INCOME TAXES

6 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 16 – INCOME TAXES

The income tax provision effective tax rates were 35.0% and 46.0% for the three and six months ended September 30, 2022 and 0.0% and 0.0% for the three and six months ended September 30, 2021, respectively. During the three and six months ended September 30, 2022, the effective tax rate differed from the U.S. federal statutory rate primarily due to state income taxes. For the three and six months ended September 30, 2021 the effective tax rate differed from the U.S. federal statutory rate due to our valuation. The effective tax rates increased during the three and six months ended September 30, 2022 compared to the prior year period due to the removal of our valuation allowance.

The Company has never had an Internal Revenue Service audit; therefore, the tax periods ended December 31, 2016, December 31, 2017, and March 31, 2018, 2019, 2020, 2021, and 2022 are subject to audit.