6. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2020

INCOME TAXES

Income (loss) before income taxes and provision for income taxes

	Year Ended March 31,
	2020		2019		2018
	(In thousands)
Income (loss) before income taxes:
U.S.	$	(8,574)	$	(5,487)	$	(3,654)
Foreign		(1,516)		5,755		(408)
	$	(10,090)	$	268	$	(4,062)
Current income tax expense (benefit):
U.S. federal	$	(39)	$	(28)	$	367
Foreign		274		121		153
State		1		1		1
		236		94		521
Deferred income tax expense (benefit):
U.S. federal		12		13		(90)
Foreign		—		—		22
State		(1)		(2)		—
		11		11		(68)
Provision for income taxes	$	247	$	105	$	453

Income tax reconciliation

	Year Ended March 31,
	2020		2019		2018
	(In thousands)
U.S. Federal taxes at statutory rate	$	(2,120)	$	56	$	(1,282)
State taxes, net of federal benefit		—		(2)		—
Deemed repatriation transfer tax		—		—		5,117
Deferred tax re-measurement, change in tax rates		—		—		1,093
Stock-based compensation		(58)		(124)		(124)
Tax credits		(494)		(536)		(417)
Foreign tax rate differential		593		117		390
Tax exempt interest		(16)		(4)		(8)
Non-deductible expenses and other		38		17		97
		(2,057)		(476)		4,866
Valuation allowance		2,304		581		(4,413)
	$	247	$	105	$	453

Deferred tax assets and deferred tax liabilities

	March 31,
	2020		2019
	(In thousands)
Deferred tax assets:
Tax credits	$	5,512	$	4,819
Net operating losses		1,245		113
Stock-based compensation		950		891
Property and equipment		731		138
Other reserves and accruals		976		776
Total deferred tax assets		9,414		6,737
Less valuation allowance		(9,389)		(6,700)
Deferred tax assets, net		25		37
Deferred tax liabilities:
Unrecognized gains		(32)		(2)
Total deferred tax liabilities		(32)		(2)
Net deferred tax asset (liability)	$	(7)	$	35

Unrecognized tax benefits

	Year Ended March 31,
	2020		2019		2018
	(In thousands)
Unrecognized tax benefits, beginning of period	$	3,102	$	2,735	$	2,714
Additions based on tax positions related to current year		394		371		520
Additions based on tax positions related to prior years		—		13		—
2017 Tax Act and tax rate re-measurement		—		—		(499)
Reductions based on tax positions related to prior years		(158)		(17)		—
Lapses during the current year applicable to statutes of limitations		(17)		—		—
Unrecognized tax benefits, end of period	$	3,321	$	3,102	$	2,735