XML 43 R35.htm IDEA: XBRL DOCUMENT
v3.25.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | Income tax expense (benefit) consists of the following for the years ended March 31, 2025 and 2024:
|  | (In thousands) |
|  | Fiscal Year Ended March 31, |
|  |  | 2025 |  |  |  | 2024 |
Current: |  |  |  |  |  |
U.S. federal |  | $ | - |  |  | $ | - |
State & local |  |  | - |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
Total current |  | $ | - |  |  | $ | - |
Deferred: |  |  |  |  |  |
U.S. federal |  | $ | 63 |  |  | $ | - |
State & local |  |  | - |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
Total deferred |  | $ | 63 |  |  | $ | - |
Total tax provision (benefit) |  | $ | 63 |  |  | $ | - |
Schedule of reconciliation of the U.S. statutory federal income tax rate to the Companys effective tax rate | The reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate for the years ended March 31, 2025 and 2024 were as follows:
|  | (In thousands) |
|  | Fiscal Year Ended March 31, |
|  |  | 2025 |  |  | Percentage |  |  | 2024 |  |  | Percentage |
U.S. federal tax expense at the statutory rate |  | $ | (1,741 | ) |  |  | 21.00 | % |  | $ | (1,281 | ) |  |  | 21.00 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State tax, net of federal benefit |  |  | (241 | ) |  |  | 2.91 | % |  |  | (226 | ) |  |  | 3.71 | %
Loss on dissenting shares |  |  | 265 |  |  |  | -3.20 | % |  |  | - |  |  |  | 0.00 | %
Change in valuation allowance |  |  | 1,138 |  |  |  | -13.73 | % |  |  | 972 |  |  |  | -15.94 | %
Transaction costs |  |  | 233 |  |  |  | -2.81 | % |  |  | - |  |  |  | 0.00 | %
Impact of other permanent differences |  |  | 409 |  |  |  | -4.93 | % |  |  | 535 |  |  |  | -8.77 | %
|  | $ | 63 |  |  |  | -0.76 | % |  | $ | - |  |  |  | 0.00 | %
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 of income tax purposes are reflected in deferred income taxes. Significant components of the Company's deferred tax assets as of March 31, 2025 and 2024 consist of the following:
|  | (In thousands) |
|  | March 31, 2025 |  |  | March 31, 2024 |
Unrealized fair value adjustment |  | $ | - |  |  | $ | 4,162 |
Share based compensation |  |  | - |  |  |  | 30 |
Federal and state net operating loss carryforward |  |  | 16,692 |  |  |  | 9,816 |
Right of use liability |  |  | 627 |  |  |  | 15 |
Other |  |  | 86 |  |  |  | 50 |
Total deferred tax assets |  |  | 17,405 |  |  |  | 14,073 |
Valuation allowance |  |  | (15,185 | ) |  |  | (14,047 | )
Gross deferred tax assets |  |  | 2,220 |  |  |  | 26 |
Right of use assets |  |  | (666 | ) |  |  | (15 | )
Fixed assets |  |  | (5,109 | ) |  |  | - |
Intangible assets |  |  | (604 | ) |  |  | - |
Other |  |  | (147 | ) |  |  | (11 | )
Gross deferred tax liabilities |  |  | (6,526 | ) |  |  | (26 | )
Net deferred tax liabilities |  | $ | (4,306 | ) |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration