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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2024
INCOME TAXES |
Schedule of income and loss from continuing operations by location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Loss before income taxes | ​ | $ | (5,109,945) | ​ | $ | (783,422)
Income tax expense | ​ |  | 1,932,227 | ​ |  | 195,584
Net loss | ​ | $ | (7,042,172) | ​ | $ | (979,006)
Schedule of components of income tax provision | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | — | ​ | $ | —
State | ​ |  | 1,041 | ​ |  | —
Total Current | ​ | $ | 1,041 | ​ | $ | —
Deferred: | ​ |  | ​ | ​ |  | ​
Federal | ​ | $ | 2,087,627 | ​ | $ | (261,372)
State | ​ |  | (156,441) | ​ |  | 456,956
Total Deferred | ​ | $ | 1,931,186 | ​ | $ | 195,584
Income tax expense (benefit) | ​ | $ | 1,932,227 | ​ | $ | 195,584
Schedule of reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax expense for income taxes reported in the consolidated statements of operations and comprehensive loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
U.S. statutory income tax | ​ | $ | (1,073,088) | ​ | $ | (164,519) | ​
State income tax, net of federal benefit | ​ |  | (164,433) | ​ |  | (151,878) | ​
Nondeductible items related to business combination and dissolved foreign entity | ​ | ​ | — | ​ | ​ | 65,482 | ​
Change in state NOLs | ​ | ​ | — | ​ | ​ | 239,622 | ​
Change in valuation allowance | ​ | ​ | 3,141,588 | ​ | ​ | 216,485 | ​
Stock-based compensation | ​ |  | — | ​ |  | (20,983) | ​
Other | ​ |  | 28,160 | ​ |  | 11,375 | ​
Income tax expense | ​ | $ | 1,932,227 | ​ | $ | 195,584 | ​
Effective tax rate* | ​ |  | 37.8 | % |  | 25.0 | %
Effective tax rate is calculated by dividing the income tax provision by loss before income taxes.
Schedule of the components of deferred income tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforward | ​ | $ | 6,302,402 | ​ | $ | 5,839,915
Compensation | ​ |  | 142,232 | ​ |  | 213,308
Stock based compensation awards | ​ | ​ | 7,525 | ​ | ​ | 242,579
Operating leases | ​ | ​ | 1,195,891 | ​ | ​ | —
Other items not currently deductible | ​ |  | 536,664 | ​ |  | 126,792
Total deferred tax assets | ​ |  | 8,184,714 | ​ |  | 6,422,594
Valuation allowance | ​ | ​ | (5,311,680) | ​ | ​ | (2,170,094)
Net deferred tax assets | ​ |  | 2,873,034 | ​ |  | 4,252,500
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | ​ | (1,562,744) | ​ | ​ | (1,971,644)
Operating leases | ​ | ​ | (1,157,079) | ​ | ​ | —
Contract accounting methods | ​ | ​ | (153,211) | ​ | ​ | (349,670)
Total deferred tax liabilities | ​ |  | (2,873,034) | ​ |  | (2,321,314)
Deferred taxes, net | ​ | $ | — | ​ | $ | 1,931,186

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