INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

INCOME TAXES

Schedule of income (loss) from continuing operations by location

	2021		2020
U.S. operations	$	435,534	$	(403,419)
Foreign operations		(10,033)		(11,191)
Income (loss) before income taxes		425,511		(414,610)
Income tax provision (benefit)		104,880		(73,041)
Net income (loss)	$	320,631	$	(341,569)

Schedule of components of income tax benefit

	2021		2020
Current:
Federal		(76,185)		—
State		—		—
Total Current	$	(76,185)	$	—
Deferred:
Federal		148,151		(26,328)
State		32,914		(46,713)
Total Deferred	$	181,065	$	(73,041)
Income tax provision (benefit)	$	104,880	$	(73,041)

Schedule of reconciliation between federal statutory income tax rate and effective income tax rate

	2021			2020
U.S. statutory income tax	$	89,358		$	(87,068)
State income tax, net of federal benefit		11,366			(35,969)
Change in state NOL, net of federal benefit		(10,487)			31,208
Stock-based compensation		(4,830)			(17,587)
Change in valuation allowance		20,484			9,340
Global intangible income tax		—			28,045
Other		(1,011)			(1,010)
Provision (benefit) for income taxes	$	104,880		$	(73,041)
Effective tax rate*		24.6	%		17.6	%

*Effective tax rate is calculated by dividing the income tax provision by income (loss) before income taxes.

Summary of the components of deferred income tax assets and liabilities

	2021		2020
Deferred tax assets:
Net operating loss carryforward	$	3,571,600	$	3,704,185
Compensation		347,742		341,900
Stock based compensation awards		238,120		213,854
Other items not currently deductible		189,728		88,090
Depreciation		38,490		68,486
AMT tax credits		—		76,186
Total deferred tax assets		4,385,680		4,492,701
Valuation allowance		(1,731,100)		(1,710,616)
Net deferred tax assets		2,654,580		2,782,085
Deferred tax liabilities:
Contract accounting methods		(720,165)		(666,605)
Total deferred tax liabilities		(720,165)		(666,605)
Deferred taxes, net	$	1,934,415	$	2,115,480

Summary of carryforwards of net operating losses

			Begins to
	Amount		Expire:
Federal net operating losses	$	7,296,383	2026
State net operating losses	$	27,187,363	2032