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Income Taxes (Tables) | 9 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of deferred tax assets and liabilities | The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following:
|  | (In thousands) |
|  | December 31, 2022 |  |  | March 31, 2022 |
Deferred Tax Assets: |  |  |  |  |  |
Federal and State net operating loss carryforwards |  | $ | 2,365 |  |  | $ | 507 |
Share-based compensation |  |  | 14 |  |  |  | 79 |
Allowance for credit losses not currently deductible for tax purposes |  |  | 2,998 |  |  |  | 900 |
Right of use liability |  |  | 675 |  |  |  | 1,094 |
Other items |  |  | 119 |  |  |  | 175 |
Gross deferred tax assets |  |  | 6,171 |  |  |  | 2,755 |
Valuation allowance for deferred tax assets |  |  | (5,723 | ) |  |  | - |
Net deferred tax assets |  |  | 448 |  |  |  | 2,755 |
Deferred tax liabilities: |  |  |  |  |  |
Right of use asset |  |  | 290 |  |  |  | 1,061 |
Other items |  |  | 158 |  |  |  | 309 |
Total deferred tax liabilities |  |  | 448 |  |  |  | 1,370 |
Net deferred income taxes |  | $ | - |  |  | $ | 1,385 |
Schedule of income tax expense reflects an effective U.S tax rate | Income tax expense reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:
|  | (In thousands) |
|  | Three months ended |  |  | Nine months ended |
|  | December 31, 2022 |  |  | December 31, 2022 |
Income tax expense at Federal statutory rate |  | $ | (2,178 | ) |  | $ | (3,530 | )
State income taxes, net of Federal benefit |  |  | (398 | ) |  |  | (645 | )
Increase (decrease) resulting from: |  |  |  |  |  |
Change in Valuation Allowance |  |  | 5,723 |  |  |  | 5,723 |
Other |  |  | (147 | ) |  |  | (133 | )
Income tax expense |  | $ | 3,000 |  |  | $ | 1,415 |
As of December 31, 2022 the Company has not generated sufficient positive evidence of future earnings to support a position that it will be able to realize its net deferred tax asset. The Company has significant negative evidence to overcome in the form of cumulative pre-tax losses from continuing operations as well as projected losses for the current year. Therefore, it will continue to maintain a full valuation allowance on its U.S. federal and state net deferred tax asset. The change in the valuation allowance offset the income tax benefit related to the pre-tax loss for the quarter ended December 31, 2022. The Company does no t have any material unrecognized tax benefits as of December 31, 2022. The Company experienced a net change in valuation allowance of $5.7 million for the three and nine months ended December 31, 2022.

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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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