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AUGUST 2021 PRIVATE PLACEMENT (Tables) | 9 Months Ended
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Dec. 31, 2023
August 2021 Private Placement |
SCHEDULE OF LOSS BEFORE INCOME TAXES | The Company’s loss before income taxes for the nine months ended December 31, 2023, and fiscal years ended March 31, 2023, and 2022 is as follows: SCHEDULE OF LOSS BEFORE INCOME TAXES
|  | December 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2023 |
|  | Nine months ended |  |  | Fiscal years ended |
|  | December 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2023 |
United States |  | $ | (6,173,000 | ) |  | $ | (3,526,000 | ) |  | $ | (261,000 | )
Foreign |  |  | (225,000 | ) |  |  | (82,000 | ) |  |  | 548,000 |
Loss before income taxes |  | $ | (6,398,000 | ) |  | $ | (3,608,000 | ) |  |  | 287,000 |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for income taxes for the nine months ended December 31, 2023, and fiscal years ended March 31, 2023, and 2022 is as follows: SCHEDULE OF PROVISION FOR INCOME TAXES
|  | December 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2023 |
|  | Nine months ended |  |  | Fiscal years ended |
|  | December 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Income tax provision: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | 109,000 |  |  | $ | 63,000 |
State |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | - |  |  |  | (5,000 | ) |  |  | - |
Hong Kong |  |  | - |  |  |  | 34,000 |  |  |  | - |
Total current Federal and State |  | $ | - |  |  | $ | 138,000 |  |  | $ | 63,000 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | 686,000 |  |  | $ | (60,000 | )
State |  |  | - |  |  |  | 206,000 |  |  |  | 54,000 |
Total Deferred Federal and State |  |  | - |  |  |  | 892,000 |  |  |  | (6,000 | )
Total income tax provision |  | $ | - |  |  | $ | 1,030,000 |  |  | $ | 57,000 |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The Company’s net deferred tax assets as of December 31, 2023, and ended March 31, 2023 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|  | December 31, |  |  | March 31, |
|  | 2023 |  |  | 2023 |
NOL Federal Carryforward |  | $ | 1,291,000 |  |  | $ | 868,000 |
State NOL Carryforward |  |  | 470,000 |  |  |  | 341,000 |
Inventory differences to inventory valuation |  |  | 1,173,000 |  |  |  | 623,000 |
Stock option compensation expense |  |  | 159,000 |  |  |  | 184,000 |
Right of use liability |  |  | 1,022,000 |  |  |  | 118,000 |
Business interest limitation |  |  | 151,000 |  |  |  | 138,000 |
Allowance for doubtful accounts |  |  | 45,000 |  |  |  | 43,000 |
Reserve for estimated returns |  |  | 384,000 |  |  |  | 89,000 |
Accrued vacation |  |  | 7,000 |  |  |  | 14,000 |
Total |  |  | 4,702,000 |  |  |  | 2,418,000 |
Less: valuation allowance |  |  | (3,600,000 | ) |  |  | (2,104,000 | )
Net deferred tax asset |  |  | 1,102,000 |  |  |  | 314,000 |
Depreciable and amortizable assets |  |  | (67,000 | ) |  |  | (134,000 | )
ROU Asset |  |  | (1,000,000 | ) |  |  | (111,000 | )
Prepaid expenses |  |  | (35,000 | ) |  |  | (69,000 | )
Net deferred tax liability |  |  | (1,102,000 | ) |  |  | (314,000 | )
Total |  | $ | - |  |  | $ | - |
SCHEDULE OF TAX PROVISION | The actual tax provision differs from the “expected” tax for the nine-month transition period ended December 31, 2023, and the years ended March 31, 2023, and 2022 (computed by applying the U.S. Federal Corporate tax rate of 21 percent to income before taxes) as follows: SCHEDULE OF TAX PROVISION
|  | December 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2022 |
Statutory federal tax rate |  | $ | (1,344,000 | ) |  | $ | (758,000 | ) |  | $ | 60,000 |
Stater tax rate |  |  | (326,000 | ) |  |  | (174,000 | ) |  |  | 14,000 |
Permanent differences |  |  | 15,000 |  |  |  | 13,000 |  |  |  | 10,000 |
Permanent difference in ERC income |  |  | - |  |  |  | (99,000 | ) |  |  | - |
Tax rate differential on foreign earnings |  |  | 59,000 |  |  |  | 21,000 |  |  |  | (84,000 | )
Expiration of net operating loss carryforward |  |  | 89,000 |  |  |  | - |  |  |  | - |
Change in valuation allowance |  |  | 1,495,000 |  |  |  | 2,026,000 |  |  |  | 55,000 |
Other |  |  | 12,000 |  |  |  | 1,000 |  |  |  | 2,000 |
Tax provision |  | $ | - |  |  | $ | 1,030,000 |  |  | $ | 57,000 |

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