Annual report pursuant to Section 13 and 15(d)

16. Income Taxes (Tables)

v3.20.2
16. Income Taxes (Tables)
12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets
    March 31,  
    2020     2019  
Deferred tax assets:                
Net operating loss carryforwards   $ 27,948,000     $ 28,118,000  
Research and development tax credit carryforwards     1,850,000       1,850,000  
Stock-based compensation     3,803,000       3,795,000  
Allowances and accruals     1,099,000       1,142,000  
Other deferred tax assets     731,000       252,000  
State income taxes     1,000       1,000  
Basis difference in assets     6,000       14,000  
Lease liability     226,000        
Gross deferred tax assets   $ 35,664,000     $ 35,172,000  
                 
Less valuation allowance     (35,297,000 )     (35,172,000 )
                 
Total deferred tax assets   $ 367,000     $  
                 
Deferred tax liabilities:                
Fixed assets     (5,000 )      
Prepaid expenses     (143,000 )      
Right of Use asset     (219,000 )      
Gross deferred tax liabilities     (367,000 )      
Net deferred tax assets   $     $  
Income tax provision domestic and foreign
  Year Ended March 31,  
    2020     2019  
Domestic   $ 1,425,000     $ 10,088,000  
Foreign     227,000       1,252,000  
    $ 1,652,000     $ 11,340,000  
Schedule of income tax expense
  Year Ended March 31,  
    2020     2019  
Current:            
State   $ 3,000     $ 2,000  
Foreign     118,000       456,000  
      121,000       458,000  
Deferred:                
Federal            
State            
Foreign            
    $ 121,000     $ 458,000  
Reconciliation of federal income tax rate to effective rate
    Year Ended March 31,  
    2020     2019  
Expected federal statutory rate     21.0%       21.08%  
State income taxes, net of federal benefit     11.0%       4.5%  
Research and development credit     0.0%       0.6%  
Foreign earnings taxed at different rates     0.6%       1.3%  
Effect of state net operating loss expiration     (0.1% )     (3.0% )
Effect of permanent differences     (14.0% )     (4.3% )
Effect of other foreign permanent differences     5.6%       (4.0%)  
True-up of state deferred assets     (19.9%     1.5%  
GILTI income     (1.4%      
      2.8%        17.6%  
Change in valuation allowance     (10.1%     21.6%  
Totals     (7.3% )     (4.0% )