Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets
               
    March 31,  
    2022     2021  
Deferred tax assets:                
Net operating loss carryforwards   $ 28,224,000     $ 25,687,000  
Research and development tax credit carryforwards     1,850,000       1,850,000  
Stock-based compensation     309,000       3,120,000  
Allowances and accruals     1,336,000       659,000  
Other deferred tax assets           398,000  
Lease liability     63,000       78,000  
Gross deferred tax assets   $ 31,782,000     $ 31,792,000  
                 
Less valuation allowance     (30,613,000 )     (31,528,000 )
                 
Total deferred tax assets   $ 1,169,000     $ 264,000  
                 
Deferred tax liabilities:                
Fixed assets     (17,000 )     (3,000 )
Prepaid expenses     (260,000 )     (186,000 )
Right of Use asset     (63,000 )     (75,000 )
Gross deferred tax liabilities     (340,000 )     (264,000 )
Net deferred tax assets   $ 829,000     $  
Income tax provision domestic and foreign
               
    Year Ended March 31,  
    2022     2021  
Domestic   $ (3,516,000)     $ (2,052,000)  
Foreign     (1,883,000)       (1,467,000)  
    $ (5,399,000)     $ (3,519,000)  
Schedule of income tax expense
               
    Year Ended March 31,  
    2022     2021  
Current:            
State   $ 8,000     $ 1,000  
Foreign     469,000       941,000  
Current Income Tax Expense     477,000       942,000  
Deferred:                
Federal            
State            
Foreign     (809,000)        
Total deferred income tax   $ (332,000)     $ 942,000  
Reconciliation of federal income tax rate to effective rate
               
    Year Ended March 31,  
    2022     2021  
Expected federal statutory rate     21.0%       21.0%  
State income taxes     5.7%       2.1%  
Foreign earnings taxed at different rates     3.7%       3.6%  
Foreign tax true-up           (12.4% )
Effect of permanent differences     (3.0% )     (9.5% )
Effect of intercompany interest permanent differences     (12.3% )     (17.9% )
True-up of state deferred assets     (25.6% )     (120.7% )
Total effective rate     (10.5% )     (133.8% )
Change in valuation allowance     16.7%       107.1%  
Totals     (6.2% )     (26.7% )