Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Income tax expense (benefit) consists of the following for the years ended March 31, 2025 and 2024:

	(In thousands)
	Fiscal Year Ended March 31,
		2025		2024
Current:
U.S. federal	$	-	$	-
State & local		-		-
Foreign		-		-
Total current	$	-	$	-
Deferred:
U.S. federal	$	63	$	-
State & local		-		-
Foreign		-		-
Total deferred	$	63	$	-
Total tax provision (benefit)	$	63	$	-

Schedule of reconciliation of the U.S. statutory federal income tax rate to the Companys effective tax rate

The reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate for the years ended March 31, 2025 and 2024 were as follows:

	(In thousands)
	Fiscal Year Ended March 31,
		2025		Percentage			2024			Percentage
U.S. federal tax expense at the statutory rate	$	(1,741	)		21.00	%	$	(1,281	)		21.00	%
Increase (decrease) in income taxes resulting from:
State tax, net of federal benefit		(241	)		2.91	%		(226	)		3.71	%
Loss on dissenting shares		265			-3.20	%		-			0.00	%
Change in valuation allowance		1,138			-13.73	%		972			-15.94	%
Transaction costs		233			-2.81	%		-			0.00	%
Impact of other permanent differences		409			-4.93	%		535			-8.77	%
	$	63			-0.76	%	$	-			0.00	%

Schedule of deferred tax assets and liabilities

The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used of income tax purposes are reflected in deferred income taxes. Significant components of the Company's deferred tax assets as of March 31, 2025 and 2024 consist of the following:

	(In thousands)
	March 31, 2025			March 31, 2024
Unrealized fair value adjustment	$	-		$	4,162
Share based compensation		-			30
Federal and state net operating loss carryforward		16,692			9,816
Right of use liability		627			15
Other		86			50
Total deferred tax assets		17,405			14,073
Valuation allowance		(15,185	)		(14,047	)
Gross deferred tax assets		2,220			26
Right of use assets		(666	)		(15	)
Fixed assets		(5,109	)		-
Intangible assets		(604	)		-
Other		(147	)		(11	)
Gross deferred tax liabilities		(6,526	)		(26	)
Net deferred tax liabilities	$	(4,306	)	$	-