Income Taxes (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
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, 2021 and 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
|
2021
|
|
2020
|
|
United States
|
|
$
|
(18,388)
|
|
$
|
(21,920)
|
|
Foreign
|
|
|
20
|
|
|
34
|
|
Loss before provision for income taxes
|
|
$
|
(18,368)
|
|
$
|
(21,886)
|
|
|
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,
|
|
|
|
2021
|
|
2020
|
|
Federal income tax benefit at the statutory rate
|
|
$
|
(3,857)
|
|
$
|
(4,596)
|
|
State taxes, net of federal effect
|
|
|
(311)
|
|
|
(248)
|
|
Foreign taxes
|
|
|
9
|
|
|
2
|
|
Expiring NOLs and tax credits
|
|
|
14,086
|
|
|
6,273
|
|
Impact of state rate change
|
|
|
160
|
|
|
24
|
|
Valuation allowance
|
|
|
(10,154)
|
|
|
(1,792)
|
|
Shortfall in tax benefit—stock compensation
|
|
|
87
|
|
|
321
|
|
True-up
|
|
|
(2)
|
|
|
(2)
|
|
Other
|
|
|
1
|
|
|
30
|
|
Income tax expense
|
|
$
|
19
|
|
$
|
12
|
|
|
Schedule of the Company's deferred tax assets and liabilities |
The Company’s deferred tax assets and liabilities consisted of the following at March 31, 2021 and 2020 (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
2021
|
|
2020
|
Deferred tax assets:
|
|
|
|
|
|
|
Inventories
|
|
$
|
889
|
|
$
|
1,536
|
Warranty reserve
|
|
|
1,357
|
|
|
454
|
Bad debt reserve
|
|
|
58
|
|
|
139
|
Deferred revenue
|
|
|
1,434
|
|
|
1,684
|
Net operating loss (“NOL”) carryforwards
|
|
|
135,895
|
|
|
146,503
|
Tax credit carryforwards
|
|
|
13,988
|
|
|
15,227
|
Depreciation, amortization and impairment loss
|
|
|
1,237
|
|
|
1,652
|
Lease liability
|
|
|
1,146
|
|
|
1,263
|
Interest limitation
|
|
|
3,735
|
|
|
1,570
|
Other
|
|
|
1,032
|
|
|
998
|
Deferred tax assets
|
|
|
160,771
|
|
|
171,026
|
Valuation allowance for deferred tax assets
|
|
|
(159,671)
|
|
|
(169,825)
|
Deferred tax assets, net of valuation allowance
|
|
|
1,100
|
|
|
1,201
|
Deferred tax liabilities:
|
|
|
|
|
|
|
Right of use assets
|
|
|
(1,100)
|
|
|
(1,201)
|
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, 2021 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
|
|
Amount
|
|
Period
|
|
Federal NOL generated before April 1, 2018
|
|
$
|
543,781
|
|
2022 - 2038
|
|
Federal NOL generated after March 31, 2018
|
|
$
|
48,899
|
|
Indefinite
|
|
State NOL
|
|
$
|
162,967
|
|
2022 - 2039
|
|
Federal tax credit carryforwards
|
|
$
|
6,331
|
|
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, 2019
|
|
$
|
2,390
|
|
Gross increase related to prior year tax positions
|
|
|
—
|
|
Gross increase related to current year tax positions
|
|
|
—
|
|
Lapse of statute of limitations
|
|
|
(118)
|
|
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
|
|
|