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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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