,482
State |  |  | (46,713) |  |  | 170,875
Total Deferred |  | $ | (73,041) |  | $ | 423,357
Income tax (benefit) expense |  | $ | (73,041) |  | $ | 423,357
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate |
|  | 2020 |  | 2019 |
U.S. statutory income tax |  | $ | (87,068) |  | $ | 320,047 |
State income tax, net of federal benefit |  |  | (35,969) |  |  | 63,933 |
Stock based compensation |  |  | (17,587) |  |  | 30,497 |
Change in valuation allowance |  |  | 9,340 |  |  | (32,642) |
Global intangible income tax |  |  | 28,045 |  |  | — |
Other |  |  | 30,198 |  |  | 41,522 |
Income tax (benefit) expense |  | $ | (73,041) |  | $ | 423,357 |
Effective tax rate* |  |  | 17.6 | % |  | 27.8 | %
*Effective tax rate is calculated by dividing the income tax expense by income before income taxes.
Summary of the components of deferred income tax assets and liabilities |
|  | 2020 |  | 2019
Deferred Tax Assets: |  |  |  |  |  |
Compensation |  | $ | 341,900 |  | $ | 334,090
AMT tax credits |  |  | 76,186 |  |  | 60,841
Other items not currently deductible |  |  | 88,090 |  |  | 94,207
Stock based compensation awards |  |  | 213,854 |  |  | 224,975
Depreciation |  |  | 68,486 |  |  | —
Net operating loss carryforward |  |  | 3,704,185 |  |  | 3,814,321
Valuation allowance |  |  | (1,710,616) |  |  | (1,701,276)
Total Deferred Tax Assets |  | $ | 2,782,085 |  | $ | 2,827,158
Deferred Tax Liabilities: |  |  |  |  |  |
Contract accounting methods |  | $ | (666,605) |  | $ | (751,723)
Depreciation |  |  | — |  |  | (71,089)
Total Deferred Tax Liabilities |  | $ | (666,605) |  | $ | (822,812)
Net Deferred Tax Asset |  | $ | 2,115,480 |  | $ | 2,004,346
Summary of carryforwards of net operating losses |
|  |  |  |  | Begins to
|  | Amount |  | Expire:
Federal net operating losses |  | $ | 7,501,833 |  | 2026
State net operating losses |  | $ | 27,392,814 |  | 2032

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