v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Loss from continuing operations before income taxes as shown in the Consolidated Statements of Income (Loss) consists of the following:
Year Ended March 31,
20252024
Domestic$(4,791)$(3,468)
Foreign(197)(487)
Total$(4,988)$(3,955)
Income tax expense (benefit) attributable to pretax loss from continuing operations consists of (in thousands):
Year Ended March 31,
20252024
Current:
Federal$— $23 
State166 (226)
Foreign557 902 
Total current723 699 
Deferred:
Federal83 126 
State(17)(13)
Foreign(366)(83)
Total deferred(300)30 
Total$423 $729 
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense attributable to pretax loss from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to pretax loss from continuing operations as follows (in thousands):
Year Ended March 31,
20252024
Expected Federal income tax benefit U.S. statutory rate$(1,048)21.0 %$(831)21.0 %
Foreign rate differential(101)2.0 %399 -10.1 %
State income taxes, net of federal benefit(165)3.3 %(125)3.2 %
Micro-captive insurance benefit— 0.0 %(306)7.7 %
Change in valuation allowance1,272 -25.5 %1,909 -48.3 %
Income attributable to minority interest - Contrail(140)2.8 %(217)5.5 %
Other differences, net605 -12.1 %(100)2.5 %
Income tax expense$423 -8.5 %$729 -18.5 %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities were comprised of the following (in thousands):
Year Ended March 31,
20252024
Net operating loss & attribute carryforwards$11,681 $9,414 
Unrealized losses on investments1,540 1,055 
Inventory reserve1,149 1,041 
Accrued vacation442 449 
Foreign tax credit520 650 
Lease liabilities3,463 2,913 
Research and development capitalizations441 275 
Other deferred tax assets792 517 
Total deferred tax assets20,028 16,314 
Property and equipment(1,651)(1,735)
Right-of-use assets(3,236)(2,703)
Capital gain deferment(1,793)(1,763)
Foreign intangible assets(1,830)(2,089)
Investment in partnerships(2,159)(105)
Other deferred tax liabilities(403)(393)
Total deferred tax liabilities(11,072)(8,788)
Net deferred tax assets8,956 7,526 
Less valuation allowance(11,103)(9,973)
Net deferred tax liabilities$(2,147)$(2,447)