Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) for Income Taxes
The provision / (benefit) for income taxes by taxing jurisdiction was as follows:
Year ended March 31,
2021 2020 2019
Current state and local $ 204  $ 182  $ — 
Current non-U.S. 38  (55) (63)
Total current 242  127  (63)
Deferred U.S. federal (13,185) (7,928) — 
Deferred state and local (204) (2,624) — 
Deferred non-U.S. 120  50  532 
Total deferred (13,269) (10,502) 532 
Total income tax provision / (benefit) $ (13,027) $ (10,375) $ 469 
Reconciliation of Income Tax Expense Between Statutory U S Income Tax Rate With Actual Income Tax Provision
A reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision follows:
Year ended March 31,
2021 2020 2019
Statutory federal income taxes $ 8,819  $ 741  $ (1,163)
State income taxes, net of federal benefit (1,284) 144  — 
Non-deductible expenses 926  272  1,097 
Change in warrant liability —  2,012  1,024 
Change in Mobile Posse earn-out 3,238  —  — 
Excess deductions for stock compensation (16,523) (1,384) (47)
Change in uncertain tax liability 591  32  (5)
Change in valuation allowance (11,223) (12,262) (2,422)
Return-to-provision adjustments 2,243  —  2,411 
Other miscellaneous 186  70  (426)
Income tax provision / (benefit) $ (13,027) $ (10,375) $ 469 
Fiscal year 2020 and 2019 amounts recast for immaterial differences to match reported financial statements.
Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consist of the following:
Year ended March 31,
2021 2020 2019
Deferred income tax assets
Net operating loss carry-forward $ 25,630  $ 21,913  $ 23,471 
Stock-based compensation 1,675  3,775  3,996 
Other 3,887  2,284  1,228 
Gross deferred income tax assets 31,192  27,972  28,695 
Valuation allowance (5,287) (15,977) (27,972)
Net deferred income tax assets 25,905  11,995  723 
Deferred income tax liabilities
Depreciation and amortization (2,627) (1,648) (678)
Intangibles and goodwill (10,315) (10,356) — 
Other —  —  (5)
Net deferred income tax assets / (liabilities) $ 12,963  $ (9) $ 40 
Fiscal year 2020 amounts recast for immaterial differences to match reported financial statements.
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended March 31, 2021, 2020, and 2019 is as follows:
  2021 2020 2019
Balance at April 1 $ 787  $ 788  $ 838 
Additions for tax position of prior years 585  —  — 
Reductions for tax positions of prior years —  (1) (50)
Balance at March 31 $ 1,372  $ 787  $ 788