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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):
| March 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued expenses | $ | 1,529 |  |  | $ | 364 |
Deferred stock compensation | 1,605 |  |  | 662 |
Bad debt and inventory reserves | 21 |  |  | 27 |
Total deferred tax assets | 3,155 |  |  | 1,053 |
Deferred tax liabilities: |  |  |
Property and equipment | (2,527) |  |  | (1,989) |
Total net deferred tax assets (liabilities) | $ | 628 |  |  | $ | (936) |
Schedule of Components of Income Tax Provision | The components of the income tax provision consist of the following (in thousands):
| Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Current taxes |  |  |  |  |
Federal | $ | 1,831 |  |  | $ | 5,801 |  |  | $ | 7,446 |
State | 1,084 |  |  | 515 |  |  | 856 |
Total current taxes | 2,915 |  |  | 6,316 |  |  | 8,302 |
Deferred taxes |  |  |  |  |
Federal | (982) |  |  | (317) |  |  | 279 |
State | (582) |  |  | (28) |  |  | 32 |
Total deferred taxes | (1,564) |  |  | (345) |  |  | 311 |
Total provision for income taxes | $ | 1,351 |  |  | $ | 5,971 |  |  | $ | 8,613 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):
| Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Income taxes at U.S. statutory rates | $ | 333 |  |  | $ | 5,685 |  |  | $ | 8,235 |
State income taxes, net of federal tax benefit | 275 |  |  | 379 |  |  | 708 |
Permanent differences | 396 |  |  | 59 |  |  | 198 |
Restricted stock shortfall (windfall) adjustment | 208 |  |  | 33 |  |  | (135) |
Other | 139 |  |  | (185) |  |  | (393) |
Total provision for income taxes | $ | 1,351 |  |  | $ | 5,971 |  |  | $ | 8,613 |
The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows:
| Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Federal rate on income before taxes | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 17.4 | % |  | 1.4 | % |  | 1.8 | %
Permanent differences | 25.0 | % |  | 0.2 | % |  | 0.5 | %
Restricted stock shortfall (windfall) adjustments | 13.1 | % |  | 0.1 | % |  | (0.3) | %
Other | 8.8 | % |  | (0.6) | % |  | (1.0) | %
Total Effective Tax Rate | 85.3 | % |  | 22.1 | % |  | 22.0 | %

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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