XML 61 R31.htm IDEA: XBRL DOCUMENT v3.25.1

Income Tax (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2024

Mar. 31, 2024

Income Tax [Abstract]

Schedule of Provision for Income Taxes

Significant components of the provision for income taxes are as follows:

		For the Nine Months Ended December 31,
		2024				2023
Current
Federal		$	101,808			$	183,590
State			120,932				182,860
City			119,766				139,903
Deferred
Federal			(508,000	)			166,500
State			(202,000	)			42,300
City			(128,000	)			24,500
Foreign			(26,160	)			(7,656	)
Total		$	(521,654	)		$	731,997

Significant components of the provision for income taxes are as follows:

		For the Nine Months Ended December 31,
		2024				2023
Current
Federal		$	101,808			$	183,590
State			120,932				182,860
City			119,766				139,903
Deferred
Federal			(508,000	)			166,500
State			(202,000	)			42,300
City			(128,000	)			24,500
Total		$	(495,494	)		$	739,653

Significant components of the provision for income taxes are as follows:

		For the Nine Months Ended December 31
		2024				2023
Current
Federal		$	-			$	-
State			-				-
City			-				-
Deferred
Federal			(14,807	)			(4,334	)
State			(11,353	)			(3,322	)
City			-				-
Total		$	(26,160	)		$	(7,656	)

Significant components of the provision for income taxes are as follows:

		For the Year Ended March 31,
		2024				2023
Current
Federal		$	474,445			$	210,924
State			297,885				107,325
City			234,510				54,847
Deferred
Federal			158,300				236,200
State			36,300				115,700
City			21,500				96,900
Foreign			(40,007	)			-
Total		$	1,182,933			$	821,896

Significant components of the provision for income taxes are as follows:

		For the Year Ended March 31,
		2024				2023
Current
Federal		$	474,445			$	210,924
State			297,885				107,325
City			234,510				54,847
Deferred
Federal			158,300				236,200
State			36,300				115,700
City			21,500				96,900
Total		$	1,222,940			$	821,896

Significant components of the provision for income taxes are as follows:

		For the Year Ended March 31,
		2024				2023
Current
Federal		$	-			$	-
State			-				-
City			-				-
Deferred
Federal			(22,845	)			-
State			(17,515	)			-
City			353				-
Total		$	(40,007	)		$	-

Schedule of Provision for Income Taxes

The provision for income taxes is based on the following pretax income (loss):

		For the Nine Months Ended December 31,
		2024				2023
U.S.		$	(2,412,980	)		$	1,973,031
Canada			(115,517	)			(33,146	)
Total		$	(2,528,497	)		$	1,939,885

The provision for income taxes is based on the following pretax income (loss):

		For the Year Ended March 31,
		2024				2023
U.S.		$	3,275,797			$	2,200,467
Canada			(197,642	)			-
Total		$	3,078,155			$	2,200,467

Schedule of Reconciles to the Company’s Effective Tax Rate

The following table reconciles to the Company’s effective tax rate:

		For the Nine Months Ended December 31
		2024				2023
Pre-tax book (loss) income		$	(2,528,497	)		$	1,939,885
Federal Statutory rate			21.0	%			21.0	%
State income tax rate, net of federal income tax benefit			4.3	%			8.0	%
City income tax rate, net of federal income tax benefit			3.7	%			5.0	%
Foreign statutory rate			0.4	%			(0.4	)%
Permanent differences			(4.0	)%			5.3	%
Return to project adjustment			(4.8	)%			(1.4	)%
Total			20.6	%			37.5	%

The following table reconciles to the Company’s effective tax rate:

		For the Year Ended March 31,
		2024				2023
Pre-tax book income		$	3,078,155			$	2,200,467
Federal Statutory rate			21.0	%			21.0	%
State income tax rate, net of federal income tax benefit			7.9	%			9.5	%
City income tax rate, net of federal income tax benefit			5.0	%			6.9	%
Foreign statutory rate			-				-
Permanent differences			5.2	%			1.6	%
Return to project adjustment			(0.8	)%			(1.6	)%
Total			38.3	%			37.4	%

Schedule of Deferred Tax Assets

Significant components of DTAs (DTLs), net are as follows:

		As of December 31, 2024				As of March 31, 2024
Net operating loss carry forwards		$	716,087			$	40,332
Inventory reserve			330,000				186,000
Lease liability			5,216,000				5,810,000
Less: Valuation allowance			-				-
Total deferred tax assets (DTAs)		$	6,262,087			$	6,036,332
Accumulated depreciation			(493,881	)			(482,133	)
ROU asset			(4,873,000	)			(5,519,000	)
Total deferred tax liabilities (DTLs)			(5,366,881	)			(6,001,133	)
Total deferred tax assets, net		$	895,206			$	35,199
Deferred tax assets (liabilities) - U.S., net		$	833,000			$	(5,000	)
Deferred tax assets - Canada, net		$	62,206				40,199

Significant components of DTAs (DTLs), net are as follows:

		As of March 31, 2024				As of March 31, 2023
Net operating loss carry forwards		$	40,332			$	93,800
Inventory reserve			186,000				155,400
Lease liability			5,810,000				3,702,500
Less: Valuation allowance			-				-
Total deferred tax assets (DTAs)		$	6,036,332			$	3,951,700
Accumulated depreciation			(482,133	)			(230,600	)
ROU asset			(5,519,000	)			(3,510,000	)
Total deferred tax liabilities (DTLs)			(6,001,133	)			(3,740,600	)
Total deferred tax assets, net		$	35,199			$	211,100
Deferred tax assets (liabilities) - U.S., net		$	(5,000	)		$	211,100
Deferred tax assets - Canada, net		$	40,199				-

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

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

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