Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):

	March 31,
	2025		2024
Deferred tax assets:
Accrued sales tax liability	$	5,101	$	5,126
Other accrued expenses	200		225
Deferred stock compensation	425		680
Deferred revenue	—		31
Bad debt and inventory reserves	227		440
Capitalized research and development costs	3,201		317
Lease liabilities	250		375
Net operating loss carryforward	3,431		3,001
Total deferred tax assets	12,835		10,195
Deferred tax liabilities:
Tax accounting method change	(349)		(541)
Intangible assets	(1,921)		(2,627)
Property and equipment	(3,181)		(1,041)
Right of use assets	(242)		(376)
Total deferred tax liabilities	(5,693)		(4,585)
Valuation allowance	(7,405)		(624)
Total net deferred tax (liability) asset	$	(263)	$	4,986

Schedule of Income before Income Tax, Domestic and Foreign

Outlined below are the tax attributes acquired and the balances remaining as of March 31, 2025 and March 31, 2024 (in thousands).

PetCareRx Tax Attributes Acquired	Total		Sec. 382 limited utilization		Attributes for which a deferred tax asset is recorded		Expiration
Federal net operating losses - limited carryover	$	85,454	$	83,300	$	2,154	Beginning in FY 2024
Federal net operating losses - unlimited carryover	$	10,501	$	—	$	10,501	None
Disallowed business interest expense carryover	$	1,855	$	—	$	1,855	None
State net operating losses	$	11,040	$	2,066	$	8,974	Beginning in FY 2026

Tax Attributes as of March 31, 2024	Total		Sec. 382 limited utilization		Attributes for which a deferred tax asset is recorded		Expiration
Federal net operating losses - limited carryover	$	84,114	$	83,300	$	814	Beginning in FY 2025
Federal net operating losses - unlimited carryover	$	10,501	$	—	$	10,501	None
Disallowed business interest expense carryover	$	—	$	—	$	—	None
State net operating losses	$	11,040	$	2,066	$	8,974	Beginning in FY 2026

Tax Attributes as of March 31, 2025	Total		Sec. 382 limited utilization		Attributes for which a deferred tax asset is recorded		Expiration
Federal net operating losses - limited carryover	$	77,052	$	76,238	$	814	Beginning in FY 2026
Federal net operating losses - unlimited carryover	$	12,739	$	—	$	12,739	None
Disallowed business interest expense carryover	$	—	$	—	$	—	None
State net operating losses	$	11,884	$	832	$	11,052	Beginning in FY 2026

Summary of Valuation Allowance

Changes in the valuation allowance were as follows:

	Year Ended March 31,
	2025		2024		2023
Valuation allowance at beginning of year	(624)		—		—
Increases recorded	(6,781)		(624)		—
Valuation allowance at end of year	$	(7,405)	$	(624)	—

Schedule of Components of Income Tax Provision

The components of the income tax provision consist of the following (in thousands):

	Year Ended March 31,
	2025		2024		2023
Current taxes
Federal	$	343	$	490	$	2,622
State	93		408		1,312
Total current income tax provision	436		898		3,934
Deferred income tax provision (benefit)
Federal	4,448		412		(453)
State	800		(119)		(1,176)
Total deferred taxes	5,248		293		(1,629)
Total income tax provision	$	5,684	$	1,191	$	2,305

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):

	Year Ended March 31,
	2025		2024		2023
Income taxes at federal statutory rates	$	(123)	$	(1,317)	$	1,563
State income taxes, net of federal tax benefit	(264)		304		107
Non-deductible executive compensation	(1,771)		1,771		—
Other permanent differences	(56)		105		340
Restricted stock shortfall adjustment	373		281		171
Deferred tax adjustments	369		47		—
Taxes payable adjustments	363		—		—
Valuation allowance	6,781		—		—
Other	12		—		124
Total income tax provision	$	5,684	$	1,191	$	2,305

The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows:

	Year Ended March 31,
	2025		2024		2023
Federal rate on income before taxes	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	45.0	%	(4.9)	%	1.4	%
Non-deductible executive compensation	301.7	%	(28.2)	%	—	%
Other permanent differences	9.5	%	(1.7)	%	4.6	%
Restricted stock shortfall adjustment	(63.5)	%	(4.4)	%	2.3	%
Deferred tax adjustments	(62.9)	%	(0.8)	%	—	%
Taxes payable adjustments	(61.9)	%	—	%	—	%
Valuation allowance	(1155.2)	%	—	%	—	%
Other	(2.0)	%	—	%	1.7	%
Total effective tax rate	(968.3)	%	(19.0)	%	31.0	%