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 Taxes  
Schedule of loss before provision for income taxes

Loss before provision for income taxes consisted of the following for the years ended March 31, 2022 and 2021 (in thousands):

​

​

​

​

​

​

​

​

​

​

Year Ended March 31,

 

​

    

2022

    

2021

 

United States

​

$

(20,232)

​

$

(18,388)

​

Foreign

    

 

40

    

 

20

​

Loss before provision for income taxes

​

$

(20,192)

​

$

(18,368)

​

Schedule of reconciliation of income tax (benefit) expense to the federal statutory rate A reconciliation of income tax (benefit) expense to the federal statutory rate follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

Year Ended March 31,

 

​

    

2022

    

2021

 

Federal income tax benefit at the statutory rate

​

$

(4,240)

​

$

(3,857)

​

State taxes, net of federal effect

    

 

(601)

    

 

(311)

​

Foreign taxes

​

 

5

​

 

9

​

Expiring NOLs and tax credits

​

​

11,028

​

​

14,086

​

Impact of state rate change

​

 

(263)

​

 

160

​

Valuation allowance

​

 

(5,997)

​

 

(10,154)

​

Shortfall in tax benefit—stock compensation

​

 

75

​

 

87

​

True-up

​

​

(4)

​

​

(2)

​

Other

​

 

16

​

 

1

​

Income tax expense

​

$

19

​

$

19

​

Schedule of the Company's deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

Year Ended March 31,

 

​

    

2022

    

2021

 

Federal income tax benefit at the statutory rate

​

$

(4,240)

​

$

(3,857)

​

State taxes, net of federal effect

    

 

(601)

    

 

(311)

​

Foreign taxes

​

 

5

​

 

9

​

Expiring NOLs and tax credits

​

​

11,028

​

​

14,086

​

Impact of state rate change

​

 

(263)

​

 

160

​

Valuation allowance

​

 

(5,997)

​

 

(10,154)

​

Shortfall in tax benefit—stock compensation

​

 

75

​

 

87

​

True-up

​

​

(4)

​

​

(2)

​

Other

​

 

16

​

 

1

​

Income tax expense

​

$

19

​

$

19

​

​

The Company’s deferred tax assets and liabilities consisted of the following at March 31, 2022 and 2021 (in thousands):

​

​

​

​

​

​

​

​

​

    

Year Ended March 31,

​

​

2022

    

2021

Deferred tax assets:

​

​

​

​

​

​

Inventories

​

$

1,438

​

$

889

Warranty reserve

​

 

350

​

 

1,357

Bad debt reserve

​

​

199

​

​

58

Deferred revenue

​

 

1,708

​

 

1,434

Net operating loss (“NOL”) carryforwards

​

 

131,395

​

 

135,895

Tax credit carryforwards

​

 

13,370

​

 

13,988

Depreciation, amortization and impairment loss

​

 

—

​

 

1,237

Lease liability

​

 

1,464

​

 

1,146

Interest limitation

​

 

4,655

​

 

3,735

Other

​

 

1,094

​

 

1,032

Deferred tax assets

​

 

155,673

​

 

160,771

Valuation allowance for deferred tax assets

​

 

(153,673)

​

 

(159,671)

Deferred tax assets, net of valuation allowance

​

 

2,000

​

 

1,100

Deferred tax liabilities:

​

​

​

​

​

​

Depreciation, amortization and impairment loss

​

 

(594)

​

 

—

Right of use assets

​

 

(1,406)

​

 

(1,100)

Net deferred tax assets

​

$

—

​

$

—

Schedule of the Company's NOL and tax credit carry forwards for federal and state income tax purposes

The Company’s NOL and tax credit carryforwards for federal and state income tax purposes at March 31, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Expiration

​

​

    

Amount

    

Period

 

Federal NOL generated before April 1, 2018

​

$

494,213

 

2022 - 2038

​

Federal NOL generated after March 31, 2018

​

$

72,330

 

Indefinite

​

State NOL

​

$

177,187

 

2025 - 2039

​

Federal tax credit carryforwards

​

$

5,713

 

2022 - 2038

​

State tax credit carryforwards

​

$

9,692

 

Indefinite

​

Schedule of reconciliation of the beginning and ending amount of total gross unrecognized tax benefits A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows (in thousands):

​

​

​

​

​

​

Balance at March 31, 2020

​

$

2,272

​

Gross increase related to prior year tax positions

​

 

—

​

Gross increase related to current year tax positions

​

 

—

​

Lapse of statute of limitations

​

 

(326)

​

Balance at March 31, 2021

​

$

1,946

​

Gross increase related to prior year tax positions

​

 

—

​

Gross increase related to current year tax positions

​

 

—

​

Lapse of statute of limitations

​

 

(48)

​

Balance at March 31, 2022

​

$

1,898

​