v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets and Liabilities
Net deferred tax assets and liabilities consist of the following as of March 31, 2026 and 2025 (in thousands):
20262025
Deferred tax asset
Property and equipment$670 $748 
Accrued expenses770 346 
Deferred revenue27,171 26,852 
Asset retirement obligations16 16 
Net operating loss carryforward52,623 70,267 
Operating lease liabilities1,310 1,529 
Charitable contributions carryforward3 3 
Stock compensation expense5,688 4,302 
Total deferred tax asset88,251 104,063 
Deferred tax liability
Right of use assets(1,175)(1,345)
Indefinite-lived intangible assets(22,263)(19,046)
Total deferred tax liability(23,438)(20,391)
Total deferred tax assets and liabilities64,813 83,672 
Valuation allowance(71,136)(90,278)
Net deferred tax assets and liabilities$(6,323)$(6,606)
Schedule of Components of Income Tax Expense
The components of the income tax expense for the years ended March 31, 2026 and 2025 are as follows (in thousands):
20262025
Current:  
Federal$2,192 $— 
State3,162 1,567 
Total current5,354 1,567 
Deferred:
Federal309 621 
State(592)(296)
Total deferred(283)325 
Total income tax expense$5,071 $1,892 
Summary of Supplemental Cash Flow Information
The following table presents taxes paid by the Company net of refunds received after the adoption of ASU 2023-09 for the year ended March 31, 2026:
2026
Federal income taxes paid
$2,405 
State income taxes paid
Colorado
186 
Washington D.C.193 
Illinois1,925 
Minnesota638 
Virginia202 
Other jurisdictions(1)
259 
Total state income taxes paid
3,403 
Total income taxes paid (2)
$5,808 
1.Other jurisdictions include income taxes paid during the year for states that do not meet the 5% disaggregation threshold.
2.Income taxes paid include only taxes within the scope of ASC 740 net of refunds and exclude non-income based taxes such as excise and sales taxes.
The following table summarizes the Company’s supplemental cash flow information:
For the years ended March 31,
(in thousands)20262025
Cash paid during the period:
Taxes paid, including excise tax$5,808 $1,728 
Operating leases paid$2,029 $2,311 
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations$55 $(107)
Network equipment provided in exchange for wireless licenses$— $190 
Narrowband spectrum licenses received in connection with the LCRA Agreement$— $1,430 
Derecognition of contingent liability related to sale of intangible assets$21,404 $— 
Rights of use asset for new leases$736 $796 
Rights of use asset for modifications and renewals$(35)$1,258 
Schedule of Effective Income Tax Rate Reconciliation
The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2026 after the adoption of ASU 2023-09 are as follows (in thousands):
2026
Statutory federal tax$19,909 21 %
State income taxes, net of federal benefit (1)
1,955 2 %
Change in valuation allowance - Federal(18,952)-20 %
Nontaxable or nondeductible items
Incentive stock option expense301 — %
Other permanent differences34 — %
162M executive compensation limit92 — %
Intangibles - FCC licenses1,899 2 %
Other adjustments(167)— %
Total income tax expense$5,071 5 %
1.State taxes in Illinois made up greater than 50% of the tax effect in this category.
The differences between the United States federal statutory tax rate and the Company’s effective tax rate for the year ended March 31, 2025 before the adoption of ASU 2023-09 are as follows (in thousands):
2025
Statutory federal tax$(1,991)21 %
State income taxes, net of federal benefit
952 -10 %
Incentive stock option expense(195)2 %
Other permanent differences(61)1 %
162M executive compensation limit5,001 -53 %
Change in valuation allowance - Federal(1,692)18 %
Prior year adjustments(122)1 %
Total income tax expense$1,892 -20 %