During fiscal 2026, the Company identified an error in the timing of revenue recognition for its Refund Assurance Plan ("RAP") fees associated with the Company's tax preparation services. The Company had historically recognized RAP fees as revenue at the time the related tax return was prepared. The Company has determined that under ASC 606, Revenue from Contracts with Customers, these fees should be recognized ratably over the 36-month coverage period of each plan, as the related performance obligation is a stand-ready obligation satisfied over time. Accordingly, the Company should recognize a contract liability for the unearned portion of RAP fees, which is recognized as revenue ratably over the coverage period. The error affected previously issued financial statements for the years ended March 31, 2025 and 2024, and prior periods.

The Company evaluated the error in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, considering both quantitative and qualitative factors, and concluded that the error was not material, individually or in the aggregate, to any previously issued financial statements. The Company has revised the prior period comparative financial statements presented herein to reflect the correction for comparability purposes. The cumulative effect of the error for periods prior to fiscal 2024 was $1.7 million, which has been recorded as an adjustment to opening retained earnings as of April 1, 2023. Because the error is not material to any previously issued financial statements, no restatement to any previously filed annual or quarterly report is required.


	As of March 31, 2025
	As Reported		Increase (Decrease)		As Revised
Deferred income taxes, net	$	33,291,074	$	860,594	$	34,151,668
Total assets	1,007,627,647		860,594		1,008,488,241
Deferred revenue (contract liability)	—		3,349,571		3,349,571
Total liabilities	568,147,183		3,349,571		571,496,754
Retained earnings	173,053,986		(2,488,977)		170,565,009
Total shareholders' equity	439,480,464		(2,488,977)		436,991,487
Total liabilities and shareholders' equity	1,007,627,647		860,594		1,008,488,241


	For the years ended March 31,
	2025						2024
	As Reported		Decrease		As Revised		As Reported		Decrease		As Revised
Insurance and other income, net1	$	99,750,948	$	(670,429)	$	99,080,519	$	104,685,541	$	(402,954)	$	104,282,587
Total revenues	564,841,465		(670,429)		564,171,036		573,213,402		(402,954)		572,810,448
Income before income taxes	111,985,377		(670,429)		111,314,948		99,407,736		(402,954)		99,004,782
Income tax expense	22,243,979		(171,753)		22,072,226		22,062,509		(104,071)		21,958,438
Net income	89,741,398		(498,676)		89,242,722		77,345,227		(298,883)		77,046,344
Net income per common share	16.54		(0.09)		16.45		13.45		(0.05)		13.40
Net income per diluted share	16.30		(0.09)		16.21		13.19		(0.05)		13.14


	As of and for the years ended March 31,
	2025						2024
	As Reported		Decrease		As Revised		As Reported		Decrease		As Revised
Opening retained earnings at March 31	$	137,994,264	$	(1,990,301)	$	136,003,963	$	97,154,898	$	(1,691,418)	$	95,463,480
Opening shareholders' equity at March 31	424,427,216		(1,990,301)		422,436,915		385,226,737		(1,691,418)		383,535,319
Net income	89,741,398		(498,676)		89,242,722		77,345,227		(298,883)		77,046,344
Ending retained earnings at March 31	173,053,986		(2,488,977)		170,565,009		137,994,264		(1,990,301)		136,003,963
Ending shareholders' equity	439,480,464		(2,488,977)		436,991,487		424,427,216		(1,990,301)		422,436,915


	Pre-Tax		Tax Effect		After-Tax
Errors through fiscal 2023 - adjustment to opening retained earnings as of April 1, 2023	$	(2,276,188)	$	584,770	$	(1,691,418)
Fiscal 2024	(402,954)		104,071		(298,883)
Fiscal 2025	(670,429)		171,753		(498,676)
Fiscal 2026	(575,958)		147,299		(428,659)
Total	$	(3,925,529)	$	1,007,893	$	(2,917,636)


	For the years ended March 31,
	2025							2024
	As Reported		Increase (Decrease)			As Revised		As Reported		Increase (Decrease)		As Revised
Cash flow from operating activities:
Net income	$	89,741,398	$	(498,676)		$	89,242,722	$	77,345,227	$	(298,883)	$	77,046,344
Adjustments to reconcile net income to net cash provided by operating activities:
Change in accounts:
Deferred income tax expense (benefit)	(2,348,230)		$	(171,753)		(2,519,983)		10,737,604		(104,071)		10,633,533
Deferred revenue (contract liability)	—		$	670,429		670,429		—		402,954		402,954
Net cash provided by operating activities	254,163,602		$	—	—	254,163,602		265,783,366		—		265,783,366