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Income Taxes (Tables) | 3 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes (income tax benefits) | The provision for income taxes (income tax benefits) consists of the following for the three months ended June 30, 2024:
|  | (In thousands) |
|  | Three Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
U.S. federal |  | $ | - |  |  | $ | 144 |
State & local |  |  | - |  |  |  | 1 |
Total current |  | $ | - |  |  | $ | 145 |
Deferred: |  |  |  |  |  |
U.S. federal |  | $ | (128 | ) |  | $ | - |
State & local |  |  | - |  |  |  | - |
Total deferred |  | $ | (128 | ) |  | $ | - |
Total tax provision |  | $ | (128 | ) |  | $ | 145 |
Schedule of provision (benefit) for income taxes reflects an effective U.S tax rate | The provision (benefit) for income taxes reflects an effective U.S. tax rate, which differs from the corporate tax rate for the following reasons:
|  | (In thousands) |
|  | Three Months Ended June 30, |
|  | 2024 |  |  | Percentage |  |  | 2023 |  |  | Percentage |
U.S. federal tax expense at the statutory rate |  | $ | (757 | ) |  |  | 21.00 | % |  | $ | 360 |  |  |  | 21.00 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State tax, net of federal benefit |  |  | (51 | ) |  |  | 1.43 | % |  |  | (48 | ) |  |  | -2.82 | %
Change in valuation allowance |  |  | 502 |  |  |  | -13.93 | % |  |  | (464 | ) |  |  | -27.02 | %
Transaction costs |  |  | 225 |  |  |  | -6.24 | % |  |  | - |  |  |  | 0.00 | %
Impact of other permanent differences |  |  | (2 | ) |  |  | 0.06 | % |  |  | - |  |  |  | 0.00 | %
Other |  |  | (45 | ) |  |  | 1.24 | % |  |  | 297 |  |  |  | 17.28 | %
|  | $ | (128 | ) |  |  | 3.56 | % |  | $ | 145 |  |  |  | 8.44 | %
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) |
|  | June 30, 2024 |  |  | March 31, 2024 |
Allowance for credit losses |  | $ | - |  |  | $ | 33 |
Unrealized fair value adjustment |  |  | - |  |  |  | 4,130 |
Share based compensation |  |  | 55 |  |  |  | 30 |
Federal and state net operating losses |  |  | 15,836 |  |  |  | 9,816 |
Right of use liability |  |  | 119 |  |  |  | 15 |
Other |  |  | 9 |  |  |  | 49 |
|  |  | 16,019 |  |  |  | 14,073 |
Valuation allowance |  |  | (14,549 | ) |  |  | (14,047 | )
Gross deferred tax assets |  |  | 1,470 |  |  |  | 26 |
Right of use assets |  |  | (118 | ) |  |  | (15 | )
Fixed assets |  |  | (3,743 | ) |  |  | - |
Intangible assets |  |  | (2,185 | ) |  |  | - |
Other |  |  | (51 | ) |  |  | (11 | )
Gross deferred tax liabilities |  |  | (6,097 | ) |  |  | (26 | )
Net deferred tax liabilities |  | $ | (4,627 | ) |  | $ | - |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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