Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of income tax provision from domestic and foreign sources
           
    Year Ended March 31,  
    2025     2024  
Domestic   $ (161,000 )   $ (364,000 )
Foreign     (2,749,000 )     (4,559,000 )
Totals   $ (2,910,000 )   $ (4,923,000 )
Schedule of federal, state and foreign income tax provisions
           
    Year Ended March 31,  
    2025     2024  
Current:            
State   $ (2,000 )   $ (2,000 )
                 
Deferred:                
Foreign     (548,000 )     198,000  
Total income tax (expense) benefit   $ (550,000 )   $ 196,000  
Schedule of reconciliation of federal income tax rate to effective rate
           
    Year Ended March 31,  
    2025     2024  
Expected federal statutory rate     21.0%       21.0%  
State income taxes, net of federal benefit     0.1%       0.2%  
Foreign earnings taxed at different rates     6.7%       7.9%  
Effect of permanent differences     (7.4% )     (5.8% )
Effect of intercompany interest permanent differences     (30.2% )     (20.1% )
True-up of state deferred assets     (68.4%     (1.5% )
Total effective rate     (78.2% )     1.7%  
Change in valuation allowance     (59.3% )     2.3%  
Totals     (18.9% )     4.0%  
Schedule of deferred tax assets
           
    March 31,  
    2025     2024  
Deferred tax assets:                
Net operating loss carryforwards   $ 26,456,000     $ 28,692,000  
Research and development tax credit carryforwards     1,749,000       1,796,000  
Stock-based compensation     879,000       913,000  
Reserves and accruals     618,000       659,000  
Other deferred tax assets     41,000       52,000  
Lease liability     10,000       22,000  
Gross deferred tax assets     29,753,000       32,134,000  
                 
Less valuation allowance     (29,062,000 )     (30,836,000 )
                 
Total deferred tax assets   $ 691,000     $ 1,298,000  
                 
Deferred tax liabilities:                
Fixed assets     (6,000 )     (10,000 )
Prepaid expenses     (86,000 )     (121,000 )
Right of use asset     (10,000 )     (22,000 )
Gross deferred tax liabilities     (102,000 )     (153,000 )
Net deferred tax assets   $ 589,000     $ 1,145,000