Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of income tax provision from domestic and foreign sources
           
    Year Ended March 31,  
    2024     2023  
Domestic   $ (364,000 )   $ (988,000 )
Foreign     (4,559,000 )     (4,194,000 )
Totals   $ (4,923,000 )   $ (5,182,000 )
Schedule of federal, state and foreign income tax provisions
           
    Year Ended March 31,  
    2024     2023  
Current:            
State   $ 2,000     $ 2,000  
                 
Deferred Foreign     (198,000 )     (35,000 )
Total income tax benefit   $ (196,000 )   $ (33,000 )
Schedule of reconciliation of federal income tax rate to effective rate
           
    Year Ended March 31,  
    2024     2023  
Expected federal statutory rate     21.0%       21.0%  
State income taxes     0.2%       0.8%  
Foreign earnings taxed at different rates     7.9%       6.5%  
Effect of permanent differences     (5.8% )     (7.5% )
Effect of intercompany interest permanent differences     (20.1% )     (16.1% )
True-up of state deferred assets     (1.5% )     1.3%  
Total effective rate     1.7%       6.0%  
Change in valuation allowance     2.3%       (5.4% )
Totals     4.0%       0.6%  
Schedule of deferred tax assets
           
    March 31,  
    2024     2023  
Deferred tax assets:                
Net operating loss carryforwards   $ 28,692,000     $ 28,558,000  
Research and development tax credit carryforwards     1,796,000       1,800,000  
Stock-based compensation     913,000       739,000  
Reserves and accruals     659,000       795,000  
Other deferred tax assets     52,000       20,000  
Lease liability     22,000       24,000  
Gross deferred tax assets   $ 32,134,000     $ 31,936,000  
                 
Less valuation allowance     (30,836,000 )     (30,809,000 )
                 
Total deferred tax assets   $ 1,298,000     $ 1,127,000  
                 
Deferred tax liabilities:                
Fixed assets     (10,000 )     (16,000 )
Prepaid expenses     (121,000 )     (138,000 )
Right of use asset     (22,000 )     (24,000 )
Gross deferred tax liabilities     (153,000 )     (178,000 )
Net deferred tax assets   $ 1,145,000     $ 949,000