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Income Taxes (As Restated) (Tables)

12 Months Ended

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
			(as restated)						(as restated)
Deferred tax assets:
Accrued expenses			$	5,910					$	4,680
Deferred stock compensation			1,605						662
Bad debt and inventory reserves			21						27
Total deferred tax assets			7,536						5,369
Deferred tax liabilities:
Depreciation and amortization			(2,527)						(1,990)
Total net deferred tax assets (liabilities)			$	5,009					$	3,379

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
			(as restated)						(as restated)						(as restated)
Current taxes
Federal			$	2,623					$	5,802					$	7,446
State			1,312						514						856
Total current taxes			3,934						6,316						8,302
Deferred taxes
Federal			(453)						(778)						(1,140)
State			(1,176)						(69)						(131)
Total deferred taxes			(1,629)						(847)						(1,271)
Total provision for income taxes			$	2,305					$	5,469					$	7,031

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
			(as restated)						(as restated)						(as restated)
Income taxes at U.S. statutory rates			$	1,564					$	5,078					$	6,499
State income taxes, net of federal tax benefit			107						428						557
Permanent differences			340						116						479
Restricted stock shortfall (windfall) adjustment			171						31						(123)
Other			124						(184)						(381)
Total provision for income taxes			$	2,305					$	5,469					$	7,031

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
			(as restated)						(as restated)						(as restated)
Federal rate on income before taxes			21.0		%				21.0		%				21.0		%
State income taxes, net of federal tax benefit			1.4		%				1.8		%				1.8		%
Permanent differences			4.6		%				0.5		%				1.5		%
Restricted stock shortfall (windfall) adjustments			2.3		%				0.1		%				(0.3)		%
Other			1.7		%				(0.7)		%				(1.2)		%
Total Effective Tax Rate			31.0		%				22.7		%				22.8		%

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
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-SubTopic 10
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-Paragraph 12
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