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INCOME TAXES (Tables)

12 Months Ended

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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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.

+ References

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-Topic 740
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-Section 50
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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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