OUTDOOR HOLDING CO, 10-Q filed on 2/9/2026
Quarterly Report
v3.25.4
Cover - shares
 9 Months Ended
Dec. 31, 2025
Feb. 04, 2026
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Dec. 31, 2025  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --03-31  
Entity File Number 001-13101  
Entity Registrant Name Outdoor Holding Company  
Entity Central Index Key 0001015383  
Entity Tax Identification Number 30-0957912  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 1100 Circle 75 Pkwy  
Entity Address, Address Line Two Suite 1300  
Entity Address, City or Town Atlanta  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30339  
City Area Code (480)  
Local Phone Number 947-0001  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   117,288,722
Common Stock, $0.001 par value    
Title of 12(b) Security Common Stock, $0.001 par value  
Trading Symbol POWW  
Security Exchange Name NASDAQ  
8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value    
Title of 12(b) Security 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value  
Trading Symbol POWWP  
Security Exchange Name NASDAQ  
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Current Assets:    
Cash and cash equivalents $ 69,857,730 $ 30,227,796
Accounts receivable, net 9,169,620 10,189,011
Prepaid expenses and other current assets 3,491,194 1,233,611
Current assets - discontinued operations 30,497,720
Total Current Assets 82,518,544 72,148,138
Equipment, net 6,919,523 6,477,684
Other Assets:    
Deposits 240,942 83,278
Intangible assets, net 89,922,549 98,891,767
Goodwill 90,870,094 90,870,094
Right of use assets - operating leases 1,181,619 1,466,026
Noncurrent assets - discontinued operations 27,392,642
TOTAL ASSETS 271,653,271 297,329,629
Current Liabilities:    
Accounts payable 15,365,812 18,079,577
Accrued liabilities 4,568,422 37,413,636
Current portion of operating lease liability 498,322 519,522
Current liabilities - discontinued operations 6,080,182
Total Current Liabilities 20,652,556 62,092,917
Long-term Liabilities:    
Income tax payable 1,609,520 1,609,520
Operating lease liability, net of current portion 753,754 1,035,813
Other noncurrent liabilities 1,604,167
Noncurrent liabilities - discontinued operations 10,564,816
Total Liabilities 34,385,362 75,303,066
Contingencies (Note 14)
Shareholders' Equity:    
Series A cumulative perpetual preferred stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of December 31, 2025 and March 31, 2025 1,400 1,400
Common stock, $0.001 par value, 200,000,000 shares authorized; 119,218,625 and 118,744,093 shares issued and 117,288,753 and 116,814,190 shares outstanding at December 31, 2025 and March 31, 2025, respectively 117,291 116,816
Additional paid-in capital 454,688,270 434,335,782
Accumulated deficit (208,973,651) (203,862,034)
Treasury stock (8,565,401) (8,565,401)
Total Shareholders’ Equity 237,267,909 222,026,563
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 271,653,271 297,329,629
Other Intangible Assets [Member]    
Other Assets:    
Intangible assets, net 89,922,549 98,891,767
Related Party [Member]    
Current Liabilities:    
Notes payable - related parties, current maturities 220,000
Long-term Liabilities:    
Notes payable - related parties, net of $2,014,636 of debt discounts as of December 31, 2025 $ 9,765,365
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Statement of Financial Position [Abstract]    
Debt discounts $ 2,014,636  
Preferred stock, dividend rate percentage 8.75% 8.75%
Preferred stock, stated value per share $ 25 $ 25
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares issued 1,400,000 1,400,000
Preferred stock, shares outstanding 1,400,000 1,400,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 119,218,625 118,744,093
Common stock, shares outstanding 117,288,753 116,814,190
v3.25.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Net revenues $ 13,394,465 $ 12,521,867 $ 37,236,005 $ 36,786,879
Cost of revenues 1,730,755 1,571,771 4,796,238 4,885,872
Gross Profit 11,663,710 10,950,096 32,439,767 31,901,007
Operating Expenses        
Selling and marketing 20,834 35,114 148,774 240,369
Corporate general and administrative 3,191,197 24,137,454 13,368,667 40,894,324
Employee salaries and related expenses 2,852,174 3,877,710 11,540,860 13,406,196
Depreciation and amortization expense 3,633,722 3,410,758 10,719,334 10,132,037
Total operating expenses 9,697,927 31,461,036 35,777,635 64,672,926
Income (loss) from Operations 1,965,783 (20,510,940) (3,337,868) (32,771,919)
Other Income (Expense)        
Other income 510,332 161,705 1,832,150 616,790
Gain on the extinguishment of debt 801,894
Interest expense (245,865) (45,480) (1,523,791) (136,402)
Total other income 264,467 116,225 1,110,253 480,388
Income (loss) before income taxes from continuing operations 2,230,250 (20,394,715) (2,227,615) (32,291,531)
Provision for income taxes 5,968,414
Net income (loss) from continuing operations 2,230,250 (20,394,715) (2,227,615) (38,259,945)
Preferred stock dividend (765,625) (782,640) (2,288,368) (2,339,411)
Net income (loss) before discontinued operations 1,464,625 (21,177,355) (4,515,983) (40,599,356)
Loss from discontinued operations, net of tax 0 (5,734,067) (595,634) [1] (15,056,925)
Net income (loss) attributable to common stockholders $ 1,464,625 $ (26,911,422) $ (5,111,617) $ (55,656,281)
Basic income (loss) per share of common stock:        
Continuing operations $ 0.01 $ (0.18) $ (0.04) $ (0.34)
Discontinued operations 0 (0.05) (0) (0.13)
Total basic income (loss) per share of common stock 0.01 (0.23) (0.04) (0.47)
Diluted income (loss) per share of common stock:        
Continuing operations 0.01 (0.18) (0.04) (0.34)
Discontinued operations 0 (0.05) (0) (0.13)
Total diluted income (loss) per share of common stock $ 0.01 $ (0.23) $ (0.04) $ (0.47)
Weighted average number of shares outstanding        
Basic 117,201,724 116,214,522 117,051,997 118,012,373
Diluted 122,878,441 116,214,522 117,051,997 118,012,373
[1] Reflects results from April 1, 2025 through April 18, 2025 only.
v3.25.4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated (Deficit)
Treasury Stock, Common [Member]
Balance at Mar. 31, 2024 $ 358,049,851 $ 1,400 $ 119,181 $ 430,525,824 $ (69,923,398) $ (2,673,156)
Balance, shares at Mar. 31, 2024   1,400,000 119,181,067      
Stock-based compensation 1,436,038 $ 361 1,435,677
Stock-based compensation, shares     360,833      
Repurchase of common shares (366,165) [1] $ (206) [1] (365,959) [1]
Repurchase of common shares, shares [1]     (205,704)      
Preferred stock dividends (638,022) (638,022)
Dividends accumulated on preferred stock (136,111) (136,111)
Net income (loss) (14,759,975) (14,759,975)
Treasury shares purchased (1,095,680) $ (579) (1,095,101)
Treasury shares purchased, shares     (579,463)      
Balance at Jun. 30, 2024 342,489,936 $ 1,400 $ 118,757 431,595,542 (85,457,506) (3,768,257)
Balance, shares at Jun. 30, 2024   1,400,000 118,756,733      
Balance at Mar. 31, 2024 358,049,851 $ 1,400 $ 119,181 430,525,824 (69,923,398) (2,673,156)
Balance, shares at Mar. 31, 2024   1,400,000 119,181,067      
Net income (loss) (53,316,870)          
Balance at Dec. 31, 2024 299,619,610 $ 1,400 $ 116,508 433,646,783 (125,579,680) (8,565,401)
Balance, shares at Dec. 31, 2024   1,400,000 116,507,843      
Balance at Jun. 30, 2024 342,489,936 $ 1,400 $ 118,757 431,595,542 (85,457,506) (3,768,257)
Balance, shares at Jun. 30, 2024   1,400,000 118,756,733      
Stock-based compensation 1,186,994   $ 370 1,186,624
Stock-based compensation, shares     369,583      
Repurchase of common shares (94,498) [1] $ (66) [1] (94,432) [1]
Repurchase of common shares, shares [1]     (66,082)      
Preferred stock dividends (646,529) (646,529)
Dividends accumulated on preferred stock (136,111) (136,111)
Net income (loss) (12,428,113) (12,428,113)
Treasury shares purchased (4,800,002) $ (2,858) (4,797,144)
Treasury shares purchased, shares     (2,857,143)      
Balance at Sep. 30, 2024 325,571,677 $ 1,400 $ 116,203 432,687,734 (98,668,259) (8,565,401)
Balance, shares at Sep. 30, 2024   1,400,000 116,203,091      
Stock-based compensation 1,040,414   $ 366 1,040,048
Stock-based compensation, shares     365,833      
Repurchase of common shares (81,060) [1] $ (61) [1] (80,999) [1]
Repurchase of common shares, shares [1]     (61,081)      
Preferred stock dividends (638,021) (638,021)
Preferred stock dividends, shares          
Dividends accumulated on preferred stock (144,618) (144,618)
Net income (loss) (26,128,782) (26,128,782)
Balance at Dec. 31, 2024 299,619,610 $ 1,400 $ 116,508 433,646,783 (125,579,680) (8,565,401)
Balance, shares at Dec. 31, 2024   1,400,000 116,507,843      
Balance at Mar. 31, 2025 222,026,563 $ 1,400 $ 116,816 434,335,782 (203,862,034) (8,565,401)
Balance, shares at Mar. 31, 2025   1,400,000 116,814,190      
Stock-based compensation 787,826 $ 427 787,399
Stock-based compensation, shares     426,248      
Warrants issued for legal settlement 7,094,926     7,094,926    
Repurchase of common shares (171,200) [1] $ (130) [1] (171,070) [1]
Repurchase of common shares, shares [1]     (129,611)      
Preferred stock dividends (638,022) (638,022)
Dividends accumulated on preferred stock (136,111) (136,111)
Net income (loss) (6,458,327) (6,458,327)
Balance at Jun. 30, 2025 222,505,655 $ 1,400 $ 117,113 442,047,037 (211,094,494) (8,565,401)
Balance, shares at Jun. 30, 2025   1,400,000 117,110,827      
Balance at Mar. 31, 2025 222,026,563 $ 1,400 $ 116,816 434,335,782 (203,862,034) (8,565,401)
Balance, shares at Mar. 31, 2025   1,400,000 116,814,190      
Net income (loss) (2,823,249)          
Balance at Dec. 31, 2025 237,267,909 $ 1,400 $ 117,291 454,688,270 (208,973,651) (8,565,401)
Balance, shares at Dec. 31, 2025   1,400,000 117,288,753      
Balance at Jun. 30, 2025 222,505,655 $ 1,400 $ 117,113 442,047,037 (211,094,494) (8,565,401)
Balance, shares at Jun. 30, 2025   1,400,000 117,110,827      
Warrant issued for extinguishment of debt 12,253,800     12,253,800    
Preferred stock dividends (621,008) (621,008)
Dividends accumulated on preferred stock (127,603) (127,603)
Net income (loss) 1,404,828 1,404,828
Balance at Sep. 30, 2025 235,415,672 $ 1,400 $ 117,113 454,300,837 (210,438,277) (8,565,401)
Balance, shares at Sep. 30, 2025   1,400,000 117,110,827      
Employee stock awards 469,636 $ 224 469,412    
Employee stock awards, shares     223,750      
Repurchase of common shares (82,025) [1]   $ (46) [1] (81,979) [1]
Repurchase of common shares, shares [1]     (45,824)      
Preferred stock dividends (638,021) (638,021)
Dividends accumulated on preferred stock (127,603) (127,603)
Net income (loss) 2,230,250 2,230,250
Balance at Dec. 31, 2025 $ 237,267,909 $ 1,400 $ 117,291 $ 454,688,270 $ (208,973,651) $ (8,565,401)
Balance, shares at Dec. 31, 2025   1,400,000 117,288,753      
[1] The Company acquired shares of common stock tendered by employees to satisfy the tax withholding obligations related to the vesting of such shares.
v3.25.4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities:    
Net Loss $ (2,823,249) $ (53,316,870)
Loss from discontinued operations, net of tax (595,634) [1] (15,056,925)
Net loss from continuing operations (2,227,615) (38,259,945)
Adjustments to reconcile net loss to net cash provided by/(used in) operations:    
Depreciation and amortization 10,719,334 10,132,037
Debt discount amortization 543,652
Stock-based compensation 1,257,461 3,663,446
Loss on disposal of assets 43,671
Allowance for credit losses 1,001,656 517,405
Reduction in right of use asset 393,148 411,222
Gain on sale of equity investment (382,735)
Gain on extinguishment of debt (801,894)
Valuation allowance 17,432,547
Deferred income taxes (14,585,979)
Changes in current assets and liabilities    
Accounts receivable 17,735 483,544
Prepaid expenses (3,276,451) 1,685,810
Deposits (157,664)
Accounts payable (2,713,765) 2,843,171
Accrued liabilities (3,380,485) 12,548,308
Other noncurrent liabilities 1,604,167
Operating lease liability (412,000) (408,570)
Net cash provided by/(used in) operating activities 2,228,215 (3,537,004)
Cash flow from investing activities:    
Sale of ammunition business assets 42,946,905
Proceeds from the sale of equity investments 542,831
Purchase of property and equipment (2,235,625) (2,591,565)
Net cash provided by/(used in) investing activities 41,254,111 (2,591,565)
Cash flow from financing activities:    
Payments on insurance premium note (2,169,435)
Preferred stock dividends paid (2,160,764) (2,194,793)
Repurchase of common shares (253,225) (541,720)
Common stock repurchase plan (5,895,682)
Net cash used in financing activities (2,413,989) (10,801,630)
Cash flow from discontinued operations    
Net cash used in operating activities of discontinued operations (1,478,416) (5,082,442)
Net cash provided by/(used in) investing activities of discontinued operations 40,013 (1,468,915)
Net cash used in financing activities of discontinued operations 0 (183,195)
Net cash used in discontinued operations (1,438,403) (6,734,552)
Net increase/(decrease) in cash 39,629,934 (23,664,751)
Cash, beginning of period 30,227,796 55,586,441
Cash, end of period 69,857,730 31,921,690
Cash paid during the period for:    
Interest 166,107 136,402
Income taxes
Non-cash investing and financing activities:    
Insurance premium note payment 2,402,436
Issuance of notes payable - related party in DE Litigation settlement 51,000,000
Discount on notes payable - related party in DE Litigation settlement (28,891,590)
Warrant issued for legal settlement - related party in DE Litigation settlement 7,094,926
Warrant issued to extinguish debt 12,253,800
Dividends accumulated on preferred stock 127,603 144,618
Operating lease assets obtained in exchange for new lease liabilities $ 108,741
[1] Reflects results from April 1, 2025 through April 18, 2025 only.
v3.25.4
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 2,230,250 $ 1,404,828 $ (6,458,327) $ (26,128,782) $ (12,428,113) $ (14,759,975) $ (2,823,249) $ (53,316,870)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
ORGANIZATION AND BUSINESS ACTIVITY
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BUSINESS ACTIVITY

NOTE 1 – ORGANIZATION AND BUSINESS ACTIVITY

Outdoor Holding Company ("Outdoor Holding," "we," "us," "our" or the "Company") began its operations in 2017 as a producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business ("GunBroker") in 2021, we conducted operations through two operating and reportable segments: Ammunition segment and Marketplace segment. The Ammunition segment engaged in the design, production and marketing of ammunition, ammunition components and related products. The Marketplace segment consists of the GunBroker e-commerce marketplace (“Marketplace”), which, in its role as a marketplace site, supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. In addition, GunBroker helps provide the outdoors community with a state and federal compliant solution that connects buyers with sellers across the United States with local federally-licensed firearm dealers.

Prior to the sale of the Ammunition Manufacturing Business (as defined in Note 4) in April 2025 (see “Discontinued Operations and Assets Held for Sale” under Note 4), our Ammunition segment manufactured small arms ammunition and their components for the commercial, military, and law enforcement communities. Our manufacturing operations were based out of Manitowoc, Wisconsin. We emphasized an American heritage by using predominantly American-made components and raw materials in our products that were produced, inspected, and packaged at our facility in Manitowoc. Following the sale of the Ammunition Manufacturing Business, the Company continues to operate its online Marketplace business.

The Company changed its name from AMMO, Inc. to Outdoor Holding Company on April 21, 2025.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Outdoor Holding Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

Accounting Basis

The accompanying unaudited condensed consolidated financial statements and related disclosures included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, in the opinion of management, reflect all adjustments, which consist solely of normal recurring adjustments, needed to fairly present the financial results for the interim periods presented in this report. Additionally, these condensed consolidated financial statements and related disclosures are presented pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures contained in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025. The results for the three and nine months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. Pursuant to the rules and regulations of the SEC, the Company has not included certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP, although it believes that the disclosure included herein is adequate to make the information presented not misleading.

We use the accrual basis of accounting and U.S. GAAP, and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of March 31st.

Discontinued Operations

In accordance with Accounting Standards Codification (“ASC”) Subtopic 205-20 “Discontinued Operations,” a business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the business is available for immediate sale in its present condition and an active program to locate a buyer has been initiated. Additionally, the sale must be probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. A business classified as held

for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. Assets held for sale are not depreciated or amortized.

The results of operations of businesses classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale.

During the year ended March 31, 2025, the Board of Directors of the Company (the "Board of Directors" or "Board") initiated a formal review of strategic alternatives for the Company. This review of strategic alternatives resulted in the decision to sell the assets of the Company's Ammunition segment. The Company concluded the assets of the Ammunition segment met the criteria for classification as held for sale during the three months ended March 31, 2025. Additionally, the Company determined the ultimate disposal would represent a strategic shift that would have a major effect on the Company's operations and financial results. As such, the results of the Ammunition segment are presented as discontinued operations in the accompanying condensed consolidated statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets and liabilities of the Ammunition segment have been reflected as assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheets as of March 31, 2025. The Company ceased depreciating and amortizing its long-lived assets for the Ammunition segment, which primarily include right-of-use assets, intangible assets and property and equipment in the year ended March 31, 2025. On January 20, 2025, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Olin Winchester, LLC (the “Buyer”), to sell the Ammunition Manufacturing Business (as defined in Note 4) for consideration of $75.0 million, subject to customary adjustments for estimated net working capital and real property costs and pro-rations. The transaction was completed on April 18, 2025.

Unless otherwise noted, all amounts and disclosures included in these notes to the condensed consolidated financial statements reflect only the Company's continuing operations. Refer to Note 4, "Discontinued Operations and Assets Held for Sale," for additional details on discontinued operations.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets, useful lives of assets, goodwill, intangible assets, stock-based compensation and warrants.

Goodwill

We evaluate goodwill for impairment annually or more frequently when an event occurs, or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flow. Forecasts of future cash flow are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. As of December 31, 2025 and March 31, 2025, the Company had a goodwill carrying value of $90,870,094. No impairment was recognized for the three and nine months ended December 31, 2025 and 2024.

 

Accounts Receivable and Allowance for Credit Losses

Our accounts receivable represents amounts due from customers for fees and sales taxes and include an allowance for estimated credit losses which is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial condition. Sales taxes collected are remitted to the taxing authorities shortly after receipt.

Cash and Cash Equivalents

For purposes of the condensed consolidated statements of cash flow, we consider highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Impairment of Long-Lived Assets

We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairment expense was recognized for the three and nine months ended December 31, 2025 and 2024.

Revenue Recognition

We recognize revenue when we transfer control of promised services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. We apply the following five-step model to determine revenue recognition:

•
Identification of a contract with a customer
•
Identification of the performance obligations in the contract
•
Determination of the transaction price
•
Allocation of the transaction price to the separate performance obligation
•
Recognition of revenue when performance obligations are satisfied

Marketplace revenues are generated through our GunBroker online marketplace. Performance obligations are satisfied, and revenue is recognized, as follows:

Marketplace revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.

Marketplace service fee revenue, previously referred to as compliance fee revenue, consists of fees charged to customers based on a percentage of the final price of an item at the time of purchase. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.

Shipping revenue consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.

Advertising revenue consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using the placement selected by the customer. The price is set in the customer agreement based on standalone selling prices or by advertising insertion order as negotiated by a media broker. If the number of impressions promised is not generated, the customer receives a refund and the refund is applied to the transaction price. Revenue is recognized at a point in time at the end of the selected month.

For the three and nine months ended December 31, 2025 and 2024, no customers comprised more than 10% of total revenues. As of December 31, 2025 and March 31, 2025, no customers comprised more than 10% of accounts receivable.

Advertising Costs

Marketplace advertising costs are expensed as they are incurred and recorded in cost of revenues. We incurred advertising expenses of $134,714 and $90,648 for the three months ended December 31, 2025 and 2024, respectively. We incurred advertising expenses of $304,919 and $293,335 for the nine months ended December 31, 2025 and 2024, respectively.

Leases

We determine if an arrangement is a lease at inception of the contract. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; instead, we recognize lease expense for these leases on a straight-line basis over the lease term. We do not account for lease components (e.g., fixed payments to use the underlying lease asset) separately from the non-lease components (e.g., fixed payments for common-area maintenance costs and other items that transfer a good or service). Some of our leases include variable lease payments, which primarily result from changes in consumer price and other market-based indices, which are generally updated annually, and maintenance and usage charges. These variable payments are excluded from the calculation of our lease assets and lease liabilities.

We utilize the interest rate implicit in the lease to determine the lease liability when the interest rate can be determined. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Property and Equipment

We state property and equipment at cost, less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of assets over their estimated useful lives, which are generally three to ten years. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited or charged to other income or expenses. We charge expenditures for normal repairs and maintenance to expense as incurred.

We capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably assured.

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to us as of December 31, 2025 and March 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash, accounts receivable, accounts payable and notes due to related parties. Fair values were assumed to approximate carrying values because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Stock-Based Compensation

We account for stock-based compensation at fair value in accordance with ASC 718 – Compensation – Stock Compensation, which requires the recognition of the cost of employee, director and non-employee services received in exchange for an award of equity over the period the employee, director or non-employee is required to perform the services in exchange for the award. Stock-based compensation is measured based on the grant-date fair value of the award. Stock-based compensation for stock awards is recognized on a straight-line basis over the vesting periods and stock-based compensation for stock options is recognized using the accelerated recognition method. Forfeitures are recognized in the periods they occur.

Concentrations of Credit Risk

Accounts at banks are insured by the Federal Deposit Insurance Corporation up to $250,000. As of December 31, 2025 and March 31, 2025, our bank account balances exceeded federally insured limits; however, we have not incurred losses related to these deposits.

Income Taxes

We file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method in accordance with ASC 740 - Income Taxes (“ASC 740”). The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period in which the change in judgment occurs.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires that public business entities, on an annual basis, (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, it requires all entities disclose the following information about income taxes paid on an annual basis: (1) the year-to-date amounts of income taxes paid, disaggregated by federal (national), state, and foreign taxes, and (2) the amount of income taxes paid, disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis, although retrospective application to all periods presented is permitted. Early adoption is permitted. The Company does not expect the guidance to have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement expenses (Subtopic 220-40). This ASU requires disclosure about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization and selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027 with early adoption permitted. This ASU is applicable to the Company's fiscal year ending March 31, 2027. The transition method may be either prospective or retrospective. While the Company is still evaluating the impact on its consolidated financial statement disclosures, the Company anticipates this guidance will have an impact.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. This ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. This ASU is applicable to the Company's fiscal year beginning on April 1, 2026, with early application permitted. The transition method is prospective. The Company does not expect the guidance to have a material impact on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. This ASU is applicable to the Company's fiscal year beginning April 1, 2028, with early adoption permitted. The transition method may be prospective, modified, or retrospective.

The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The amendments in this update clarify current interim disclosure requirements and provide a comprehensive list of required interim disclosures. The update also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. This update is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. This ASU is applicable to the Company's fiscal year beginning April 1, 2028 and we do not expect it to have a material effect on our consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying condensed consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year's presentation. These reclassifications have no effect on the results of operations, shareholders' equity, and cash flow as previously reported.
v3.25.4
INCOME (LOSS) PER COMMON SHARE
 9 Months Ended
Dec. 31, 2025
Net Loss per share  
INCOME (LOSS) PER COMMON SHARE

NOTE 3 – INCOME (LOSS) PER COMMON SHARE

We calculate basic income/(loss) per share using the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect is to reduce a loss or increase the income per share. Potential shares of common stock consist of the incremental shares of common stock issuable upon the exercise of stock options (using the treasury stock method), the exercise of warrants (using the if-converted method), and the vesting of restricted stock unit awards.

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

2,230,250

 

 

$

(20,394,715

)

 

$

(2,227,615

)

 

$

(38,259,945

)

Less: Preferred stock dividends

 

 

(765,625

)

 

 

(782,640

)

 

 

(2,288,368

)

 

 

(2,339,411

)

Net income (loss) before discontinued operations

 

$

1,464,625

 

 

$

(21,177,355

)

 

$

(4,515,983

)

 

$

(40,599,356

)

Net loss from discontinued operations, net of tax

 

 

—

 

 

 

(5,734,067

)

 

 

(595,634

)

 

 

(15,056,925

)

Net income (loss) attributable to common stockholders

 

$

1,464,625

 

 

$

(26,911,422

)

 

$

(5,111,617

)

 

$

(55,656,281

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock - basic

 

 

117,201,724

 

 

 

116,214,522

 

 

 

117,051,997

 

 

 

118,012,373

 

Effect of dilutive common stock purchase warrants

 

 

5,497,076

 

 

 

-

 

 

 

-

 

 

 

-

 

Effect of dilutive equity incentive awards

 

 

179,641

 

 

 

-

 

 

 

-

 

 

 

-

 

 Weighted average shares of common stock - diluted

 

 

122,878,441

 

 

 

116,214,522

 

 

 

117,051,997

 

 

 

118,012,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.01

 

 

$

(0.18

)

 

$

(0.04

)

 

$

(0.34

)

Discontinued operations

 

$

-

 

 

$

(0.05

)

 

$

(0.00

)

 

$

(0.13

)

Total basic income (loss) per share attributable to common stockholders

 

$

0.01

 

 

$

(0.23

)

 

$

(0.04

)

 

$

(0.47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.01

 

 

$

(0.18

)

 

$

(0.04

)

 

$

(0.34

)

Discontinued operations

 

$

-

 

 

$

(0.05

)

 

$

(0.00

)

 

$

(0.13

)

Total diluted income (loss) per share attributable to common stockholders

 

$

0.01

 

 

$

(0.23

)

 

$

(0.04

)

 

$

(0.47

)

 

The following table presents the number of shares excluded from the calculation of diluted net income (loss) per share attributable to common stockholders:

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock options

 

 

400,000

 

 

 

250,000

 

 

 

400,000

 

 

 

199,750

 

Non-vested stock awards

 

 

25,000

 

 

 

509,086

 

 

 

715,000

 

 

 

552,149

 

Warrants

 

 

7,675,000

 

 

 

1,721,296

 

 

 

20,775,000

 

 

 

1,738,212

 

Total shares excluded from net income (loss) per share attributable to common stockholders

 

 

8,100,000

 

 

 

2,480,382

 

 

 

21,890,000

 

 

 

2,490,111

 
v3.25.4
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
 9 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

NOTE 4 – DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

As previously reported, the Board of Directors initiated a formal review of strategic alternatives for the Ammunition segment during the year ended March 31, 2025. On January 20, 2025, we entered into the Asset Purchase Agreement with the Buyer, pursuant to which the Buyer agreed to (i) acquire all assets of our business of designing, manufacturing, marketing, distributing and selling ammunition and ammunition components (collectively, the “Ammunition Manufacturing Business”) along with certain assets related to the Ammunition Manufacturing Business, including the Ammunition Manufacturing Business’ dedicated manufacturing facility in Manitowoc, WI, and (ii) assume certain liabilities related to the Ammunition Manufacturing Business, for a gross purchase price of $75.0 million, subject to adjustments for estimated net working capital and real property costs and pro-rations (the “Transaction”). The Transaction closed on April 18, 2025. The net proceeds after all adjustments totaled approximately $42.9 million. The assets and liabilities of the Ammunition segment were classified as assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheet as of March 31, 2025.

Financial Information of Discontinued Operations

There was no activity related to discontinued operations subsequent to June 30, 2025. Accordingly, the Company has not presented results of discontinued operations for the three months ended December 31, 2025. However, for informational purposes, the results of discontinued operations for the three months ended December 31, 2024 are presented in the table below. The following table summarizes the results of operations of the Ammunition segment that are reported as discontinued operations:

 

 

 

For the Nine Months Ended December 31,

 

 

For the Three Months Ended December 31,

 

 

 

 

2025(1)

 

 

2024

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues(2)

 

 

$

752,762

 

 

$

54,773,758

 

 

$

16,665,635

 

Cost of revenues

 

 

 

1,599,202

 

 

 

61,880,712

 

 

 

19,818,238

 

Gross profit

 

 

 

(846,440

)

 

 

(7,106,954

)

 

 

(3,152,603

)

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

15,819

 

 

 

682,097

 

 

 

140,843

 

Corporate general and administrative

 

 

 

232,104

 

 

 

6,889,029

 

 

 

1,839,557

 

Employee salaries and related expenses

 

 

 

84,502

 

 

 

1,505,517

 

 

 

475,127

 

Depreciation and amortization expense

 

 

 

-

 

 

 

35,866

 

 

 

-

 

Total operating expenses

 

 

 

332,425

 

 

 

9,112,509

 

 

 

2,455,527

 

Loss from operations

 

 

 

(1,178,865

)

 

 

(16,219,463

)

 

 

(5,608,130

)

Total other income/(expense)

 

 

 

583,231

 

 

 

(398,385

)

 

 

(125,937

)

Loss from discontinued operations before income taxes

 

 

 

(595,634

)

 

 

(16,617,848

)

 

 

(5,734,067

)

Benefit for income taxes

 

 

 

-

 

 

 

(1,560,923

)

 

 

-

 

Loss from discontinued operations, net of tax

 

 

$

(595,634

)

 

$

(15,056,925

)

 

$

(5,734,067

)
(1)
Reflects results from April 1, 2025 through April 18, 2025 only.
(2)
Included in revenue for the nine months ended December 31, 2025 and 2024 are excise taxes of $27,185 and $3,795,459, respectively. Included in revenue for the three months ended December 31, 2024 are excise taxes of $1,141,259.

There were no assets or liabilities classified as discontinued operations as of December 31, 2025. The following table summarizes the Ammunition segment assets and liabilities classified as discontinued operations in the accompanying condensed consolidated balance sheets:

 

 

March 31, 2025

 

ASSETS

 

 

 

Accounts receivable, net

 

$

8,778,545

 

Inventories

 

 

21,520,796

 

Prepaid expenses

 

 

198,379

 

Equipment, net

 

 

25,983,100

 

Patents, net

 

 

1,409,542

 

Total assets of discontinued operations

 

$

57,890,362

 

 

 

 

LIABILITIES

 

 

 

Accounts payable

 

$

2,513,533

 

Accrued liabilities

 

 

3,280,449

 

Current portion of construction note payable

 

 

286,200

 

Construction note payable, net of unamortized issuance costs

 

 

10,564,816

 

Total liabilities of discontinued operations

 

$

16,644,998

 

Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less costs to sell.

Capital expenditures related to discontinued operations were $40,000 and $1.1 million for the nine months ended December 31, 2025 and 2024, respectively.

v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION
 9 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
SUPPLEMENTAL BALANCE SHEET INFORMATION

NOTE 5 – SUPPLEMENTAL BALANCE SHEET INFORMATION

Accounts Receivable

Our net accounts receivable are summarized as follows:

 

December 31,
2025

 

 

March 31,
2025

 

Accounts receivable

 

$

11,973,452

 

 

$

13,994,499

 

Less: allowance for credit losses

 

 

(2,803,832

)

 

 

(3,805,488

)

Accounts receivable, net

 

$

9,169,620

 

 

$

10,189,011

 

The following presents a reconciliation of our allowance for credit losses for the periods presented:

April 1, 2025

 

$

3,805,488

 

Reduction in allowance

 

 

(181,897

)

Write-off of uncollectible amounts

 

 

(819,759

)

December 31, 2025

 

$

2,803,832

 

Property and Equipment

Property and equipment consisted of the following at December 31, 2025 and March 31, 2025:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

Leasehold improvements

 

$

—

 

 

$

247,725

 

Furniture and fixtures

 

 

19,792

 

 

 

331,483

 

Software and equipment

 

 

10,753,186

 

 

 

9,249,946

 

Construction in progress

 

 

428,896

 

 

 

733,384

 

Total property and equipment

 

$

11,201,874

 

 

$

10,562,538

 

Less accumulated depreciation

 

 

(4,282,351

)

 

 

(4,084,854

)

Net property and equipment

 

$

6,919,523

 

 

$

6,477,684

 

Depreciation expense for the three and nine months ended December 31, 2025 totaled $596,951 and $1,621,846, respectively, and was included in depreciation and amortization expenses in operating expenses on the condensed consolidated statements of operations.

Depreciation expense for the three and nine months ended December 31, 2024 totaled $380,399 and $1,040,962, respectively, and was included in depreciation and amortization expenses in operating expenses on the condensed consolidated statements of operations.

Accrued Liabilities

At December 31, 2025 and March 31, 2025, accrued liabilities were as follows:

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Accrued bonus program

 

$

 

1,518,750

 

 

$

 

1,831,250

 

 

Accrued professional fees

 

 

 

583,484

 

 

 

 

4,682,183

 

 

Accrued payroll

 

 

 

705,167

 

 

 

 

764,174

 

 

Other accruals

 

 

 

1,366,956

 

 

 

 

674,735

 

 

Income taxes payable

 

 

 

394,065

 

 

 

 

394,065

 

 

Accrued contingency

 

 

 

—

 

 

 

 

29,067,229

 

 

Accrued liabilities

 

$

 

4,568,422

 

 

$

 

37,413,636

 

 
v3.25.4
LEASES
 9 Months Ended
Dec. 31, 2025
Leases  
LEASES

NOTE 6 – LEASES

We lease office space in Scottsdale, AZ and Atlanta, GA under contracts we classify as operating leases. None of our leases are financing leases. The Scottsdale lease has been extended through 2029 and does not include a renewal option.

On September 17, 2025, we signed a lease for 2,660 square feet of mixed-use warehouse space in Marietta, GA. The lease commenced on October 1, 2025 and expires in October 2028.

Consolidated lease expense for the three months ended December 31, 2025 was $151,310, including $143,619 of operating lease expense and $7,691 of other lease associated expenses such as association dues, taxes, utilities, and other month-to-month rentals. Consolidated lease expense for the three months ended December 31, 2024 was $130,344, including $132,981 of operating lease expense and a reduction of $2,637 of other lease associated expenses such as association dues, taxes, utilities, and other month-to-month rentals.

Consolidated lease expense for the nine months ended December 31, 2025 was $443,992, including $415,088 of operating lease expense and $28,904 of other lease associated expenses such as association dues, taxes, utilities, and other month-to-month rentals. Consolidated lease expense for the nine months ended December 31, 2024 was $404,790, including $396,546 of operating lease expense and $8,244 of other lease associated expenses such as association dues, taxes, utilities, and other month-to-month rentals.

The weighted average remaining lease term and weighted average discount rate for operating leases as of December 31, 2025 were 2.5 years and 10.0%, respectively.

Future minimum lease payments under non-cancellable leases as of December 31, 2025, are as follows:

Years Ended March 31,

 

 

 

2026(1)

 

$

149,778

 

2027

 

 

605,412

 

2028

 

 

402,823

 

2029

 

 

268,256

 

Total Lease Payments

 

 

1,426,269

 

Less: Amount Representing Interest

 

 

(174,193

)

Present Value of Lease Liabilities

 

$

1,252,076

 
(1)
This amount represents future lease payments for the remaining three months of fiscal year 2026. It does not include any lease payments for the nine months ended December 31, 2025.
v3.25.4
PREFERRED STOCK
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
PREFERRED STOCK

NOTE 7 – PREFERRED STOCK

On May 18, 2021, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock").

The Company pays cumulative cash dividends on the Series A Preferred Stock when, as and if declared by its Board of Directors (or a duly authorized committee of its Board of Directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock accrue on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75% (equivalent to $2.1875 per year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our Board of Directors (or a duly authorized committee of our Board of Directors) are payable quarterly in arrears on March 15, June 15, September 15 and December 15.

Generally, the Series A Preferred Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or de-listing event (each as defined in the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for a limited period of time.

The following is a summary of the dividends paid on the Series A Preferred Stock in the nine months ended December 31, 2025 and 2024.

Dividend Declaration Date

 

Record Date

 

Dividend Period

 

Dividend Payment Date

 

Dividend
Amount

 

 

Per Share
Amount

 

May 15, 2025

 

May 31, 2025

 

March 15, 2025 - June 14, 2025

 

June 16, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

August 12, 2025

 

August 31, 2025

 

June 15, 2025 - September 14, 2025

 

September 15, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

November 12, 2025

 

December 1, 2025

 

September 15, 2025 - December 14, 2025

 

December 15, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

Preferred dividends accumulated as of December 31, 2025 were $127,603.

Dividend Declaration Date

 

Record Date

 

Dividend Period

 

Dividend Payment Date

 

Dividend
Amount

 

 

Per Share
Amount

 

May 15, 2024

 

May 31, 2024

 

March 15, 2024 - June 14, 2024

 

June 17, 2024

 

$

 

782,634

 

 

$

 

0.55902778

 

August 15, 2024

 

August 31, 2024

 

June 15,2024 - September 14, 2024

 

September 15, 2024

 

$

 

782,639

 

 

$

 

0.55902778

 

November 15, 2024

 

November 30, 2024

 

September 15, 2024 - December 14, 2024

 

December 15, 2024

 

$

 

782,639

 

 

$

 

0.55902778

 

Preferred dividends accumulated as of December 31, 2024 were $144,618.

v3.25.4
CAPITAL STOCK
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
CAPITAL STOCK

NOTE 8 – CAPITAL STOCK

Our authorized capital consists of 200,000,000 shares of common stock with a par value of $0.001 per share.

2017 Equity Incentive Plan

In October 2017, our Board of Directors approved the 2017 Equity Incentive Plan (the "2017 Plan"). The 2017 Plan initially permitted the issuance of equity-based instruments covering up to a total of 485,000 shares of common stock. Our Board of Directors and stockholders approved an increase of 4,515,000 shares in October 2020, an additional increase of 1,000,000 shares in March 2023, and an additional increase of 3,000,000 shares in February 2024, bringing the total shares allowed under the 2017 Plan to 9,000,000. The 2017 Plan was terminated with respect to future awards on August 29, 2025.

2025 Long-Term Incentive Plan

On July 2, 2025, our Board of Directors approved the 2025 Long-Term Incentive Plan (the "2025 Plan") and our stockholders adopted the 2025 Plan at our Annual Meeting of Stockholders on August 29, 2025. The 2025 Plan permits the issuance of equity-based awards to plan participants representing up to a total of 10,000,000 shares of common stock. As of December 31, 2025, there were 9,107,074 shares available to be issued under the 2025 Plan.

Warrants

On May 30, 2025, we issued a warrant to purchase 7.0 million shares of common stock at an exercise price of $1.81 per share and a 5-year term. Please see Note 12, "Related Party Transactions," for more information.

On September 17, 2025, we issued a warrant to purchase 13.0 million shares of common stock at an exercise price of $1.00 per share with a 5-year term. Please see Note 12, "Related Party Transactions," for more information.

 

At December 31, 2025, outstanding and exercisable stock purchase warrants consisted of the following:

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average Life
Remaining
(Years)

 

Outstanding at April 1, 2025

 

 

1,721,256

 

 

$

2.03

 

 

 

0.84

 

Granted

 

 

20,000,000

 

 

 

1.28

 

 

 

4.86

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited or cancelled

 

 

(946,256

)

 

 

2.26

 

 

 

—

 

Outstanding at December 31, 2025

 

 

20,775,000

 

 

$

1.30

 

 

 

4.44

 

Exercisable at December 31, 2025

 

 

7,775,000

 

 

$

1.80

 

 

 

3.98

 

 

As of December 31, 2025, we had 20,775,000 warrants outstanding. Each warrant provides the holder the right to purchase one share of our common stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 100,000 shares of common stock at an exercise price of $0.01 per share until December 2026; (2) warrants to purchase 675,000 shares of our Common Stock at an exercise price of $2.00 per share until February 2026; (3) warrants to purchase 7,000,000 shares of common stock at an exercise price of $1.81 per share until May 2030; and (4) warrants to purchase 13,000,000 shares of common stock at an exercise price of $1.00 per share until September 2030.

Options Granted

During the year ended March 31, 2024, we granted stock options (“Options”) to purchase 400,000 shares of our common stock. The Options have a term of ten years. The vesting of the Options was accelerated to be fully vested on May 30, 2025 upon the execution of a separation agreement with our former Chief Executive Officer. As such, we recognized the remaining expense of $48,725 related to the Options during the three months ended June 30, 2025. We recognized expense of $27,330 and $101,953 related to the Options during the three and nine months ended December 31, 2024, respectively.

The following is a summary of our stock option activity during the nine months ended December 31, 2025:

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Grant Date Fair Value

 

 

Weighted Average Remaining Life in Years

 

Outstanding, April 1, 2025

 

 

 

400,000

 

 

$

 

2.08

 

 

$

 

1.50

 

 

 

 

8.32

 

Granted

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Exercised

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Canceled/Forfeited

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Outstanding, December 31, 2025

 

 

 

400,000

 

 

$

2.08

 

 

$

 

1.50

 

 

 

 

7.56

 

As of December 31, 2025, there was no unrecognized compensation expense related to unvested stock options.

Stock Awards

A summary of stock award activity for the nine months ended December 31, 2025 under the 2017 Plan is as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant-Date Fair Value Per Share

 

Outstanding at April 1, 2025

 

 

215,196

 

 

$

 

2.24

 

Granted

 

 

377,498

 

 

 

 

2.02

 

Vested

 

 

(426,027

)

 

 

 

1.73

 

Forfeited

 

 

(166,667

)

 

 

 

2.08

 

Outstanding at December 31, 2025

 

 

-

 

 

$

 

-

 

 

A summary of stock award activity for the nine months ended December 31, 2025 under the 2025 Plan is as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant-Date Fair Value Per Share

 

Outstanding at April 1, 2025

 

 

-

 

 

$

 

-

 

Granted

 

 

995,000

 

 

 

 

1.54

 

Vested

 

 

(223,750

)

 

 

 

1.53

 

Forfeited

 

 

(56,250

)

 

 

 

1.53

 

Outstanding at December 31, 2025

 

 

715,000

 

 

$

 

1.54

 

As of December 31, 2025, there was $974,402 of unrecognized compensation expense related to unvested stock awards, which is expected to be recognized over a weighted-average period of approximately 0.71 years.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 9 – GOODWILL AND INTANGIBLE ASSETS

The balance of goodwill at December 31, 2025 and March 31, 2025 was $90,870,094.

Amortization expense related to our intangible assets for the three and nine months ended December 31, 2025 was $3,036,771 and $9,097,488, respectively. Amortization expense related to our intangible assets for the three and nine months ended December 31, 2024 was $3,030,359 and $9,091,075, respectively.

Intangible assets consisted of the following:

 

 

 

 

As of

 

 

 

Life

 

December 31, 2025

 

 

March 31, 2025

 

Tradename

 

15

 

$

76,532,389

 

 

$

76,532,389

 

Customer List

 

10

 

 

65,252,802

 

 

 

65,252,802

 

Intellectual Property

 

10

 

 

4,224,442

 

 

 

4,224,442

 

Other Intangible Assets

 

5

 

 

486,017

 

 

 

357,747

 

Gross Intangibles Assets

 

 

 

 

146,495,650

 

 

 

146,367,380

 

Accumulated Amortization – Intangible Assets

 

 

 

 

(56,573,101

)

 

 

(47,475,613

)

Net Intangible Assets

 

 

 

$

89,922,549

 

 

$

98,891,767

 

Annual amortization of intangible assets for the next five fiscal years are as follows:

Years Ended March 31,

 

Estimates for
Fiscal Year

 

2026 (1)

 

$

3,032,497

 

2027

 

 

12,064,397

 

2028

 

 

12,058,435

 

2029

 

 

12,058,435

 

2030

 

 

12,058,435

 

Thereafter

 

 

38,650,350

 

Annual amortization of intangible assets

 

$

89,922,549

 
(1)
This amount represents future amortization for the remaining three months of fiscal year 2026. It does not include any amortization for the nine months ended December 31, 2025.
v3.25.4
SEGMENTS
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS

NOTE 10 – SEGMENTS

We define our segments as those operations whose results our chief operating decision maker ("CODM") reviews to analyze performance and allocate resources. Our CODM is our chief executive officer. The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated earnings before interest expense, income taxes, depreciation and amortization ("EBITDA"). The CODM uses consolidated EBITDA to analyze how profitable the business is, including reviewing in comparison to budget and in comparison to the prior year performance when making decisions on allocating capital and resources. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the condensed consolidated statement of operations.

Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments and therefore this information is not disclosed.

The following table presents consolidated EBITDA for our single reportable segment:

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2025

 

 

2024

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

13,394,465

 

 

$

12,521,867

 

$

37,236,005

 

 

$

36,786,879

 

Cost of revenues

 

 

1,730,755

 

 

 

1,571,771

 

 

4,796,238

 

 

 

4,885,872

 

Selling and marketing

 

 

20,834

 

 

 

35,114

 

 

148,774

 

 

 

240,369

 

Corporate and administrative

 

 

3,191,197

 

 

 

24,137,454

 

 

13,368,667

 

 

 

40,894,324

 

Employee salaries and related expenses

 

 

2,852,174

 

 

 

3,877,710

 

 

11,540,860

 

 

 

13,406,196

 

Consolidated EBITDA

 

 

5,599,505

 

 

 

(17,100,182

)

 

7,381,466

 

 

 

(22,639,882

)

Adjustments and reconciling items:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,633,722

 

 

 

3,410,758

 

 

10,719,334

 

 

 

10,132,037

 

Other income

 

 

510,332

 

 

 

161,705

 

 

1,832,150

 

 

 

616,790

 

Interest expense

 

 

(245,865

)

 

 

(45,480

)

 

(1,523,791

)

 

 

(136,402

)

Gain on the extinguishment of debt

 

 

—

 

 

 

—

 

 

801,894

 

 

 

—

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

—

 

 

 

(5,968,414

)

Net income (loss) from continuing operations

 

$

2,230,250

 

 

$

(20,394,715

)

$

(2,227,615

)

 

$

(38,259,945

)
v3.25.4
INCOME TAXES
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 11 – INCOME TAXES

The income tax provision effective tax rate was zero for the three and nine months ended December 31, 2025, and zero and (9.0)% for the three and nine months ended December 31, 2024, respectively. During the three and nine months ended December 31, 2025, as well as the three months ended December 31, 2024, the effective tax rate differed from the U.S. federal statutory rate primarily due to recording a full valuation allowance against our U.S. federal and state deferred tax assets. During the nine months ended December 31, 2024, the effective tax rate differed from the U.S. federal statutory rate primarily due to the change in valuation allowance. We recorded a full valuation allowance against our U.S. federal and state net deferred tax assets for the nine months ended December 31, 2024, as we concluded it is more likely than not that the net deferred tax assets will not be realized.

The Company has never had an Internal Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022, 2023, 2024, and 2025 are subject to audit.
v3.25.4
RELATED PARTY TRANSACTIONS
 9 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 12 – RELATED PARTY TRANSACTIONS

Gemini Accounts Receivable

Through our acquisition of Gemini Direct Investments, LLC ("Gemini") in 2021, a related party relationship was created through Mr. Urvan, then a director and now our Chairman of the Board and Chief Executive Officer, by virtue of his ownership of entities that provided services to Gemini. There was $201,646 included in our accounts receivable at September 30, 2025 and March 31, 2025 from entities owned by Mr. Urvan. During the three months ended December 31, 2025, the Company determined that these amounts were uncollectible after evaluating the age of the receivables, historical collection experience, incomplete billing records, and the financial condition and operating history of the related entities. As a result, the $201,646 included in our accounts receivable was written off against the Company's reserve for credit losses. The determination of uncollectibility and the related write-off were reviewed and approved by the Company's Audit Committee, and Mr. Urvan did not participate in the review or approval of such determination and the related write-off.

Warrants

7M Warrant

As partial consideration for the settlement in the Delaware Litigation described in Note 14, Contingencies, the Company issued an affiliated designee of Mr. Urvan, a warrant (the “Warrant”) to purchase 7.0 million shares of common stock (the "Warrant Shares"). The Warrant has a five-year term and an exercise price of $1.81 per share. Pursuant to the terms of the Warrant, the Warrant is exercisable at the holder’s discretion, in whole or in part, on or

after November 30, 2025, provided that the Warrant automatically vests and becomes exercisable in certain circumstances, such as bankruptcy, liquidation, termination of the business or other similar events, as well as upon consummation of any Extraordinary Transaction (as defined in the Warrant).

Pursuant to the terms of the Warrant, the Warrant shares may not, subject to certain exceptions, be sold, assigned, transferred or otherwise distributed without prior approval from a majority of the disinterested and independent members of the Board of Directors, provided that on each of the first three anniversaries of May 30, 2025, the holder may transfer 25% of the total issuable shares under the Warrant.

We evaluated the Warrant in accordance with ASC 815, Derivatives and Hedging ("ASC 815"). We determined that the Warrant meets the criteria for equity classification since the Warrant is indexed to the Company's equity and includes settlement in shares. The Warrant was valued using the Black-Scholes option pricing model using a 70% volatility, risk free rate of 4.15% and a term of five years with a resulting fair value of $7,094,926. The Warrant was recorded as additional paid-in capital on the condensed consolidated balance sheet as of December 31, 2025.

13M Warrant

On September 17, 2025, the independent and disinterested members of the Board of Directors solely approved the exercise of the Prepayment Option on Note 2, as described below, and we issued the 13.0 million Additional Warrant in satisfaction of Note 2 ("13M Warrant). The warrant has a five-year term and an exercise price of $1.00 per share. Pursuant to the terms of the 13M Warrant, the warrant is exercisable at the holder’s discretion, in whole or in part, on or after September 17, 2026, provided that the Warrant automatically vests and becomes exercisable in certain circumstances, such as bankruptcy, liquidation, termination of the business or other similar events, as well as upon consummation of any Extraordinary Transaction (as defined in the warrant agreement).

We evaluated the 13M Warrant in accordance with ASC 815. We determined that the 13M Warrant meets the criteria for equity classification since the 13M Warrant is indexed to the Company's equity and includes settlement in shares. The 13M Warrant was valued using the Black-Scholes option pricing model using a 67.49% volatility, risk free rate of 3.62% and a term of five years with a resulting fair value of $12,253,800. The 13M Warrant was recorded as additional paid-in capital on the condensed consolidated balance sheet as of December 31, 2025.

$12M Note Payable

As partial consideration for the settlement in the Delaware Litigation described in Note 14, Contingencies, on May 30, 2025, the Company also issued to Mr. Urvan's affiliated designee, an unsecured promissory note for a principal amount of $12.0 million (“Note 1”). Note 1 bears interest at 6.50% per annum (subject to a 2.00% increase during an event of default), which interest is payable to the holder annually on May 30, beginning on May 30, 2026 (each interest payment due date, an “Interest Payment Date”). The unpaid principal balance of Note 1 and all accrued and unpaid interest thereon is due on May 30, 2037.

Pursuant to the terms of Note 1, the Company is required to make annual prepayments such that $1,000,000 (inclusive of accrued and unpaid interest then due and payable) is paid to the holder on each Interest Payment Date. The Company has the right to prepay, prior to May 30, 2037, all or any part of the principal or interest of Note 1 without penalty. In addition, the holder may not request early repayment of Note 1 prior to May 30, 2027. Any optional prepayment by the Company must be approved by a majority vote of the independent and disinterested members of the Board of Directors as then constituted.

We evaluated Note 1 in accordance with ASC 470, Debt ("ASC 470"). Note 1 was initially recorded at its calculated fair value of $9,866,679 with a resulting debt discount recorded of $2,133,321 on the condensed consolidated balance sheet for the period ended December 31, 2025. The debt discount will be amortized over the life of the note using the effective interest rate method.

During the three and nine months ended December 31, 2025, we recorded interest expense on Note 1 of $245,865 and $573,685, respectively.

$39M Note Payable

As partial consideration for the settlement in the Delaware Litigation described in Note 14, Contingencies, on May 30, 2025, the Company also issued to Mr. Urvan's affiliated designee, an unsecured promissory note in a principal amount of $39.0 million (“Note 2” and together with Note 1, the “Notes”). Note 2 bore interest at 4.62% per annum (subject to a 2.00% increase during an event of default), which was payable to the holder annually on the Interest Payment Date. The unpaid principal balance of Note 2 and all accrued and unpaid interest thereon was due on

May 30, 2035.

Pursuant to the terms of Note 2, we were required to make annual prepayments of the outstanding principal amount on Note 2 equal to $1.95 million on each Interest Payment Date. The Company had the right to prepay, prior to May 30, 2035, all or any part of the principal or interest of Note 2 without penalty. In addition, the holder could not request early repayment of Note 2 prior to May 30, 2027. The Company also had the option, at any time prior to May 30, 2026 (unless extended by mutual consent of the holder and the Company), to prepay all, but not less than all, of the then-outstanding principal amount of Note 2 and accrued and unpaid interest thereon in exchange for the issuance of a warrant (the “Additional Warrant”) to purchase 13.0 million shares of common stock (the “Additional Warrant Shares”), provided that the Company must first obtain stockholder approval of the issuance of the Additional Warrant and the Additional Warrant Shares pursuant to Nasdaq Listing Rule 5635. Upon issuance of the Additional Warrant, all remaining obligations under Note 2 would be deemed satisfied with the same force and effect as a prepayment of all principal and accrued and unpaid interest under Note 2. Any optional prepayment by the Company, whether in cash or by issuance of the Additional Warrant, was required to be approved by a majority vote of the independent and disinterested members of the Board of Directors as then constituted.

We evaluated Note 2 in accordance with ASC 470. Note 2 was initially recorded at its calculated fair value of $12,105,624 with a resulting debt discount recorded of $26,894,376 on the condensed consolidated balance sheet for the period ended June 30, 2025. The debt discount will be amortized over the life of the note using the effective interest rate method. We also evaluated the option to call Note 2 by issuing the Additional Warrant Shares in accordance with ASC 815. We determined that the call option is not clearly and closely related to the debt host, therefore, the call option is not required to be bifurcated.

On September 17, 2025, the independent and disinterested members of the Board of Directors solely approved the exercise of the Prepayment Option and we issued the 13.0 million Additional Warrant in satisfaction of Note 2. The prepayment of Note 2 was accounted for as an extinguishment of debt and a gain of $801,894 was recognized on the condensed consolidated income statement.

The Additional Warrant has a five-year term and an exercise price of $1.00 per share. Pursuant to the terms of the Additional Warrant, the Additional Warrant is exercisable at the holder’s discretion, in whole or in part, on or after the first anniversary of the issuance date. Except with respect to the exercise price and the vesting date, the terms of the Additional Warrant and the Warrant are substantially similar.

During the three and nine months ended December 31, 2025, we recorded interest expense on Note 2 of zero and $950,070, respectively.
v3.25.4
REVOLVING LOAN
 9 Months Ended
Dec. 31, 2025
Revolving Loan  
REVOLVING LOAN

NOTE 13 – REVOLVING LOAN

On December 29, 2023, we entered into a Loan and Security Agreement (the “Sunflower Agreement”) by and among the Company and the other borrowers party to the Sunflower Agreement, the lenders party thereto (collectively, the “Lenders”) and Sunflower Bank, N.A., as administrative agent and collateral agent (the “Agent”), pursuant to which the Lenders provided us a revolving loan ("Revolving Loan") in the principal amount of the lesser of (a) $20.0 million and (b) the borrowing base (a formula based on certain amounts owed to borrower for goods sold or services provided and eligible inventory). The proceeds of loans under the Sunflower Agreement could be used for working capital, general corporate purposes, permitted acquisitions, to pay fees and expenses incurred in connection with the Revolving Loan, and to fund our general business requirements.

The Revolving Loan bore an interest at a rate of the greater of (x) 3.50% and (y) Term SOFR, plus 3.00% (the “Revolving Facility Applicable Rate”) and was computed on the basis of a 360-day year for the actual number of days elapsed. Except in an event of default, advances under the Revolving Loan bear interest, on the outstanding daily balance thereof, at the Revolving Facility Applicable Rate. Interest was due and payable on the first calendar day of each month during the term of the Sunflower Agreement. We were also obligated to pay to the Agent, for the ratable benefit of Lenders, an origination fee, prepayment fee, unused facility fee, collateral monitoring fee and Lender expenses.

On April 18, 2025, we entered into a Consent and Second Amendment to the Sunflower Agreement (the "Second Sunflower Loan Amendment"). Pursuant to the Second Sunflower Loan Amendment, we and the Agent agreed to, among other things: (i) release the Agent’s security interest in all collateral securing our obligations under the Sunflower Agreement upon consummation of the sale of the Ammunition Manufacturing Business; (ii) reduce all amounts available under the Revolving Loan to zero dollars as of the effective date of the Second Sunflower Loan

Amendment; (iii) enter into an Amended and Restated Revolving Line Promissory Note in the amount of $5.0 million, representing 100% of the Revolving Line Commitment (as defined in the Sunflower Agreement) available under the Sunflower Agreement, executed by the Company in favor of Agent as of the effective date of the Second Sunflower Loan Amendment; and (iv) certain other amendments to the Company's customary covenants and obligations under the Sunflower Agreement that only take effect in the event the Revolving Line Availability (as defined in the Sunflower Agreement) is greater than zero dollars.

Upon signing of the Second Sunflower Loan Amendment, the Revolving Line Availability was reduced to zero dollars and will remain at zero dollars unless we provide the Agent with a security interest in new collateral or otherwise further amend the Sunflower Agreement.

On May 13, 2025, the Company entered into a Third Amendment to the Sunflower Agreement (the “Third Sunflower Loan Amendment”). Pursuant to the Third Sunflower Loan Amendment, we and the Agent agreed to change the definitions in the Sunflower Agreement of: (i) “AMMO, Inc” to “Outdoor Holding Company,” (ii) “Ammo” to “OHC,” (iii) “AMMO TECHNOLOGIES, INC” to “OHC TECHNOLOGIES, INC,” and (iv) "AMMO MUNITIONS, INC” to “OHC MUNITIONS, INC.”

As of December 31, 2025, we did not have an outstanding balance on the Revolving Loan.
v3.25.4
CONTINGENCIES
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES

NOTE 14 – CONTINGENCIES

Certain conditions may exist as of the date the condensed consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would be disclosed.

Delaware Litigation

On April 30, 2023, Steve Urvan filed suit in the Delaware Court of Chancery (the "Delaware Court") against the Company, and certain Company directors, former directors, employees, former employees and consultants. At the time the lawsuit was filed, Mr. Urvan was a member of the Board of Directors and our largest stockholder. Mr. Urvan now serves as Chairman of the Board of Directors and Chief Executive Officer of the Company. Mr. Urvan’s claims included fraudulent inducement, unjust enrichment and violations of the Arizona Securities Act. The suit sought a court order for partial rescission of the Company’s acquisition of GunBroker.com and compensatory damages of not less than $140 million. On August 1, 2023, the Company filed a separate lawsuit against Mr. Urvan in the Delaware Court alleging, among other things, that Mr. Urvan committed fraud in connection with the GunBroker.com sale, and that Mr. Urvan breached his indemnification obligations to the Company after the sale. On September 11, 2023, the Delaware Court consolidated the Company’s lawsuit against Mr. Urvan with Mr. Urvan’s lawsuit against the Company and the individual defendants (the “Delaware Litigation”).

On December 20, 2024, the Board of Directors held a meeting, during which it voted to pursue a settlement and voted to approve terms outlined in a non-binding term sheet. On May 21, 2025, the Company entered into a settlement agreement with Mr. Urvan and certain other parties, which became effective on May 30, 2025, pursuant to which the parties to the settlement agreement filed a Stipulation of Voluntary Dismissal With Prejudice dismissing, with prejudice, all claims asserted in the Delaware Litigation. As partial consideration for the settlement, the Company issued the Warrant and the Notes to an affiliate of Mr. Urvan. We recorded a settlement contingency of $29.1 million during the year ended March 31, 2025. In the nine months ended December 31, 2025, we recorded the Warrant, the Additional Warrant and the Notes issued to an affiliate of Mr. Urvan in the settlement. Please see Note 12, “Related Party Transactions,” for additional information regarding the Warrant, Additional Warrant and Notes.

The MN Action

On January 18, 2024, Innovative Computer Professionals, Inc. d/b/a Digital Cash Processing (“DCP”) filed a civil action in Minnesota state court against Outdoors Online, LLC d/b/a GunBroker.com (“GunBroker.com”) for breach of contract (the “MN Action”). In the MN Action, DCP alleges that GunBroker.com breached a May 2021

contract, pursuant to which DCP was to provide specified digital payment processing services, and it alleges $100 million in damages. On February 7, 2024, GunBroker.com removed the MN Action to the United States District Court for the District of Minnesota. On February 14, 2024, GunBroker.com moved to dismiss the MN Action for lack of personal jurisdiction and for failure to adequately state a claim, or, in the alternative, to transfer the MN Action to the United States District Court for the District of Arizona (the “Motion”). The Minnesota state court denied the Motion and GunBroker.com filed its Answer and Counterclaims. GunBroker.com denies the allegations in the MN Action, and it plans to vigorously defend the claims asserted against it. The parties’ initial disclosure statements were exchanged in August 2024. The parties have since participated in document discovery and fact witness depositions. The parties are engaged in expert discovery, and the Company expects this matter will be scheduled for trial in 2026. We cannot yet reasonably estimate a loss or range of loss that may arise from a resolution in the MN Action. The Company will continue to evaluate the status of the MN Action litigation to determine when it is probable that a loss will be incurred and when the amount of the loss is reasonably estimable.

SEC Investigation

The Company faced an inestimable loss contingency stemming from a previously-pending investigation of the Staff of the SEC Division of Enforcement (the "SEC Investigation"). The Company produced documents responsive to document subpoenas and cooperated by, among other things, providing other information to the SEC Staff on a voluntary basis. The SEC Staff investigated the Company’s: (i) valuation of, and accounting for share-based compensation awards to employees, non-employee directors and other service providers, and issued in exchange for goods and services; (ii) capitalization of certain share issuance costs; (iii) disclosure of the valuation of equity-based compensation paid to certain executives; (iv) disclosure of certain executive officers and related party transactions; and (v) disclosure concerning the calculation of Adjusted EBITDA. The Company made an Offer of Settlement to the SEC, and on December 15, 2025, the SEC instituted settled cease-and-desist proceedings that fully concluded and resolved the SEC Investigation. Under the terms of the settlement, the SEC did not impose a civil penalty or any other monetary relief. Without admitting or denying the findings of the cease-and-desist order except as to the SEC’s jurisdiction, the Company agreed to cease and desist from committing or causing any violations and any future violations of specified provisions of the federal securities laws and rules promulgated thereunder.

Vista

On July 28, 2025, Vista Outdoor Sales, LLC d/b/a The Kinetic Group Sales ("Vista") filed a civil action against the Company in the United States District Court for the District of Minnesota alleging a breach of contract from an OEM Supplier and Ammunition Purchase Option Agreement dated August 9, 2021. After the Company’s divestiture of the Ammunition Business, it could no longer purchase ammunition manufacturing components.

On November 21, 2025, the Company entered into a Settlement Agreement and Mutual Release (the “Vista Settlement and Release”) with Vista to resolve the matter. Under the terms of the Vista Settlement and Release, the Company agreed to pay Vista an aggregate of $2.75 million in cash in twelve equal quarterly installments, with the first installment due December 1, 2025 and subsequent installments due quarterly. Vista was required to dismiss the lawsuit with prejudice in return for a release of all claims relating to the matter.

As of December 31, 2025, the Company had a liability of $2.5 million, $0.9 million of which is recorded in accounts payable and $1.6 million of which is recorded in other long-term liabilities on the condensed consolidated balance sheet. During the three and nine months ended December 31, 2025, the Company made payments of $0.2 million in accordance with the Vista Settlement and Release.

There were no other known contingencies as of December 31, 2025.

v3.25.4
SUBSEQUENT EVENTS
 9 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

On January 4, 2026, the Board authorized a discretionary share repurchase program pursuant to which the Company may repurchase up to $15.0 million of its outstanding common stock over a period of 12 months. Repurchases under the program may be made from time to time, in management’s discretion, through open market purchases, privately negotiated transactions, and other means in accordance with federal securities laws, including pursuant to one or more Rule 10b-18 or 10b5-1 trading plans. The timing, volume, and value of any repurchases will be determined by management based on factors including market conditions, the Company’s liquidity and capital needs, and other factors deemed relevant. The share repurchase program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at the discretion of the

Company’s Board of Directors or management. Any repurchases under the program will be funded from the Company’s existing cash balances, future operating cash flows, or other legally available funds.

v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Outdoor Holding Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Accounting Basis

Accounting Basis

The accompanying unaudited condensed consolidated financial statements and related disclosures included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, in the opinion of management, reflect all adjustments, which consist solely of normal recurring adjustments, needed to fairly present the financial results for the interim periods presented in this report. Additionally, these condensed consolidated financial statements and related disclosures are presented pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures contained in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025. The results for the three and nine months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. Pursuant to the rules and regulations of the SEC, the Company has not included certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP, although it believes that the disclosure included herein is adequate to make the information presented not misleading.

We use the accrual basis of accounting and U.S. GAAP, and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of March 31st.
Discontinued Operations

Discontinued Operations

In accordance with Accounting Standards Codification (“ASC”) Subtopic 205-20 “Discontinued Operations,” a business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the business is available for immediate sale in its present condition and an active program to locate a buyer has been initiated. Additionally, the sale must be probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. A business classified as held

for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. Assets held for sale are not depreciated or amortized.

The results of operations of businesses classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale.

During the year ended March 31, 2025, the Board of Directors of the Company (the "Board of Directors" or "Board") initiated a formal review of strategic alternatives for the Company. This review of strategic alternatives resulted in the decision to sell the assets of the Company's Ammunition segment. The Company concluded the assets of the Ammunition segment met the criteria for classification as held for sale during the three months ended March 31, 2025. Additionally, the Company determined the ultimate disposal would represent a strategic shift that would have a major effect on the Company's operations and financial results. As such, the results of the Ammunition segment are presented as discontinued operations in the accompanying condensed consolidated statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets and liabilities of the Ammunition segment have been reflected as assets and liabilities of discontinued operations in the accompanying condensed consolidated balance sheets as of March 31, 2025. The Company ceased depreciating and amortizing its long-lived assets for the Ammunition segment, which primarily include right-of-use assets, intangible assets and property and equipment in the year ended March 31, 2025. On January 20, 2025, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Olin Winchester, LLC (the “Buyer”), to sell the Ammunition Manufacturing Business (as defined in Note 4) for consideration of $75.0 million, subject to customary adjustments for estimated net working capital and real property costs and pro-rations. The transaction was completed on April 18, 2025.

Unless otherwise noted, all amounts and disclosures included in these notes to the condensed consolidated financial statements reflect only the Company's continuing operations. Refer to Note 4, "Discontinued Operations and Assets Held for Sale," for additional details on discontinued operations.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets, useful lives of assets, goodwill, intangible assets, stock-based compensation and warrants.
Goodwill

Goodwill

We evaluate goodwill for impairment annually or more frequently when an event occurs, or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flow. Forecasts of future cash flow are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. As of December 31, 2025 and March 31, 2025, the Company had a goodwill carrying value of $90,870,094. No impairment was recognized for the three and nine months ended December 31, 2025 and 2024.
Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses

Our accounts receivable represents amounts due from customers for fees and sales taxes and include an allowance for estimated credit losses which is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial condition. Sales taxes collected are remitted to the taxing authorities shortly after receipt.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of the condensed consolidated statements of cash flow, we consider highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairment expense was recognized for the three and nine months ended December 31, 2025 and 2024.
Revenue Recognition

Revenue Recognition

We recognize revenue when we transfer control of promised services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those services. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. We apply the following five-step model to determine revenue recognition:

•
Identification of a contract with a customer
•
Identification of the performance obligations in the contract
•
Determination of the transaction price
•
Allocation of the transaction price to the separate performance obligation
•
Recognition of revenue when performance obligations are satisfied

Marketplace revenues are generated through our GunBroker online marketplace. Performance obligations are satisfied, and revenue is recognized, as follows:

Marketplace revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.

Marketplace service fee revenue, previously referred to as compliance fee revenue, consists of fees charged to customers based on a percentage of the final price of an item at the time of purchase. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.

Shipping revenue consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.

Advertising revenue consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using the placement selected by the customer. The price is set in the customer agreement based on standalone selling prices or by advertising insertion order as negotiated by a media broker. If the number of impressions promised is not generated, the customer receives a refund and the refund is applied to the transaction price. Revenue is recognized at a point in time at the end of the selected month.

For the three and nine months ended December 31, 2025 and 2024, no customers comprised more than 10% of total revenues. As of December 31, 2025 and March 31, 2025, no customers comprised more than 10% of accounts receivable.

Advertising Costs

Advertising Costs

Marketplace advertising costs are expensed as they are incurred and recorded in cost of revenues. We incurred advertising expenses of $134,714 and $90,648 for the three months ended December 31, 2025 and 2024, respectively. We incurred advertising expenses of $304,919 and $293,335 for the nine months ended December 31, 2025 and 2024, respectively.
Leases

Leases

We determine if an arrangement is a lease at inception of the contract. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; instead, we recognize lease expense for these leases on a straight-line basis over the lease term. We do not account for lease components (e.g., fixed payments to use the underlying lease asset) separately from the non-lease components (e.g., fixed payments for common-area maintenance costs and other items that transfer a good or service). Some of our leases include variable lease payments, which primarily result from changes in consumer price and other market-based indices, which are generally updated annually, and maintenance and usage charges. These variable payments are excluded from the calculation of our lease assets and lease liabilities.

We utilize the interest rate implicit in the lease to determine the lease liability when the interest rate can be determined. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Property and Equipment

Property and Equipment

We state property and equipment at cost, less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of assets over their estimated useful lives, which are generally three to ten years. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited or charged to other income or expenses. We charge expenditures for normal repairs and maintenance to expense as incurred.

We capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably assured.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to us as of December 31, 2025 and March 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash, accounts receivable, accounts payable and notes due to related parties. Fair values were assumed to approximate carrying values because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.
Stock-Based Compensation

Stock-Based Compensation

We account for stock-based compensation at fair value in accordance with ASC 718 – Compensation – Stock Compensation, which requires the recognition of the cost of employee, director and non-employee services received in exchange for an award of equity over the period the employee, director or non-employee is required to perform the services in exchange for the award. Stock-based compensation is measured based on the grant-date fair value of the award. Stock-based compensation for stock awards is recognized on a straight-line basis over the vesting periods and stock-based compensation for stock options is recognized using the accelerated recognition method. Forfeitures are recognized in the periods they occur.

Concentrations of Credit Risk

Concentrations of Credit Risk

Accounts at banks are insured by the Federal Deposit Insurance Corporation up to $250,000. As of December 31, 2025 and March 31, 2025, our bank account balances exceeded federally insured limits; however, we have not incurred losses related to these deposits.
Income Taxes

Income Taxes

We file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method in accordance with ASC 740 - Income Taxes (“ASC 740”). The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period in which the change in judgment occurs.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires that public business entities, on an annual basis, (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, it requires all entities disclose the following information about income taxes paid on an annual basis: (1) the year-to-date amounts of income taxes paid, disaggregated by federal (national), state, and foreign taxes, and (2) the amount of income taxes paid, disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis, although retrospective application to all periods presented is permitted. Early adoption is permitted. The Company does not expect the guidance to have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement expenses (Subtopic 220-40). This ASU requires disclosure about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization and selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027 with early adoption permitted. This ASU is applicable to the Company's fiscal year ending March 31, 2027. The transition method may be either prospective or retrospective. While the Company is still evaluating the impact on its consolidated financial statement disclosures, the Company anticipates this guidance will have an impact.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. This ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. This ASU is applicable to the Company's fiscal year beginning on April 1, 2026, with early application permitted. The transition method is prospective. The Company does not expect the guidance to have a material impact on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. This ASU is applicable to the Company's fiscal year beginning April 1, 2028, with early adoption permitted. The transition method may be prospective, modified, or retrospective.

The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The amendments in this update clarify current interim disclosure requirements and provide a comprehensive list of required interim disclosures. The update also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period. This update is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted. This ASU is applicable to the Company's fiscal year beginning April 1, 2028 and we do not expect it to have a material effect on our consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying condensed consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
Reclassifications

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year's presentation. These reclassifications have no effect on the results of operations, shareholders' equity, and cash flow as previously reported.
v3.25.4
INCOME (LOSS) PER COMMON SHARE (Tables)
 9 Months Ended
Dec. 31, 2025
Net Loss per share  
SCHEDULE OF INCOME (LOSS) PER COMMON SHARE

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

2,230,250

 

 

$

(20,394,715

)

 

$

(2,227,615

)

 

$

(38,259,945

)

Less: Preferred stock dividends

 

 

(765,625

)

 

 

(782,640

)

 

 

(2,288,368

)

 

 

(2,339,411

)

Net income (loss) before discontinued operations

 

$

1,464,625

 

 

$

(21,177,355

)

 

$

(4,515,983

)

 

$

(40,599,356

)

Net loss from discontinued operations, net of tax

 

 

—

 

 

 

(5,734,067

)

 

 

(595,634

)

 

 

(15,056,925

)

Net income (loss) attributable to common stockholders

 

$

1,464,625

 

 

$

(26,911,422

)

 

$

(5,111,617

)

 

$

(55,656,281

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock - basic

 

 

117,201,724

 

 

 

116,214,522

 

 

 

117,051,997

 

 

 

118,012,373

 

Effect of dilutive common stock purchase warrants

 

 

5,497,076

 

 

 

-

 

 

 

-

 

 

 

-

 

Effect of dilutive equity incentive awards

 

 

179,641

 

 

 

-

 

 

 

-

 

 

 

-

 

 Weighted average shares of common stock - diluted

 

 

122,878,441

 

 

 

116,214,522

 

 

 

117,051,997

 

 

 

118,012,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.01

 

 

$

(0.18

)

 

$

(0.04

)

 

$

(0.34

)

Discontinued operations

 

$

-

 

 

$

(0.05

)

 

$

(0.00

)

 

$

(0.13

)

Total basic income (loss) per share attributable to common stockholders

 

$

0.01

 

 

$

(0.23

)

 

$

(0.04

)

 

$

(0.47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.01

 

 

$

(0.18

)

 

$

(0.04

)

 

$

(0.34

)

Discontinued operations

 

$

-

 

 

$

(0.05

)

 

$

(0.00

)

 

$

(0.13

)

Total diluted income (loss) per share attributable to common stockholders

 

$

0.01

 

 

$

(0.23

)

 

$

(0.04

)

 

$

(0.47

)

 
SUMMARY OF NUMBER OF SHARES EXCLUDED FROM CALCULATION OF DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The following table presents the number of shares excluded from the calculation of diluted net income (loss) per share attributable to common stockholders:

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock options

 

 

400,000

 

 

 

250,000

 

 

 

400,000

 

 

 

199,750

 

Non-vested stock awards

 

 

25,000

 

 

 

509,086

 

 

 

715,000

 

 

 

552,149

 

Warrants

 

 

7,675,000

 

 

 

1,721,296

 

 

 

20,775,000

 

 

 

1,738,212

 

Total shares excluded from net income (loss) per share attributable to common stockholders

 

 

8,100,000

 

 

 

2,480,382

 

 

 

21,890,000

 

 

 

2,490,111

 
v3.25.4
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables)
 9 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
SCHEDULE OF AMMUNITION SEGMENT DISCONTINUED OPERATIONS The following table summarizes the results of operations of the Ammunition segment that are reported as discontinued operations:

 

 

 

For the Nine Months Ended December 31,

 

 

For the Three Months Ended December 31,

 

 

 

 

2025(1)

 

 

2024

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues(2)

 

 

$

752,762

 

 

$

54,773,758

 

 

$

16,665,635

 

Cost of revenues

 

 

 

1,599,202

 

 

 

61,880,712

 

 

 

19,818,238

 

Gross profit

 

 

 

(846,440

)

 

 

(7,106,954

)

 

 

(3,152,603

)

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

15,819

 

 

 

682,097

 

 

 

140,843

 

Corporate general and administrative

 

 

 

232,104

 

 

 

6,889,029

 

 

 

1,839,557

 

Employee salaries and related expenses

 

 

 

84,502

 

 

 

1,505,517

 

 

 

475,127

 

Depreciation and amortization expense

 

 

 

-

 

 

 

35,866

 

 

 

-

 

Total operating expenses

 

 

 

332,425

 

 

 

9,112,509

 

 

 

2,455,527

 

Loss from operations

 

 

 

(1,178,865

)

 

 

(16,219,463

)

 

 

(5,608,130

)

Total other income/(expense)

 

 

 

583,231

 

 

 

(398,385

)

 

 

(125,937

)

Loss from discontinued operations before income taxes

 

 

 

(595,634

)

 

 

(16,617,848

)

 

 

(5,734,067

)

Benefit for income taxes

 

 

 

-

 

 

 

(1,560,923

)

 

 

-

 

Loss from discontinued operations, net of tax

 

 

$

(595,634

)

 

$

(15,056,925

)

 

$

(5,734,067

)
(1)
Reflects results from April 1, 2025 through April 18, 2025 only.
(2)
Included in revenue for the nine months ended December 31, 2025 and 2024 are excise taxes of $27,185 and $3,795,459, respectively. Included in revenue for the three months ended December 31, 2024 are excise taxes of $1,141,259.

There were no assets or liabilities classified as discontinued operations as of December 31, 2025. The following table summarizes the Ammunition segment assets and liabilities classified as discontinued operations in the accompanying condensed consolidated balance sheets:

 

 

March 31, 2025

 

ASSETS

 

 

 

Accounts receivable, net

 

$

8,778,545

 

Inventories

 

 

21,520,796

 

Prepaid expenses

 

 

198,379

 

Equipment, net

 

 

25,983,100

 

Patents, net

 

 

1,409,542

 

Total assets of discontinued operations

 

$

57,890,362

 

 

 

 

LIABILITIES

 

 

 

Accounts payable

 

$

2,513,533

 

Accrued liabilities

 

 

3,280,449

 

Current portion of construction note payable

 

 

286,200

 

Construction note payable, net of unamortized issuance costs

 

 

10,564,816

 

Total liabilities of discontinued operations

 

$

16,644,998

 
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
 9 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
SCHEDULE OF ACCOUNTS RECEIVABLE

Our net accounts receivable are summarized as follows:

 

December 31,
2025

 

 

March 31,
2025

 

Accounts receivable

 

$

11,973,452

 

 

$

13,994,499

 

Less: allowance for credit losses

 

 

(2,803,832

)

 

 

(3,805,488

)

Accounts receivable, net

 

$

9,169,620

 

 

$

10,189,011

 

The following presents a reconciliation of our allowance for credit losses for the periods presented:

April 1, 2025

 

$

3,805,488

 

Reduction in allowance

 

 

(181,897

)

Write-off of uncollectible amounts

 

 

(819,759

)

December 31, 2025

 

$

2,803,832

 
SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31, 2025 and March 31, 2025:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

Leasehold improvements

 

$

—

 

 

$

247,725

 

Furniture and fixtures

 

 

19,792

 

 

 

331,483

 

Software and equipment

 

 

10,753,186

 

 

 

9,249,946

 

Construction in progress

 

 

428,896

 

 

 

733,384

 

Total property and equipment

 

$

11,201,874

 

 

$

10,562,538

 

Less accumulated depreciation

 

 

(4,282,351

)

 

 

(4,084,854

)

Net property and equipment

 

$

6,919,523

 

 

$

6,477,684

 
SCHEDULE OF ACCRUED LIABILITIES

At December 31, 2025 and March 31, 2025, accrued liabilities were as follows:

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Accrued bonus program

 

$

 

1,518,750

 

 

$

 

1,831,250

 

 

Accrued professional fees

 

 

 

583,484

 

 

 

 

4,682,183

 

 

Accrued payroll

 

 

 

705,167

 

 

 

 

764,174

 

 

Other accruals

 

 

 

1,366,956

 

 

 

 

674,735

 

 

Income taxes payable

 

 

 

394,065

 

 

 

 

394,065

 

 

Accrued contingency

 

 

 

—

 

 

 

 

29,067,229

 

 

Accrued liabilities

 

$

 

4,568,422

 

 

$

 

37,413,636

 

 
v3.25.4
ACCRUED LIABILITIES (Tables)
 9 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
SCHEDULE OF ACCRUED LIABILITIES

At December 31, 2025 and March 31, 2025, accrued liabilities were as follows:

 

 

December 31, 2025

 

 

March 31, 2025

 

 

Accrued bonus program

 

$

 

1,518,750

 

 

$

 

1,831,250

 

 

Accrued professional fees

 

 

 

583,484

 

 

 

 

4,682,183

 

 

Accrued payroll

 

 

 

705,167

 

 

 

 

764,174

 

 

Other accruals

 

 

 

1,366,956

 

 

 

 

674,735

 

 

Income taxes payable

 

 

 

394,065

 

 

 

 

394,065

 

 

Accrued contingency

 

 

 

—

 

 

 

 

29,067,229

 

 

Accrued liabilities

 

$

 

4,568,422

 

 

$

 

37,413,636

 

 
v3.25.4
PROPERTY, PLANT, AND EQUIPMENT (Tables)
 9 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31, 2025 and March 31, 2025:

 

 

 

December 31, 2025

 

 

March 31, 2025

 

Leasehold improvements

 

$

—

 

 

$

247,725

 

Furniture and fixtures

 

 

19,792

 

 

 

331,483

 

Software and equipment

 

 

10,753,186

 

 

 

9,249,946

 

Construction in progress

 

 

428,896

 

 

 

733,384

 

Total property and equipment

 

$

11,201,874

 

 

$

10,562,538

 

Less accumulated depreciation

 

 

(4,282,351

)

 

 

(4,084,854

)

Net property and equipment

 

$

6,919,523

 

 

$

6,477,684

 
v3.25.4
LEASES (Tables)
 9 Months Ended
Dec. 31, 2025
Leases  
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES

Future minimum lease payments under non-cancellable leases as of December 31, 2025, are as follows:

Years Ended March 31,

 

 

 

2026(1)

 

$

149,778

 

2027

 

 

605,412

 

2028

 

 

402,823

 

2029

 

 

268,256

 

Total Lease Payments

 

 

1,426,269

 

Less: Amount Representing Interest

 

 

(174,193

)

Present Value of Lease Liabilities

 

$

1,252,076

 
(1)
This amount represents future lease payments for the remaining three months of fiscal year 2026. It does not include any lease payments for the nine months ended December 31, 2025.
v3.25.4
PREFERRED STOCK (Tables)
 9 Months Ended
Dec. 31, 2025
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]  
Summary of Dividends Paid on Series A Preferred Stock

The following is a summary of the dividends paid on the Series A Preferred Stock in the nine months ended December 31, 2025 and 2024.

Dividend Declaration Date

 

Record Date

 

Dividend Period

 

Dividend Payment Date

 

Dividend
Amount

 

 

Per Share
Amount

 

May 15, 2025

 

May 31, 2025

 

March 15, 2025 - June 14, 2025

 

June 16, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

August 12, 2025

 

August 31, 2025

 

June 15, 2025 - September 14, 2025

 

September 15, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

November 12, 2025

 

December 1, 2025

 

September 15, 2025 - December 14, 2025

 

December 15, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

Dividend Declaration Date

 

Record Date

 

Dividend Period

 

Dividend Payment Date

 

Dividend
Amount

 

 

Per Share
Amount

 

May 15, 2024

 

May 31, 2024

 

March 15, 2024 - June 14, 2024

 

June 17, 2024

 

$

 

782,634

 

 

$

 

0.55902778

 

August 15, 2024

 

August 31, 2024

 

June 15,2024 - September 14, 2024

 

September 15, 2024

 

$

 

782,639

 

 

$

 

0.55902778

 

November 15, 2024

 

November 30, 2024

 

September 15, 2024 - December 14, 2024

 

December 15, 2024

 

$

 

782,639

 

 

$

 

0.55902778

 
v3.25.4
CAPITAL STOCK (Tables)
 9 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS

At December 31, 2025, outstanding and exercisable stock purchase warrants consisted of the following:

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average Life
Remaining
(Years)

 

Outstanding at April 1, 2025

 

 

1,721,256

 

 

$

2.03

 

 

 

0.84

 

Granted

 

 

20,000,000

 

 

 

1.28

 

 

 

4.86

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited or cancelled

 

 

(946,256

)

 

 

2.26

 

 

 

—

 

Outstanding at December 31, 2025

 

 

20,775,000

 

 

$

1.30

 

 

 

4.44

 

Exercisable at December 31, 2025

 

 

7,775,000

 

 

$

1.80

 

 

 

3.98

 
SUMMARY OF STOCK OPTION ACTIVITY

The following is a summary of our stock option activity during the nine months ended December 31, 2025:

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Grant Date Fair Value

 

 

Weighted Average Remaining Life in Years

 

Outstanding, April 1, 2025

 

 

 

400,000

 

 

$

 

2.08

 

 

$

 

1.50

 

 

 

 

8.32

 

Granted

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Exercised

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Canceled/Forfeited

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Outstanding, December 31, 2025

 

 

 

400,000

 

 

$

2.08

 

 

$

 

1.50

 

 

 

 

7.56

 
SUMMARY OF STOCK AWARD ACTIVITY

A summary of stock award activity for the nine months ended December 31, 2025 under the 2017 Plan is as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant-Date Fair Value Per Share

 

Outstanding at April 1, 2025

 

 

215,196

 

 

$

 

2.24

 

Granted

 

 

377,498

 

 

 

 

2.02

 

Vested

 

 

(426,027

)

 

 

 

1.73

 

Forfeited

 

 

(166,667

)

 

 

 

2.08

 

Outstanding at December 31, 2025

 

 

-

 

 

$

 

-

 

 

A summary of stock award activity for the nine months ended December 31, 2025 under the 2025 Plan is as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant-Date Fair Value Per Share

 

Outstanding at April 1, 2025

 

 

-

 

 

$

 

-

 

Granted

 

 

995,000

 

 

 

 

1.54

 

Vested

 

 

(223,750

)

 

 

 

1.53

 

Forfeited

 

 

(56,250

)

 

 

 

1.53

 

Outstanding at December 31, 2025

 

 

715,000

 

 

$

 

1.54

 
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF INTANGIBLE ASSETS

Intangible assets consisted of the following:

 

 

 

 

As of

 

 

 

Life

 

December 31, 2025

 

 

March 31, 2025

 

Tradename

 

15

 

$

76,532,389

 

 

$

76,532,389

 

Customer List

 

10

 

 

65,252,802

 

 

 

65,252,802

 

Intellectual Property

 

10

 

 

4,224,442

 

 

 

4,224,442

 

Other Intangible Assets

 

5

 

 

486,017

 

 

 

357,747

 

Gross Intangibles Assets

 

 

 

 

146,495,650

 

 

 

146,367,380

 

Accumulated Amortization – Intangible Assets

 

 

 

 

(56,573,101

)

 

 

(47,475,613

)

Net Intangible Assets

 

 

 

$

89,922,549

 

 

$

98,891,767

 
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET

Annual amortization of intangible assets for the next five fiscal years are as follows:

Years Ended March 31,

 

Estimates for
Fiscal Year

 

2026 (1)

 

$

3,032,497

 

2027

 

 

12,064,397

 

2028

 

 

12,058,435

 

2029

 

 

12,058,435

 

2030

 

 

12,058,435

 

Thereafter

 

 

38,650,350

 

Annual amortization of intangible assets

 

$

89,922,549

 
(1)
This amount represents future amortization for the remaining three months of fiscal year 2026. It does not include any amortization for the nine months ended December 31, 2025.
v3.25.4
SEGMENTS (Tables)
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SCHEDULE OF CONSOLIDATED EBITDA FOR REPORTABLE SEGMENT

The following table presents consolidated EBITDA for our single reportable segment:

 

For the three months ended December 31,

 

For the nine months ended December 31,

 

 

2025

 

 

2024

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

13,394,465

 

 

$

12,521,867

 

$

37,236,005

 

 

$

36,786,879

 

Cost of revenues

 

 

1,730,755

 

 

 

1,571,771

 

 

4,796,238

 

 

 

4,885,872

 

Selling and marketing

 

 

20,834

 

 

 

35,114

 

 

148,774

 

 

 

240,369

 

Corporate and administrative

 

 

3,191,197

 

 

 

24,137,454

 

 

13,368,667

 

 

 

40,894,324

 

Employee salaries and related expenses

 

 

2,852,174

 

 

 

3,877,710

 

 

11,540,860

 

 

 

13,406,196

 

Consolidated EBITDA

 

 

5,599,505

 

 

 

(17,100,182

)

 

7,381,466

 

 

 

(22,639,882

)

Adjustments and reconciling items:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,633,722

 

 

 

3,410,758

 

 

10,719,334

 

 

 

10,132,037

 

Other income

 

 

510,332

 

 

 

161,705

 

 

1,832,150

 

 

 

616,790

 

Interest expense

 

 

(245,865

)

 

 

(45,480

)

 

(1,523,791

)

 

 

(136,402

)

Gain on the extinguishment of debt

 

 

—

 

 

 

—

 

 

801,894

 

 

 

—

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

—

 

 

 

(5,968,414

)

Net income (loss) from continuing operations

 

$

2,230,250

 

 

$

(20,394,715

)

$

(2,227,615

)

 

$

(38,259,945

)
v3.25.4
ORGANIZATION AND BUSINESS ACTIVITY (Details Narrative)
 9 Months Ended
Dec. 31, 2025
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 18, 2025
Jan. 20, 2025
USD ($)
Dec. 31, 2025
USD ($)
Customer
Dec. 31, 2024
USD ($)
Customer
Dec. 31, 2025
USD ($)
Customer
Dec. 31, 2024
USD ($)
Customer
Mar. 31, 2025
USD ($)
Customer
Property, Plant and Equipment [Line Items]              
Goodwill     $ 90,870,094   $ 90,870,094   $ 90,870,094
Impairment expense     0 $ 0 $ 0 $ 0  
Income tax examination, description         We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized.    
Allowance for doubtful accounts     $ 2,803,832   $ 2,803,832   $ 3,805,488
Minimum [Member]              
Property, Plant and Equipment [Line Items]              
Straight line method over estimated useful lives     3 years   3 years    
Maximum [Member]              
Property, Plant and Equipment [Line Items]              
Cash FDIC insured amount     $ 250,000   $ 250,000    
Straight line method over estimated useful lives     10 years   10 years    
Revenue Benchmark [Member] | Customer Concentration Risk [Member]              
Property, Plant and Equipment [Line Items]              
Number of customers | Customer     0 0 0 0  
Accounts Receivable [Member] | Customer Concentration Risk [Member]              
Property, Plant and Equipment [Line Items]              
Number of customers | Customer         0   0
Cost of Sales [Member] | Marketplace [Member]              
Property, Plant and Equipment [Line Items]              
Advertising expenses     $ 134,714 $ 90,648 $ 304,919 $ 293,335  
Asset Purchase Agreement [Member] | Olin Winchester LLC [Member]              
Property, Plant and Equipment [Line Items]              
Gross purchase price   $ 75,000,000     $ 75,000,000    
Date of asset purchase Apr. 18, 2025            
Agreement date   Jan. 20, 2025     Jan. 20, 2025    
v3.25.4
SUMMARY OF EFFECT OF RESTATEMENT OF FINANCIAL STATEMENTS - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]      
Excise taxes $ 1,141,259 $ 27,185 $ 3,795,459
v3.25.4
SCHEDULE OF INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Net Loss per share        
Net income (loss) from continuing operations $ 2,230,250 $ (20,394,715) $ (2,227,615) $ (38,259,945)
Less: Preferred stock dividends (765,625) (782,640) (2,288,368) (2,339,411)
Net income (loss) before discontinued operations 1,464,625 (21,177,355) (4,515,983) (40,599,356)
Net loss from discontinued operations, net of tax 0 (5,734,067) (595,634) [1] (15,056,925)
Net income (loss) attributable to common stockholders $ 1,464,625 $ (26,911,422) $ (5,111,617) $ (55,656,281)
Weighted average shares of common stock - basic 117,201,724 116,214,522 117,051,997 118,012,373
Effect of dilutive common stock purchase warrants 5,497,076
Effect of dilutive equity incentive awards 179,641
Weighted average shares of common stock - diluted 122,878,441 116,214,522 117,051,997 118,012,373
Basic income (loss) per share attributable to common stockholders:        
Continuing operations $ 0.01 $ (0.18) $ (0.04) $ (0.34)
Discontinued operations 0 (0.05) (0) (0.13)
Total basic income (loss) per share attributable to common stockholders 0.01 (0.23) (0.04) (0.47)
Diluted income (loss) per share attributable to common stockholders:        
Continuing operations 0.01 (0.18) (0.04) (0.34)
Discontinued operations 0 (0.05) (0) (0.13)
Total diluted income (loss) per share attributable to common stockholders $ 0.01 $ (0.23) $ (0.04) $ (0.47)
[1] Reflects results from April 1, 2025 through April 18, 2025 only.
v3.25.4
SUMMARY OF NUMBER OF SHARES EXCLUDED FROM CALCULATION OF DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Details) - shares
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total shares excluded from net income (loss) per share attributable to common stockholders 8,100,000 2,480,382 21,890,000 2,490,111
Stock Option Activity [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total shares excluded from net income (loss) per share attributable to common stockholders 400,000 250,000 400,000 199,750
Non-vested stock awards [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total shares excluded from net income (loss) per share attributable to common stockholders 25,000 509,086 715,000 552,149
Warrant [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total shares excluded from net income (loss) per share attributable to common stockholders 7,675,000 1,721,296 20,775,000 1,738,212
v3.25.4
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details Narrative) - USD ($)
 9 Months Ended
Apr. 18, 2025
Jan. 20, 2025
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Estimated net proceeds     $ 42,900,000    
Capital expenditures related to discontinued operations     40,000 $ 1,100,000  
Assets classified as discontinued operations     0   $ 57,890,362
Liabilities classified as discontinued operations     $ 0   $ 16,644,998
Olin Winchester LLC [Member] | Asset Purchase Agreement [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Agreement date   Jan. 20, 2025 Jan. 20, 2025    
Gross purchase price   $ 75,000,000 $ 75,000,000    
Date of asset purchase Apr. 18, 2025        
v3.25.4
SCHEDULE OF RESULTS OF OPERATIONS OF AMMUNITION SEGMENT REPORTED AS DISCONTINUED OPERATIONS (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Net revenues [1]   $ 16,665,635 $ 752,762 [2] $ 54,773,758
Cost of revenues   19,818,238 1,599,202 [2] 61,880,712
Gross profit   (3,152,603) (846,440) [2] (7,106,954)
Operating expenses        
Selling and marketing   140,843 15,819 [2] 682,097
Corporate general and administrative   1,839,557 232,104 [2] 6,889,029
Employee salaries and related expenses   475,127 84,502 [2] 1,505,517
Depreciation and amortization expense   0 35,866
Total operating expenses   2,455,527 332,425 [2] 9,112,509
Loss from operations   (5,608,130) (1,178,865) [2] (16,219,463)
Total other income/(expense)   (125,937) 583,231 [2] (398,385)
Loss from discontinued operations before income taxes   (5,734,067) (595,634) [2] (16,617,848)
Benefit for income taxes   (1,560,923)
Loss from discontinued operations, net of tax $ 0 $ (5,734,067) $ (595,634) [2] $ (15,056,925)
[1] Included in revenue for the nine months ended December 31, 2025 and 2024 are excise taxes of $27,185 and $3,795,459, respectively. Included in revenue for the three months ended December 31, 2024 are excise taxes of $1,141,259.
[2] Reflects results from April 1, 2025 through April 18, 2025 only.
v3.25.4
SCHEDULE OF RESULTS OF OPERATIONS OF AMMUNITION SEGMENT REPORTED AS DISCONTINUED OPERATIONS (Parenthetical) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]      
Excise taxes $ 1,141,259 $ 27,185 $ 3,795,459
v3.25.4
SCHEDULE OF AMMUNITION SEGMENT ASSETS AND LIABILITIES (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
ASSETS    
Accounts receivable, net   $ 8,778,545
Inventories   21,520,796
Prepaid expenses   198,379
Equipment, net   25,983,100
Patents, net   1,409,542
Total assets of discontinued operations $ 0 57,890,362
LIABILITIES    
Accounts payable   2,513,533
Accrued liabilities   3,280,449
Current portion of construction note payable   286,200
Construction note payable, net of unamortized issuance costs   10,564,816
Total liabilities of discontinued operations $ 0 $ 16,644,998
v3.25.4
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)
 9 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Credit Loss [Abstract]    
Accounts receivable $ 11,973,452 $ 13,994,499
Less: allowance for credit losses (2,803,832) (3,805,488)
Accounts receivable, net 9,169,620 $ 10,189,011
Allowance for credit losses, beginning balance 3,805,488  
Reduction in allowance (181,897)  
Write-off of uncollectible amounts (819,759)  
Allowance for credit losses, ending balance $ 2,803,832  
v3.25.4
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 11,201,874 $ 10,562,538
Less accumulated depreciation (4,282,351) (4,084,854)
Net property and equipment 6,919,523 6,477,684
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 0 247,725
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 19,792 331,483
Software and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 10,753,186 9,249,946
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 428,896 $ 733,384
v3.25.4
SUPPLEMENTAL BALANCE SHEET INFORMATION (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Operating Expense [Member]        
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]        
Depreciation expense $ 596,951 $ 380,399 $ 1,621,846 $ 1,040,962
v3.25.4
SCHEDULE OF ACCRUED LIABILITIES (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Payables and Accruals [Abstract]    
Accrued bonus program $ 1,518,750 $ 1,831,250
Accrued professional fees 583,484 4,682,183
Accrued payroll 705,167 764,174
Other accruals 1,366,956 674,735
Income taxes payable 394,065 394,065
Accrued contingency 0 29,067,229
Accrued liabilities $ 4,568,422 $ 37,413,636
v3.25.4
PROPERTY, PLANT, AND EQUIPMENT (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Operating Expense [Member]        
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]        
Depreciation expense $ 596,951 $ 380,399 $ 1,621,846 $ 1,040,962
v3.25.4
LEASES (Details Narrative)
 3 Months Ended 9 Months Ended
Oct. 01, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 17, 2025
ft²
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Lease description       On September 17, 2025, we signed a lease for 2,660 square feet of mixed-use warehouse space in Marietta, GA. The lease commenced on October 1, 2025 and expires in October 2028.    
Lease commences Oct. 01, 2025          
Expiration date       Oct. 31, 2028    
Consolidated lease expense   $ 151,310 $ 130,344 $ 443,992 $ 404,790  
Operating lease expense   143,619 132,981 415,088 396,546  
Other lease associated expenses   $ 7,691 $ (2,637) $ 28,904 $ 8,244  
Weighted average remaining lease term   2 years 6 months   2 years 6 months    
Weighted average discount rate for operating leases   10.00%   10.00%    
Marietta, GA [Member]            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Space leased | ft²           2,660
v3.25.4
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details)
Dec. 31, 2025
USD ($)
Leases  
2026 $ 149,778 [1]
2027 605,412
2028 402,823
2029 268,256
Total Lease Payments  1,426,269
Less: Amount Representing Interest (174,193)
Present Value of Lease Liabilities $ 1,252,076
[1] This amount represents future lease payments for the remaining three months of fiscal year 2026. It does not include any lease payments for the nine months ended December 31, 2025.
v3.25.4
PREFERRED STOCK (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
May 18, 2021
May 18, 2021
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Class of Stock [Line Items]                      
Dividend rate                 8.75%   8.75%
Accumulated preferred dividends     $ 127,603 $ 127,603 $ 136,111 $ 144,618 $ 136,111 $ 136,111      
Series A Preferred Stock [Member]                      
Class of Stock [Line Items]                      
Preferred Stock share price $ 25 $ 25                  
Dividend rate   8.75%                  
Preferred stock dividend rate per annum $ 2.1875                    
Dividend payment terms payable quarterly in arrears on March 15, June 15, September 15 and December 15                    
Accumulated preferred dividends                 $ 127,603 $ 144,618  
v3.25.4
PREFERRED STOCK - Summary of Dividends Paid on Series A Preferred Stock (Details) - Series A Preferred Stock [Member] - USD ($)
Nov. 12, 2025
Aug. 12, 2025
May 15, 2025
Nov. 15, 2024
Aug. 15, 2024
May 15, 2024
May 18, 2021
Dividends Payable [Line Items]              
Dividend Period             payable quarterly in arrears on March 15, June 15, September 15 and December 15
O 2026 Q1 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date     May 15, 2025        
Record Date     May 31, 2025        
Dividend Period     March 15, 2025 - June 14, 2025        
Dividend Payment Date     Jun. 16, 2025        
Dividend Amount     $ 765,625        
Per Share Amount     $ 0.546875        
O 2026 Q2 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date   Aug. 12, 2025          
Record Date   Aug. 31, 2025          
Dividend Period   June 15, 2025 - September 14, 2025          
Dividend Payment Date   Sep. 15, 2025          
Dividend Amount   $ 765,625          
Per Share Amount   $ 0.546875          
O 2026 Q3 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date Nov. 12, 2025            
Record Date Dec. 01, 2025            
Dividend Period September 15, 2025 - December 14, 2025            
Dividend Payment Date Dec. 15, 2025            
Dividend Amount $ 765,625            
Per Share Amount $ 0.546875            
O 2025 Q1 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date           May 15, 2024  
Record Date           May 31, 2024  
Dividend Period           March 15, 2024 - June 14, 2024  
Dividend Payment Date           Jun. 17, 2024  
Dividend Amount           $ 782,634  
Per Share Amount           $ 0.55902778  
O 2025 Q2 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date         Aug. 15, 2024    
Record Date         Aug. 31, 2024    
Dividend Period         June 15,2024 - September 14, 2024    
Dividend Payment Date         Sep. 15, 2024    
Dividend Amount         $ 782,639    
Per Share Amount         $ 0.55902778    
O 2025 Q3 Dividends [Member]              
Dividends Payable [Line Items]              
Dividend Declaration Date       Nov. 15, 2024      
Record Date       Nov. 30, 2024      
Dividend Period       September 15, 2024 - December 14, 2024      
Dividend Payment Date       Dec. 15, 2024      
Dividend Amount       $ 782,639      
Per Share Amount       $ 0.55902778      
v3.25.4
CAPITAL STOCK (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 17, 2025
May 30, 2025
Oct. 31, 2017
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Jul. 02, 2025
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Common stock, shares authorized           200,000,000       200,000,000
Common stock, par value           $ 0.001       $ 0.001
Warrants issued to purchase common stock   13,000,000                
Warrants exercise price   $ 1                
Stock options to purchase, granted               400,000    
Options term           10 years        
Description of vesting options           The vesting of the Options was accelerated to be fully vested on May 30, 2025 upon the execution of a separation agreement with our former Chief Executive Officer.        
Remaining expenses related to options           $ 1,257,461 $ 3,663,446      
Stock based award, unrecognized compensation expense           0        
Stock Option [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Remaining expenses related to options       $ 48,725 $ 27,330   $ 101,953      
Stock Award Activity [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Stock based award, unrecognized compensation expense           $ 974,402        
Weighted average remaining life (years)           8 months 15 days        
Warrant [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Warrant issued to purchase $ 13,000,000 $ 7,000,000                
Warrants outstanding           20,775,000        
Issuance of warrants, description           Each warrant provides the holder the right to purchase one share of our common stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 100,000 shares of common stock at an exercise price of $0.01 per share until December 2026; (2) warrants to purchase 675,000 shares of our Common Stock at an exercise price of $2.00 per share until February 2026; (3) warrants to purchase 7,000,000 shares of common stock at an exercise price of $1.81 per share until May 2030; and (4) warrants to purchase 13,000,000 shares of common stock at an exercise price of $1.00 per share until September 2030.        
Warrants exercise price $ 1 $ 1.81                
Warrant One [Member] | Until December 2026 [ Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Warrants issued to purchase common stock           100,000        
Warrants exercise price           $ 0.01        
Warrant Two [Member] | Until February 2026 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Warrants issued to purchase common stock           675,000        
Warrants exercise price           $ 2        
Warrant Three [Member] | Until May 2030 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Warrants issued to purchase common stock           7,000,000        
Warrants exercise price           $ 1.81        
Warrant Four [Member] | Until September 2030 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Warrants issued to purchase common stock           13,000,000        
Warrants exercise price           $ 1        
2017 Equity Incentive Plan [Member] | October 2020 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Increase in issuance of equity-based instruments     4,515,000              
2017 Equity Incentive Plan [Member] | March 2023 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Increase in issuance of equity-based instruments     1,000,000              
2017 Equity Incentive Plan [Member] | February 2024 [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Number of common stock shares issued     9,000,000              
Increase in issuance of equity-based instruments     3,000,000              
2017 Equity Incentive Plan [Member] | Common Stock [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Number of common stock shares issued     485,000              
2025 Long-Term Incentive Plan [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Shares available to be issued           9,107,074        
2025 Long-Term Incentive Plan [Member] | Common Stock [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Number of common stock shares issued                 10,000,000  
v3.25.4
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS (Details) - Warrant [Member]
 9 Months Ended
Dec. 31, 2025
$ / shares
shares
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Number of shares, outstanding beginning | shares 1,721,256
Weighted average exercise price, outstanding beginning | $ / shares $ 2.03
Weighted average life remaining years, outstanding beginning 10 months 2 days
Weighted average life remaining years, outstanding granted 4 years 10 months 9 days
Number of shares, granted | shares 20,000,000
Weighted average exercise price, granted | $ / shares $ 1.28
Number of shares, exercised | shares
Weighted average exercise price, exercised | $ / shares
Number of shares, forfeited or cancelled | shares (946,256)
Weighted average exercise price, forfeited or cancelled | $ / shares $ 2.26
Number of shares, outstanding ending | shares 20,775,000
Weighted average exercise price, outstanding ending | $ / shares $ 1.3
Weighted average life remaining years, outstanding ending 4 years 5 months 8 days
Number of shares, exercisable | shares 7,775,000
Weighted average exercise price, exercisable | $ / shares $ 1.8
Weighted average life remaining years, exercisable 3 years 11 months 23 days
v3.25.4
SUMMARY OF STOCK OPTION ACTIVITY (Details) - $ / shares
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares, granted     400,000
Stock Option Activity [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares, outstanding beginning 400,000    
Number of shares, granted    
Number of shares, exercised    
Number of shares, forfeited or cancelled    
Number of shares, outstanding ending 400,000 400,000  
Weighted average exercise price, outstanding beginning $ 2.08    
Weighted average exercise price, granted    
Weighted average exercise price, exercised    
Weighted average exercise price, forfeited or cancelled    
Weighted average exercise price, outstanding ending 2.08 $ 2.08  
Weighted average grant date value, outstanding beginning 1.5    
Weighted average grant date value, outstanding ending $ 1.5 $ 1.5  
Weighted average life remaining years, outstanding 7 years 6 months 21 days 8 years 3 months 25 days  
v3.25.4
SUMMARY OF STOCK AWARD ACTIVITY (Details)
 9 Months Ended
Dec. 31, 2025
$ / shares
shares
2017 Equity Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of shares, outstanding beginning | shares 215,196
Number of shares, granted | shares 377,498
Number of shares, vested | shares (426,027)
Number of shares, forfeited | shares (166,667)
Number of shares, outstanding ending | shares 0
Weighted-average grant-date fair value per share, outstanding beginning | $ / shares $ 2.24
Weighted average grant date fair value, granted | $ / shares 2.02
Weighted average grant date fair value, vested | $ / shares 1.73
Weighted average grant date fair value, forfeited | $ / shares 2.08
Weighted-average grant-date fair value per share, outstanding ending | $ / shares $ 0
2025 Long-Term Incentive Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of shares, outstanding beginning | shares 0
Number of shares, granted | shares 995,000
Number of shares, vested | shares (223,750)
Number of shares, forfeited | shares (56,250)
Number of shares, outstanding ending | shares 715,000
Weighted-average grant-date fair value per share, outstanding beginning | $ / shares $ 0
Weighted average grant date fair value, granted | $ / shares 1.54
Weighted average grant date fair value, vested | $ / shares 1.53
Weighted average grant date fair value, forfeited | $ / shares 1.53
Weighted-average grant-date fair value per share, outstanding ending | $ / shares $ 1.54
v3.25.4
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Intangibles Assets $ 146,495,650 $ 146,367,380
Accumulated Amortization - Intangible Assets (56,573,101) (47,475,613)
Net Intangible Assets $ 89,922,549 98,891,767
Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Licensing agreement, life 15 years  
Gross Intangibles Assets $ 76,532,389 76,532,389
Customer List [Member]    
Finite-Lived Intangible Assets [Line Items]    
Licensing agreement, life 10 years  
Gross Intangibles Assets $ 65,252,802 65,252,802
Intellectual Property [Member]    
Finite-Lived Intangible Assets [Line Items]    
Licensing agreement, life 10 years  
Gross Intangibles Assets $ 4,224,442 4,224,442
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Licensing agreement, life 5 years  
Gross Intangibles Assets $ 486,017 357,747
Net Intangible Assets $ 89,922,549 $ 98,891,767
v3.25.4
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 [1] $ 3,032,497  
2027 12,064,397  
2028 12,058,435  
2029 12,058,435  
2030 12,058,435  
Thereafter 38,650,350  
Annual amortization of intangible assets $ 89,922,549 $ 98,891,767
[1] This amount represents future amortization for the remaining three months of fiscal year 2026. It does not include any amortization for the nine months ended December 31, 2025.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]          
Goodwill $ 90,870,094   $ 90,870,094   $ 90,870,094
Amortization of intangible assets $ 3,036,771 $ 3,030,359 $ 9,097,488 $ 9,091,075  
v3.25.4
SEGMENTS (Details Narrative)
 9 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM assesses the performance of the Company and decides how to allocate resources based on consolidated earnings before interest expense, income taxes, depreciation and amortization ("EBITDA"). The CODM uses consolidated EBITDA to analyze how profitable the business is, including reviewing in comparison to budget and in comparison to the prior year performance when making decisions on allocating capital and resources. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the condensed consolidated statement of operations. Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments and therefore this information is not disclosed.
Number of operating segments 2
v3.25.4
SCHEDULE OF CONSOLIDATED EBITDA FOR REPORTABLE SEGMENT (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 17, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenue from External Customer [Line Items]          
Net revenues   $ 13,394,465 $ 12,521,867 $ 37,236,005 $ 36,786,879
Cost of revenues   1,730,755 1,571,771 4,796,238 4,885,872
Selling and marketing   20,834 35,114 148,774 240,369
Corporate and administrative   3,191,197 24,137,454 13,368,667 40,894,324
Employee salaries and related expenses   2,852,174 3,877,710 11,540,860 13,406,196
Consolidated EBITDA   5,599,505 (17,100,182) 7,381,466 (22,639,882)
Adjustments and reconciling items:          
Depreciation and amortization   3,633,722 3,410,758 10,719,334 10,132,037
Other income   510,332 161,705 1,832,150 616,790
Interest expense   (245,865) (45,480) (1,523,791) (136,402)
Gain on the extinguishment of debt $ 801,894 801,894
Provision for income taxes   (5,968,414)
Net income (loss) from continuing operations   $ 2,230,250 $ (20,394,715) $ (2,227,615) $ (38,259,945)
v3.25.4
INCOME TAXES (Details Narrative)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Effective income tax percentage 0.00% 0.00% 0.00% (9.00%)
v3.25.4
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 17, 2025
May 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Mar. 31, 2025
Related Party Transaction [Line Items]                
Warrants exercise price   $ 1            
Warrants issued to purchase common stock   13,000,000            
Warrant term   5 years            
Gain on the extinguishment of debt $ 801,894   $ 801,894    
Warrants [Member]                
Related Party Transaction [Line Items]                
Warrants exercise price $ 1 $ 1.81            
Warrant issued to purchase $ 13,000,000 $ 7,000,000            
7M Warrant [Member]                
Related Party Transaction [Line Items]                
Fair value of warrants         $ 7,094,926      
Volatility         70.00%      
Risk free rate         4.15%      
Expected term         5 years      
13M Warrant [Member]                
Related Party Transaction [Line Items]                
Warrants exercise price $ 1              
Warrants issued to purchase common stock 13,000,000              
Warrant term 5 years              
Fair value of warrants         $ 12,253,800      
Volatility         67.49%      
Risk free rate         3.62%      
Expected term         5 years      
Settlement Agreement [Member] | 7M Warrant [Member]                
Related Party Transaction [Line Items]                
Warrants exercise price   $ 1.81            
Warrants issued to purchase common stock   7,000,000            
Warrant term   5 years            
Percentage of issuable shares transfer under the warrant   25.00%            
Related Party [Member]                
Related Party Transaction [Line Items]                
Accounts receivable               $ 201,646
Reserve for credit losses     201,646   $ 201,646      
Urvan [Member] | $12M Note Payable [Member]                
Related Party Transaction [Line Items]                
Debt face amount   $ 12,000,000            
Debt interest rate   6.50%            
Debt Instrument, Interest Rate, Increase (Decrease)   2.00%            
Debt instrument, maturity date, description         The unpaid principal balance of Note 1 and all accrued and unpaid interest thereon is due on May 30, 2037.      
Annual prepayments   $ 1,000,000            
Debt instrument, payment terms         The Company has the right to prepay, prior to May 30, 2037, all or any part of the principal or interest of Note 1 without penalty. In addition, the holder may not request early repayment of Note 1 prior to May 30, 2027.      
Unsecured debt     9,866,679   $ 9,866,679      
Debt discount     2,133,321   2,133,321      
Interest expense     245,865   $ 573,685      
Urvan [Member] | $39M Note Payable [Member]                
Related Party Transaction [Line Items]                
Debt face amount   $ 39,000,000            
Debt interest rate   4.62%            
Debt Instrument, Interest Rate, Increase (Decrease)   2.00%            
Debt instrument, maturity date, description         The unpaid principal balance of Note 2 and all accrued and unpaid interest thereon was due on May 30, 2035.      
Annual prepayments   $ 1,950,000            
Debt instrument, payment terms         The Company had the right to prepay, prior to May 30, 2035, all or any part of the principal or interest of Note 2 without penalty. In addition, the holder could not request early repayment of Note 2 prior to May 30, 2027.      
Unsecured debt             $ 12,105,624  
Debt discount             $ 26,894,376  
Interest expense     $ 0   $ 950,070      
v3.25.4
REVOLVING LOAN (Details Narrative) - USD ($)
 9 Months Ended
Apr. 18, 2025
Dec. 31, 2025
Dec. 29, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revolving loan amount     $ 20,000,000
Sunflower Agreement [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revolving loan description   The Revolving Loan bore an interest at a rate of the greater of (x) 3.50% and (y) Term SOFR, plus 3.00% (the “Revolving Facility Applicable Rate”) and was computed on the basis of a 360-day year for the actual number of days elapsed. Except in an event of default, advances under the Revolving Loan bear interest, on the outstanding daily balance thereof, at the Revolving Facility Applicable Rate. Interest was due and payable on the first calendar day of each month during the term of the Sunflower Agreement. We were also obligated to pay to the Agent, for the ratable benefit of Lenders, an origination fee, prepayment fee, unused facility fee, collateral monitoring fee and Lender expenses.  
Sunflower Agreement [Member] | Revolving Loan [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Outstanding balance   $ 0  
Second Sunflower Loan Amendment [Member] | Amended and Restated Revolving Line Promissory Note [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Line of credit $ 5,000,000    
Line of credit available 100.00%    
v3.25.4
CONTINGENCIES (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 21, 2025
Jan. 18, 2024
Apr. 30, 2023
Dec. 31, 2025
Dec. 31, 2025
Mar. 31, 2025
Loss Contingencies [Line Items]            
Compensatory damages   $ 100,000,000 $ 140,000,000      
Vista an aggregate amount $ 2,750,000          
Loss contingency, estimated liability           $ 29,100,000
Loss contingency, recorded liability       $ 2,500,000 $ 2,500,000  
Other contingencies       0 0  
Payment for legal settlement       200,000 200,000  
Other long-term liabilities            
Loss Contingencies [Line Items]            
Loss contingency, recorded liability       1,600,000 1,600,000  
Accounts Payable [Member]            
Loss Contingencies [Line Items]            
Loss contingency, recorded liability       $ 900,000 $ 900,000  
v3.25.4
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 3 Months Ended
Jan. 04, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Subsequent Event [Line Items]            
Repurchase of common shares [1]   $ 82,025 $ 171,200 $ 81,060 $ 94,498 $ 366,165
Common Stock            
Subsequent Event [Line Items]            
Repurchase of common shares [1]   $ 46 $ 130 $ 61 $ 66 $ 206
Subsequent Event [Member] | Common Stock            
Subsequent Event [Line Items]            
Repurchase of common shares $ 15,000,000          
[1] The Company acquired shares of common stock tendered by employees to satisfy the tax withholding obligations related to the vesting of such shares.