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Income Taxes | 3 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12. Income Taxes The provision (benefit) for income taxes reflects an effective U.S. tax rate, which differs from the corporate tax rate for the following reasons: The Company recorded an income tax expense of approximately $19 thousand and ($128) thousand from continuing operations for the three months ended June 30, 2025 and 2024, respectively. The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was -2.75% and 3.56%, respectively. The change in the effective tax rate from the comparison of 2025 and 2024 as noted above primarily relates to the operations of Amplex. The Company only records a valuation allowance for OMCC since there is not sufficient evidence of future earnings to support a position that it will be able to realize its net deferred tax asset. As of March 31, 2025, the Company had federal and state net operating losses (“NOL”) of approximately $70 million and $61 million, respectively. The Federal NOLs were generated after December 31, 2017 and therefore have an infinite carryforward period but can only be utilized up to 80% of taxable income. State NOLs generated have various expiration rules and dates with the first amount of NOLs expiring in 2033. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s NOL carryforwards is subject to annual limitations following greater than 50% ownership changes. The Company is subject to taxation in the United States federal and state jurisdictions. The Company’s federal income tax and state income tax returns are subject to examination by tax authorities. Its statute of limitations will remain open for all years with unutilized NOLs. The Company is not currently under examination by any tax authority. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provision of the Tax Cuts and Jobs Act, modification to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the OBBBA’s impact on the Company’s consolidated financial statements.

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