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INCOME TAXES | 6 Months Ended
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Sep. 30, 2025
INCOME TAXES |
INCOME TAXES | NOTE 4 – INCOME TAXES We account for income taxes under ASC 740, Income Taxes. The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. Our taxes are measured at the U.S. statutory income tax rate of 21%. For the three and six months ended September 30, 2025, there was no change in our judgment about the realizability of deferred tax assets in future years, and, therefore, no expense or benefit provided for income taxes. In assessing the recoverability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We have determined that it is more likely than not that certain future tax benefits may not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. Accordingly, a valuation allowance has been recorded against deferred tax assets that are unlikely to be realized. Realization of deferred tax assets will depend on the generation of sufficient taxable income in the appropriate jurisdictions, the reversal of deferred tax liabilities, tax planning strategies and other factors prior to the expiration date of the carryforwards. A change in the estimates used to make this determination could require an increase or a reduction the valuation allowance currently recorded against those deferred tax assets. The valuation allowance on deferred tax assets was approximately $5,700 at September 30, 2025 and $5,722 at March 31, 2025. We believe that it is more likely than not that the benefit from certain NOL carryforwards and other deferred tax assets will not be realized. On July 4, 2025, the “One Big Beautiful Bill Act” was enacted into law. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The impact to the Company’s income tax expense and effective tax rate for the three and six months ended September 30, 2025 in connection with this legislation is not material.

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