v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Effective Income Tax Rate Summary of Significant Accounting Policies – Recently Adopted Accounting Pronouncements for additional details. A reconciliation of the Company’s effective tax rate to the statutory federal
income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the fiscal year ended March 31, 2026 is as follows (in thousands, except percentages):
March 31,
2026
Federal statutory rate$(8,192)21.00 %
State taxes, net of federal benefits
— — 
Change in valuation allowance4,203 (10.77)%
Nontaxable and Nondeductible items
Stock Compensation
3,970 (10.18)%
Other
151 (0.39)%
Other Adjustments(132)0.34 %
Total$— — %
A reconciliation of the Company’s effective tax rate to the statutory federal income tax rate for the fiscal years ended March 31, 2025 and 2024 is as follows:
March 31,
20252024
Federal statutory rate21.00 %21.00 %
Permanent differences(0.22)(0.19)
State taxes, net of federal benefits3.51 (0.27)
Change in valuation allowance(17.34)(14.08)
Interest expense(1.47)(2.06)
Warrant mark-to-market(0.34)1.56 
Stock-based compensation(5.01)(5.71)
Other deferred adjustments(0.13)(0.25)
Total— %— %
Schedule of Deferred Taxes
The components of the Company’s deferred taxes are as follows (in thousands):
As of March 31,
20262025
Net operating loss carryforwards$84,368 $73,456 
Charitable contributions1,166 1,132 
Interest expense63 499 
UNICAP3,225 3,725 
Lease Liabilities12,625 10,819 
Stock compensation1,308 3,583 
Accruals and other1,748 4,932 
Depreciation1,370 888 
Total deferred tax assets105,873 99,034 
Valuation allowance(95,931)(91,258)
Net deferred tax assets9,942 7,776 
Lease right-of-use asset(9,942)(7,776)
Total deferred tax liabilities(9,942)(7,776)
Net deferred tax assets$— $—