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INCOME TAXES (Tables)

12 Months Ended

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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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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