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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Statutory Federal Rate and Effective Rate for Operations

A reconciliation of the statutory federal rate and the effective rate, for operations, is as follows for the years ended March 31, 2023 and 2022 (in thousands, except percentages):

	March 31, 2023					March 31, 2022
Tax computed at federal statutory rate	$	(3,624	)	21%		$	(2,404	)	21%
State income tax, net of federal benefit		(44	)	0.2%			(6	)	0%
Stock-based compensation		167		-1%			1,857		-16.2%
Research credits		60		-0.4%			(249	)	2.1%
Change in tax rate		157		-0.9%			454		-4.0%
Removal of net operating losses and research development credits		1,410		-8.2%			2,269		-19.8%
Other		1		0%			20		-0.1%
Valuation allowance		1,873		-10.7%			(1,941	)	16.9%
Provision (benefit) for income taxes	$	—		0.0%		$	—		0.0%

Summary of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows as of March 31, 2023 and 2022 (in thousands, except percentages):

	March 31, 2023				March 31, 2022
Deferred tax assets:
Amortization	$	598			$	—
Section 174 R&D capitalization		855				—
Accrued expenses and reserves		116				110
Operating lease liability		384				611
Stock-based compensation		755				554
Inventory		251				—
Other, net		3				3
Total deferred tax assets		2,962				1,278
Valuation allowance		(2,458	)			(583	)
Net deferred tax assets	$	504			$	695
Deferred tax liabilities:
Operating lease right-of-use assets		(363	)			(603	)
Depreciation		(135	)			(92	)
Investment in equity securities		(6	)			—
Total deferred tax liabilities	$	(504	)		$	(695	)
	$	—			$	—

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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