Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Summary of Reconciliation of Statutory Federal Rate and Effective Rate for Operations

A reconciliation of the statutory federal rate and the effective rate, for operations, is as follows for the years ended March 31, 2020 and March 31, 2019 (in thousands):

	March 31, 2020				March 31, 2019
Tax computed at federal statutory rate	$	(3,929	)	21%	$	(5,593	)	21.0%
State income tax, net of federal benefit		(714	)	3.8%		(884	)	3.3%
Executive compensation		—		0.0%		—		0.0%
Stock based compensation		893		-4.8%		871		-3.3%
Research credits		(421	)	2.2%		(1,033	)	3.9%
Change in tax rate		(193	)	1.0%		(380	)	1.4%
Removal of net operating losses and research development credits		5,091		-27.2%		4,171		-15.7%
Rate adjustment - tax law		—		0.0%		14		-0.1%
Other		70		-0.3%		2,795		-10.5%
Valuation allowance		(797	)	4.2%		39		-0.1%
Provision (benefit) for income taxes	$	—		0.0%	$	—		0.0%

Summary of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows as of March 31, 2020 and March 31, 2019 (in thousands):

	March 31, 2020			March 31, 2019
Deferred tax assets:
Net operating loss carry forwards	$	—		$	—
Research and development credits		—			—
Depreciation and amortization		5			28
Accrued expenses and reserves		173			886
Stock compensation		3,899			3,941
Other, net		1			20
Total deferred tax assets		4,078			4,875
Valuation allowance		(4,078	)		(4,875	)
	$	—		$	—