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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2022
INCOME TAXES |
Schedule of income (loss) from continuing operations by location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
U.S. operations | ​ | $ | (542,189) | ​ | $ | 435,534
Foreign operations | ​ |  | — | ​ |  | (10,033)
(Loss) income before income taxes | ​ |  | (542,189) | ​ |  | 425,511
Income tax (benefit) provision | ​ |  | (192,355) | ​ |  | 104,880
Net (loss) income | ​ | $ | (349,834) | ​ | $ | 320,631
Schedule of components of income tax benefit | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | — | ​ | $ | (76,185)
State | ​ |  | — | ​ |  | —
Total Current | ​ | $ | — | ​ | $ | (76,185)
Deferred: | ​ |  |  | ​ |  |
Federal | ​ | $ | (567,459) | ​ | $ | 148,151
State | ​ |  | 375,104 | ​ |  | 32,914
Total Deferred | ​ | $ | (192,355) | ​ | $ | 181,065
Income tax (benefit) provision | ​ | $ | (192,355) | ​ | $ | 104,880
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
U.S. statutory income tax | ​ | $ | (113,860) | ​ | $ | 89,358 | ​
State income tax, net of federal benefit | ​ |  | (70,130) | ​ |  | 11,366 | ​
Nontaxable PPP loan forgiveness | ​ | ​ | (339,022) | ​ | ​ | — | ​
Nondeductible items related to dissolved foreign entity | ​ | ​ | 294,232 | ​ | ​ | — | ​
Change in state NOLs | ​ | ​ | 227,037 | ​ | ​ | (10,487) | ​
Change in valuation allowance | ​ | ​ | (173,004) | ​ | ​ | 20,484 | ​
Stock-based compensation | ​ |  | (4,620) | ​ |  | (4,830) | ​
Other | ​ |  | (12,988) | ​ |  | (1,011) | ​
Income tax (benefit) provision | ​ | $ | (192,355) | ​ | $ | 104,880 | ​
Effective tax rate* | ​ |  | (35.5) | % |  | 24.6 | %
*Effective tax rate is calculated by dividing the income tax provision by (loss) income before income taxes.
Summary of the components of deferred income tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforward | ​ | $ | 6,099,169 | ​ | $ | 3,571,600
Compensation | ​ | ​ | 191,976 | ​ | ​ | 347,742
Stock based compensation awards | ​ |  | 234,752 | ​ |  | 238,120
Other items not currently deductible | ​ |  | 322,463 | ​ |  | 189,728
Depreciation | ​ | ​ | — | ​ | ​ | 38,490
Total deferred tax assets | ​ |  | 6,848,360 | ​ |  | 4,385,680
Valuation allowance | ​ | ​ | (1,953,609) | ​ | ​ | (1,731,100)
Net deferred tax assets | ​ | ​ | 4,894,751 | ​ | ​ | 2,654,580
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ |  | (2,259,094) | ​ |  | —
Contract accounting methods | ​ | ​ | (508,887) | ​ | ​ | (720,165)
Total deferred tax liabilities | ​ | ​ | (2,767,981) | ​ | ​ | (720,165)
Deferred taxes, net | ​ | $ | 2,126,770 | ​ | $ | 1,934,415
Summary of carryforwards of net operating losses | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Begins to
​ |  | Amount |  | Expire:
Federal net operating losses | ​ | $ | 17,140,365 |  | 2026
State net operating losses | ​ | $ | 37,391,264 |  | 2032

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