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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2023
INCOME TAXES |
Schedule of income (loss) from continuing operations by location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Loss before income taxes | ​ | $ | (783,422) | ​ | $ | (542,189)
Income tax provision (benefit) | ​ |  | 195,584 | ​ |  | (192,355)
Net loss | ​ | $ | (979,006) | ​ | $ | (349,834)
Schedule of components of income tax benefit | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | — | ​ | $ | —
State | ​ |  | — | ​ |  | —
Total Current | ​ | $ | — | ​ | $ | —
Deferred: | ​ |  | ​ | ​ |  | ​
Federal | ​ | $ | (261,372) | ​ | $ | (567,459)
State | ​ |  | 456,956 | ​ |  | 375,104
Total Deferred | ​ | $ | 195,584 | ​ | $ | (192,355)
Income tax provision (benefit) | ​ | $ | 195,584 | ​ | $ | (192,355)
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
U.S. statutory income tax | ​ | $ | (164,519) | ​ | $ | (113,860) | ​
State income tax, net of federal benefit | ​ |  | (151,878) | ​ |  | (70,130) | ​
Nontaxable PPP loan forgiveness | ​ | ​ | — | ​ | ​ | (339,022) | ​
Nondeductible items related to business combination and dissolved foreign entity | ​ | ​ | 65,482 | ​ | ​ | 294,232 | ​
Change in state NOLs | ​ | ​ | 239,622 | ​ | ​ | 227,037 | ​
Change in valuation allowance | ​ | ​ | 216,485 | ​ | ​ | (173,004) | ​
Stock-based compensation | ​ |  | (20,983) | ​ |  | (4,620) | ​
Other | ​ |  | 11,375 | ​ |  | (12,988) | ​
Income tax provision (benefit) | ​ | $ | 195,584 | ​ | $ | (192,355) | ​
Effective tax rate* | ​ |  | 25.0 | % |  | (35.5) | %
* Effective tax rate is calculated by dividing the income tax provision (benefit) by loss before income taxes.
Schedule of the components of deferred income tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforward | ​ | $ | 5,839,915 | ​ | $ | 6,099,169
Compensation | ​ |  | 213,308 | ​ |  | 191,976
Stock based compensation awards | ​ | ​ | 242,579 | ​ | ​ | 234,752
Other items not currently deductible | ​ |  | 126,792 | ​ |  | 322,463
Total deferred tax assets | ​ |  | 6,422,594 | ​ |  | 6,848,360
Valuation allowance | ​ | ​ | (2,170,094) | ​ | ​ | (1,953,609)
Net deferred tax assets | ​ |  | 4,252,500 | ​ |  | 4,894,751
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | ​ | (1,971,644) | ​ | ​ | (2,259,094)
Contract accounting methods | ​ | ​ | (349,670) | ​ | ​ | (508,887)
Total deferred tax liabilities | ​ |  | (2,321,314) | ​ |  | (2,767,981)
Deferred taxes, net | ​ | $ | 1,931,186 | ​ | $ | 2,126,770
Summary of carryforwards of net operating losses | The following table summarizes carryforwards of net operating losses as of March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Begins to
​ |  | Amount |  | Expire:
Federal net operating losses | ​ | $ | 21,405,199 |  | 2026
State net operating losses | ​ | $ | 36,832,273 |  | 2032

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