XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended
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Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of the Impact of the Adjustments Related to the Misstatements | A summary of the impact of the adjustments described above relating to the Misstatements as of, and for the fiscal years ended March 31, 2023, 2022 and 2021, is as follows:
|  | Year ended
|  | March 31, 2023 |  | March 31, 2022 |  | March 31, 2021
(in thousands) |  | As previously reported |  | As restated |  | As previously reported |  | As restated |  | As previously reported |  | As restated
Sales |  | $ | 256,858 |  |  | $ | 256,579 |  |  | $ | 273,417 |  |  | $ | 272,282 |  |  | $ | 309,215 |  |  | $ | 303,583 |
Gross profit |  | $ | 71,014 |  |  | $ | 70,735 |  |  | $ | 78,076 |  |  | $ | 76,941 |  |  | $ | 89,948 |  |  | $ | 84,316 |
Income (loss) from operations |  | $ | (1,430) |  |  | $ | 6,051 |  |  | $ | 25,710 |  |  | $ | 24,290 |  |  | $ | 37,587 |  |  | $ | 30,531 |
Net income (loss) |  | $ | 233 |  |  | $ | 5,140 |  |  | $ | 21,100 |  |  | $ | 18,716 |  |  | $ | 30,603 |  |  | $ | 23,919 |
| Year ended
| March 31, 2023 |  | March 31, 2022 |  | March 31, 2021
| As previously reported |  | As restated |  | As previously reported |  | As restated |  | As previously reported |  | As restated
Net income (numerator): |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 233 |  |  | $ | 5,140 |  |  | $ | 21,100 |  |  | $ | 18,716 |  |  | $ | 30,603 |  |  | $ | 23,919 |
Shares (denominator): |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding used in basic computation | 20,275 |  | 20,275 |  | 20,176 |  | 20,176 |  | 20,060 |  | 20,060
Common shares issuable upon the vesting of restricted stock | 54 |  | 54 |  | 172 |  | 172 |  | 49 |  | 49
Common shares issuable upon conversion of preferred shares | 10 |  | 10 |  | 10 |  | 10 |  | 10 |  | 10
Shares used in diluted computation | 20,339 |  | 20,339 |  | 20,358 |  | 20,358 |  | 20,119 |  | 20,119
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 0.25 |  |  | $ | 1.05 |  |  | $ | 0.93 |  |  | $ | 1.53 |  |  | $ | 1.19 |
Diluted | $ | 0.01 |  |  | $ | 0.25 |  |  | $ | 1.04 |  |  | $ | 0.92 |  |  | $ | 1.52 |  |  | $ | 1.19 |
Summary of Restatement - Consolidated Balance Sheets
| March 31, 2023 |  | March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 104,086 |  |  | $ | — |  |  |  |  | $ | 104,086 |  |  | $ | 111,080 |  |  | $ | — |  |  |  |  | $ | 111,080 |
Accounts receivable, less allowance for doubtful accounts of $35 and $39, respectively | 1,740 |  |  | — |  |  |  |  | 1,740 |  |  | 1,913 |  |  | — |  |  |  |  | 1,913 |
Inventories - finished goods | 19,023 |  |  | — |  |  |  |  | 19,023 |  |  | 32,455 |  |  | — |  |  |  |  | 32,455 |
Prepaid expenses and other current assets | 4,719 |  |  |  |  |  |  | 4,719 |  |  | 4,866 |  |  | — |  |  |  |  | 4,866 |
Prepaid income taxes | 1,883 |  |  | (1,020) |  |  | b |  | 863 |  |  | 681 |  |  | — |  |  |  |  | 681 |
Total current assets | 131,451 |  |  | (1,020) |  |  |  |  | 130,431 |  |  | 150,995 |  |  | — |  |  |  |  | 150,995 |
Noncurrent assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net | 26,178 |  |  | — |  |  |  |  | 26,178 |  |  | 24,464 |  |  | — |  |  |  |  | 24,464 |
Intangible and other assets | 5,860 |  |  | — |  |  |  |  | 5,860 |  |  | 860 |  |  | — |  |  |  |  | 860 |
Deferred tax assets, net | 628 |  |  | 4,381 |  |  | b |  | 5,009 |  |  | — |  |  | 3,379 |  |  | b |  | 3,379 |
Total noncurrent assets | 32,666 |  |  | 4,381 |  |  |  |  | 37,047 |  |  | 25,324 |  |  | 3,379 |  |  |  |  | 28,703 |
Total assets | $ | 164,117 |  |  | $ | 3,361 |  |  |  |  | $ | 167,478 |  |  | $ | 176,319 |  |  | $ | 3,379 |  |  |  |  | $ | 179,698 |
| March 31, 2023 |  | March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 25,208 |  |  | $ | — |  |  |  |  | $ | 25,208 |  |  | $ | 27,500 |  |  | $ | — |  |  |  |  | $ | 27,500 |
Sales tax payable | — |  |  | 26,113 |  |  | a |  | 26,113 |  |  | — |  |  | 24,157 |  |  | a |  | 24,157 |
Accrued expenses and other current liabilities | 11,289 |  |  | (5,098) |  |  | a |  | 6,191 |  |  | 5,697 |  |  | (1,106) |  |  | a |  | 4,591 |
Income taxes payable | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total current liabilities | 36,497 |  |  | 21,015 |  |  |  |  | 57,512 |  |  | 33,197 |  |  | 23,051 |  |  |  |  | 56,248 |
Deferred tax liabilities | — |  |  | — |  |  |  |  | — |  |  | 936 |  |  | (936) |  |  | b |  | — |
Other long-term liabilities | 3,825 |  |  | (3,825) |  |  | a |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total liabilities | 40,322 |  |  | 17,190 |  |  |  |  | 57,512 |  |  | 34,133 |  |  | 22,115 |  |  |  |  | 56,248 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share | 9 |  |  | — |  |  |  |  | 9 |  |  | 9 |  |  | — |  |  |  |  | 9 |
Common stock, $.001 par value, 40,000 shares authorized; 21,084 and 20,979 shares issued and outstanding, respectively | 21 |  |  | — |  |  |  |  | 21 |  |  | 21 |  |  | — |  |  |  |  | 21 |
Additional paid-in capital | 18,277 |  |  | — |  |  |  |  | 18,277 |  |  | 11,660 |  |  | — |  |  |  |  | 11,660 |
Retained earnings | 105,488 |  |  | (13,829) |  |  | a, b |  | 91,659 |  |  | 130,496 |  |  | (18,736) |  |  | a, b |  | 111,760 |
Total shareholders' equity | 123,795 |  |  | (13,829) |  |  |  |  | 109,966 |  |  | 142,186 |  |  | (18,736) |  |  |  |  | 123,450 |
Total liabilities and shareholders' equity | $ | 164,117 |  |  | $ | 3,361 |  |  |  |  | $ | 167,478 |  |  | $ | 176,319 |  |  | $ | 3,379 |  |  |  |  | $ | 179,698 |
Summary of Restatement - Consolidated Statements of Operations
| Year ended March 31, 2023 |  | Year ended March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Sales | $ | 256,858 |  |  | $ | (279) |  |  | a |  | $ | 256,579 |  |  | $ | 273,417 |  |  | $ | (1,135) |  |  | a |  | $ | 272,282 |
Cost of sales | 185,844 |  |  | — |  |  |  |  | 185,844 |  |  | 195,341 |  |  | — |  |  |  |  | 195,341 |
Gross profit | 71,014 |  |  | (279) |  |  |  |  | 70,735 |  |  | 78,076 |  |  | (1,135) |  |  |  |  | 76,941 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative | 49,474 |  |  | (7,760) |  |  | a |  | 41,714 |  |  | 30,829 |  |  | 285 |  |  | a |  | 31,114 |
Advertising | 19,424 |  |  | — |  |  |  |  | 19,424 |  |  | 18,799 |  |  | — |  |  |  |  | 18,799 |
Depreciation | 3,546 |  |  | — |  |  |  |  | 3,546 |  |  | 2,738 |  |  | — |  |  |  |  | 2,738 |
Total operating expenses | 72,444 |  |  | (7,760) |  |  |  |  | 64,684 |  |  | 52,366 |  |  | 285 |  |  |  |  | 52,651 |
(Loss) income from operations | (1,430) |  |  | 7,481 |  |  |  |  | 6,051 |  |  | 25,710 |  |  | (1,420) |  |  |  |  | 24,290 |
Other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net | 2,070 |  |  | (1,620) |  |  | a |  | 450 |  |  | 335 |  |  | (1,466) |  |  | a |  | (1,131) |
Other, net | 944 |  |  | — |  |  |  |  | 944 |  |  | 1,026 |  |  | — |  |  |  |  | 1,026 |
Total other income | 3,014 |  |  | (1,620) |  |  |  |  | 1,394 |  |  | 1,361 |  |  | (1,466) |  |  |  |  | (105) |
Income before provision for income taxes | 1,584 |  |  | 5,861 |  |  |  |  | 7,445 |  |  | 27,071 |  |  | (2,886) |  |  |  |  | 24,185 |
Provision for income taxes | 1,351 |  |  | 954 |  |  | b |  | 2,305 |  |  | 5,971 |  |  | (502) |  |  | b |  | 5,469 |
Net income | $ | 233 |  |  | $ | 4,907 |  |  |  |  | $ | 5,140 |  |  | $ | 21,100 |  |  | $ | (2,384) |  |  |  |  | $ | 18,716 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 0.24 |  |  |  |  | $ | 0.25 |  |  | $ | 1.05 |  |  | $ | (0.12) |  |  |  |  | $ | 0.93 |
Diluted | $ | 0.01 |  |  | $ | 0.24 |  |  |  |  | $ | 0.25 |  |  | $ | 1.04 |  |  | $ | (0.12) |  |  |  |  | $ | 0.92 |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 20,275 |  |  | — |  |  |  |  | 20,275 |  |  | 20,176 |  |  | — |  |  |  |  | 20,176 |
Diluted | 20,339 |  |  | — |  |  |  |  | 20,339 |  |  | 20,358 |  |  | — |  |  |  |  | 20,358 |
Cash dividends declared per common share | $ | 1.20 |  |  | $ | — |  |  |  |  | $ | 1.20 |  |  | $ | 1.20 |  |  | $ | — |  |  |  |  | $ | 1.20 |
| Year ended March 31, 2021
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Sales | $ | 309,215 |  |  | $ | (5,632) |  |  | a |  | $ | 303,583 |
Cost of sales | 219,267 |  |  | — |  |  |  |  | 219,267 |
Gross profit | 89,948 |  |  | (5,632) |  |  |  |  | 84,316 |
Operating expenses: |  |  |  |  |  |  |
General and administrative | 28,293 |  |  | 1,424 |  |  | a |  | 29,717 |
Advertising | 21,641 |  |  | — |  |  |  |  | 21,641 |
Depreciation | 2,427 |  |  | — |  |  |  |  | 2,427 |
Total operating expenses | 52,361 |  |  | 1,424 |  |  |  |  | 53,785 |
(Loss) income from operations | 37,587 |  |  | (7,056) |  |  |  |  | 30,531 |
Other income: |  |  |  |  |  |  |
Interest income (expense), net | 314 |  |  | (1,210) |  |  | a |  | (896) |
Other, net | 1,315 |  |  | — |  |  |  |  | 1,315 |
Total other income | 1,629 |  |  | (1,210) |  |  |  |  | 419 |
Income before provision for income taxes | 39,216 |  |  | (8,266) |  |  |  |  | 30,950 |
Provision for income taxes | 8,613 |  |  | (1,582) |  |  | b |  | 7,031 |
Net income | $ | 30,603 |  |  | $ | (6,684) |  |  |  |  | $ | 23,919 |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 1.53 |  |  | $ | (0.33) |  |  |  |  | $ | 1.19 |
Diluted | $ | 1.52 |  |  | $ | (0.33) |  |  |  |  | $ | 1.19 |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |
Basic | 20,060 |  |  | — |  |  |  |  | 20,060 |
Diluted | 20,119 |  |  | — |  |  |  |  | 20,119 |
Cash dividends declared per common share | $ | 1.12 |  |  | $ | — |  |  |  |  | $ | 1.12 |
Summary of Restatement - Consolidated Cash Flow Statement
|  | Year ended March 31, 2023 |  | Year ended March 31, 2022 |  |  |  |  |  |  |  |  |
|  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 233 |  |  | $ | 4,907 |  |  | a |  | $ | 5,140 |  |  | $ | 21,100 |  |  | $ | (2,384) |  |  | a |  | $ | 18,716 |  |  |  |  |  |  |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 3,546 |  |  | — |  |  |  |  | 3,546 |  |  | 2,738 |  |  | — |  |  |  |  | 2,738 |  |  |  |  |  |  |  |  |  |
Share based compensation |  | 6,617 |  |  | — |  |  |  |  | 6,617 |  |  | 4,549 |  |  | — |  |  |  |  | 4,549 |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | (1,564) |  |  | (66) |  |  | b |  | (1,630) |  |  | (345) |  |  | (501) |  |  | b |  | (846) |  |  |  |  |  |  |  |  |  |
Bad debt expense |  | 214 |  |  | — |  |  |  |  | 214 |  |  | 165 |  |  | — |  |  |  |  | 165 |  |  |  |  |  |  |  |  |  |
(Increase) decrease in operating assets and increase (decrease) in liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | (41) |  |  | — |  |  |  |  | (41) |  |  | 509 |  |  | — |  |  |  |  | 509 |  |  |  |  |  |  |  |  |  |
Inventories - finished goods |  | 13,432 |  |  | — |  |  |  |  | 13,432 |  |  | 1,965 |  |  | — |  |  |  |  | 1,965 |  |  |  |  |  |  |  |  |  |
Prepaid income taxes |  | (1,202) |  |  | 1,020 |  |  | b |  | (182) |  |  | 278 |  |  | — |  |  |  |  | 278 |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | 147 |  |  | — |  |  |  |  | 147 |  |  | (363) |  |  | — |  |  |  |  | (363) |  |  |  |  |  |  |  |  |  |
Accounts payable |  | (2,292) |  |  | — |  |  |  |  | (2,292) |  |  | (12,048) |  |  | — |  |  |  |  | (12,048) |  |  |  |  |  |  |  |  |  |
Sales tax payable |  | — |  |  | 1,956 |  |  | a |  | 1,956 |  |  | — |  |  | 2,928 |  |  | a |  | 2,928 |  |  |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | 8,713 |  |  | (7,817) |  |  | a |  | 896 |  |  | (50) |  |  | (43) |  |  | a |  | (93) |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | 27,803 |  |  | — |  |  |  |  | 27,803 |  |  | 18,498 |  |  | — |  |  |  |  | 18,498 |  |  |  |  |  |  |  |  |  |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of minority interest investment in Vetster |  | (5,000) |  |  | — |  |  |  |  | (5,000) |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  | (5,260) |  |  | — |  |  |  |  | (5,260) |  |  | (1,752) |  |  | — |  |  |  |  | (1,752) |  |  |  |  |  |  |  |  |  |
Net cash used in investing activities |  | (10,260) |  |  | — |  |  |  |  | (10,260) |  |  | (1,752) |  |  | — |  |  |  |  | (1,752) |  |  |  |  |  |  |  |  |  |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  | (24,537) |  |  | — |  |  |  |  | (24,537) |  |  | (24,384) |  |  | — |  |  |  |  | (24,384) |  |  |  |  |  |  |  |  |  |
Net cash used in financing activities |  | (24,537) |  |  | — |  |  |  |  | (24,537) |  |  | (24,384) |  |  | — |  |  |  |  | (24,384) |  |  |  |  |  |  |  |  |  |
Net (decrease) increase in cash and cash equivalents |  | (6,994) |  |  | — |  |  |  |  | (6,994) |  |  | (7,638) |  |  | — |  |  |  |  | (7,638) |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents, at beginning of year |  | 111,080 |  |  | — |  |  |  |  | 111,080 |  |  | 118,718 |  |  | — |  |  |  |  | 118,718 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents, at end of year |  | $ | 104,086 |  |  | $ | — |  |  |  |  | $ | 104,086 |  |  | $ | 111,080 |  |  | $ | — |  |  |  |  | $ | 111,080 |  |  |  |  |  |  |  |  |  |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for income taxes |  | $ | 4,312 |  |  | $ | — |  |  |  |  | $ | 4,312 |  |  | $ | 6,085 |  |  | $ | — |  |  |  |  | $ | 6,085 |  |  |  |  |  |  |  |  |  |
Dividends payable in accrued expenses |  | $ | 1,262 |  |  | $ | — |  |  |  |  | $ | 1,262 |  |  | $ | 558 |  |  | $ | — |  |  |  |  | $ | 558 |  |  |  |  |  |  |  |  |  |
|  | Year ended March 31, 2021
|  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income |  | $ | 30,603 |  |  | $ | (6,684) |  |  | a |  | $ | 23,919 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation |  | 2,427 |  |  | — |  |  |  |  | 2,427 |
Share based compensation |  | 3,307 |  |  | — |  |  |  |  | 3,307 |
Deferred income taxes |  | 311 |  |  | (1,584) |  |  |  |  | (1,273) |
Bad debt expense |  | 130 |  |  | — |  |  |  |  | 130 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | 1,126 |  |  | — |  |  |  |  | 1,126 |
Inventories - finished goods |  | (16,536) |  |  | — |  |  |  |  | (16,536) |
Prepaid income taxes |  | (959) |  |  | — |  |  |  |  | (959) |
Prepaid expenses and other current assets |  | (974) |  |  | — |  |  |  |  | (974) |
Accounts payable |  | 19,890 |  |  | — |  |  |  |  | 19,890 |
Sales tax payable |  | — |  |  | 8,268 |  |  | a |  | 8,268 |
Accrued expenses and other current liabilities |  | 1,221 |  |  | — |  |  |  |  | 1,221 |
Income taxes payable |  | (471) |  |  | — |  |  |  |  | (471) |
Net cash provided by operating activities |  | 40,075 |  |  | — |  |  |  |  | 40,075 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchase of minority interest investment in Vetster |  | — |  |  | — |  |  |  |  | — |
Purchases of property and equipment |  | (2,432) |  |  | — |  |  |  |  | (2,432) |
Net cash used in investing activities |  | (2,432) |  |  | — |  |  |  |  | (2,432) |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Dividends paid |  | (22,687) |  |  | — |  |  |  |  | (22,687) |
Net cash used in financing activities |  | (22,687) |  |  | — |  |  |  |  | (22,687) |
Net (decrease) increase in cash and cash equivalents |  | 14,956 |  |  | — |  |  |  |  | 14,956 |
Cash and cash equivalents, at beginning of year |  | 103,762 |  |  | — |  |  |  |  | 103,762 |
Cash and cash equivalents, at end of year |  | $ | 118,718 |  |  | $ | — |  |  |  |  | $ | 118,718 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |
Cash paid for income taxes |  | $ | 10,018 |  |  | $ | — |  |  |  |  | $ | 10,018 |
Dividends payable in accrued expenses |  | $ | 198 |  |  | $ | — |  |  |  |  | $ | 198 |
Quarterly Financial Statements (Unaudited) The following tables set forth the corrections in each of the individual line items affected in the condensed consolidated statements of income for each respective period:
| Three Months Ended
| June 30, 2021 |  | September 30, 2021
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Sales | $ | 79,312 |  |  | $ | (550) |  |  | a |  | $ | 78,762 |  |  | $ | 67,386 |  |  | $ | (289) |  |  | a |  | $ | 67,097 |
General and administrative | 8,041 |  |  | 135 |  |  | a |  | 8,176 |  |  | 6,958 |  |  | 73 |  |  | a |  | 7,031 |
Interest income (expense), net | 85 |  |  | (350) |  |  | a |  | (265) |  |  | 74 |  |  | (362) |  |  | a |  | (288) |
Provision for income taxes | 1,360 |  |  | (186) |  |  | b |  | 1,174 |  |  | 1,982 |  |  | (149) |  |  | b |  | 1,833 |
Net income | $ | 4,428 |  |  | $ | (849) |  |  | a, b |  | $ | 3,579 |  |  | $ | 6,349 |  |  | $ | (575) |  |  | a, b |  | $ | 5,774 |
| Three Months Ended
| December 31, 2021 |  | March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Sales | $ | 60,717 |  |  | $ | (143) |  |  | a |  | $ | 60,574 |  |  | $ | 66,002 |  |  | $ | (153) |  |  | a |  | $ | 65,849 |
General and administrative | 7,541 |  |  | 37 |  |  | a |  | 7,578 |  |  | 8,289 |  |  | 40 |  |  | a |  | 8,329 |
Interest income (expense), net | 84 |  |  | (373) |  |  | a |  | (289) |  |  | 92 |  |  | (381) |  |  | a |  | (289) |
Provision for income taxes | 1,261 |  |  | (119) |  |  | b |  | 1,142 |  |  | 1,368 |  |  | (48) |  |  | b |  | 1,320 |
Net income | $ | 4,257 |  |  | $ | (434) |  |  | a, b |  | $ | 3,823 |  |  | $ | 6,066 |  |  | $ | (526) |  |  | a, b |  | $ | 5,540 |
The following tables set forth the corrections in each of the individual line items affected in the condensed consolidated balance sheets for each respective period:
| June 30, 2021 |  | September 30, 2021
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Deferred tax assets | $ | — |  |  | $ | 2,886 |  |  | b |  | $ | 2,886 |  |  | $ | — |  |  | $ | 2,521 |  |  | b |  | $ | 2,521 |
Sales tax payable | — |  |  | 21,201 |  |  | a |  | 21,201 |  |  | — |  |  | 21,925 |  |  | a |  | 21,925 |
Deferred tax liabilities | 1,114 |  |  | (1,114) |  |  | b |  | — |  |  | 1,627 |  |  | (1,627) |  |  | b |  | — |
Retained earnings | 132,489 |  |  | (17,201) |  |  | a, b |  | 115,288 |  |  | 132,746 |  |  | (17,777) |  |  | a, b |  | 114,969 |
| December 31, 2021 |  | March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Deferred tax assets | $ | — |  |  | $ | 3,006 |  |  | b |  | $ | 3,006 |  |  | $ | — |  |  | $ | 3,379 |  |  | b |  | $ | 3,379 |
Sales tax payable | — |  |  | 22,477 |  |  | a |  | 22,477 |  |  | — |  |  | 24,157 |  |  | a |  | 24,157 |
Accrued expenses and other current liabilities |  |  |  |  |  |  |  |  | 5,697 |  |  | (1,106) |  |  | a |  | 4,591 |
Deferred tax liabilities | 1,262 |  |  | (1,262) |  |  | b |  | — |  |  | 936 |  |  | (936) |  |  | b |  | — |
Retained earnings | 130,721 |  |  | (18,209) |  |  | a, b |  | 112,512 |  |  | 130,496 |  |  | (18,736) |  |  | a, b |  | 111,760 |
The following tables set forth the corrections in each of the individual line items affected in the condensed consolidated statements of cash flows for each respective period:
| Three Months Ended |  | Six Months Ended
| June 30, 2021 |  | September 30, 2021
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Net income | $ | 4,428 |  |  | $ | (849) |  |  | a, b |  | $ | 3,579 |  |  | $ | 10,777 |  |  | $ | (1,424) |  |  | a, b |  | $ | 9,353 |
Deferred income taxes | (167) |  |  | (186) |  |  | b |  | (353) |  |  | 346 |  |  | (335) |  |  | b |  | 11 |
Sales tax payable | — |  |  | 1,035 |  |  | a |  | 1,035 |  |  | — |  |  | 1,759 |  |  | a |  | 1,759 |
| Nine Months Ended |  | Twelve Months Ended
| December 31, 2021 |  | March 31, 2022
| As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated |  | As Previously Reported |  | Restatement Adjustments |  | Refer-ence |  | As Restated
Net income | $ | 15,034 |  |  | $ | (1,858) |  |  | a,b |  | $ | 13,176 |  |  | $ | 21,100 |  |  | $ | (2,384) |  |  | a, b |  | $ | 18,716 |
Deferred income taxes | (19) |  |  | (454) |  |  | b |  | (473) |  |  | (345) |  |  | (501) |  |  | b |  | (846) |
Sales tax payable | — |  |  | 2,312 |  |  | a |  | 2,312 |  |  | — |  |  | 2,928 |  |  | a |  | 2,928 |
Accrued expenses and other current liabilities |  |  |  |  |  |  |  |  | (50) |  |  | (43) |  |  | a |  | (93) |
Summary of Restatement - Consolidated Statements of Stockholders’ equity The following table sets forth the corrections in each of the line items affected in the consolidated statements of stockholders' equity and total equity for each respective period:
|  | As Previously Reported |  | Restatement Adjustments |  | As Restated
Retained Earnings, March 31, 2020 |  | 126,177 |  | (9,668) |  | 116,509
Dividends Declared |  | (22,639) |  | — |  | (22,639)
Net Income |  | 30,603 |  | (6,684) |  | 23,919
Retained Earnings, March 31, 2021 |  | 134,141 |  | (16,352) |  | 117,789
Dividends Declared |  | (24,745) |  | — |  | (24,745)
Net Income |  | 21,100 |  | (2,384) |  | 18,716
Retained Earnings, March 31, 2022 |  | 130,496 |  | (18,736) |  | 111,760
Dividends Declared |  | (25,241) |  | — |  | (25,241)
Net Income |  | 233 |  | 4,907 |  | 5,140
Retained Earnings, March 31, 2023 |  | 105,488 |  | (13,829) |  | 91,659
Total Shareholders' Equity, March 31, 2020 |  | 130,010 |  | (9,668) |  | 120,342
Total Shareholders' Equity, March 31, 2021 |  | 141,281 |  | (16,352) |  | 124,929
Total Shareholders' Equity, March 31, 2022 |  | 142,186 |  | (18,736) |  | 123,450
Total Shareholders' Equity, March 31, 2023 |  | 123,795 |  | (13,829) |  | 109,966

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