Old Market Capital (OMCC) 10-K 27 Jun 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
Cover [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL, INC.
Entity Central Index Key	0001000045
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	12,700,000
Entity Public Float		$ 41.6
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	0-26680
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	59-2506879
Entity Address, Address Line One	26133 US Hwy 19 North, Suite 300
Entity Address, City or Town	Clearwater
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33763
City Area Code	727
Local Phone Number	726-0763
Title of 12(b) Security	Common shares, no par value
Trading Symbol	NICK
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement and Information Circular for the 2023 Annual General Meeting of Shareholders are incorporated by reference into Part III, Items 10 through 14, of this Annual Report on Form 10-K.
Auditor Name	RSM US LLP
Auditor Firm ID	49
Auditor Location	Raleigh, North Carolina

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Assets
Cash	$ 454	$ 4,775
Finance receivables, net	106,919	168,600
Repossessed assets	1,491	658
Operating lease right-of-use assets	176	4,277
Prepaid expenses and other assets	140	1,103
Income taxes receivable	946	989
Property and equipment, net	222	1,783
Deferred income taxes	0	1,385
Total assets	110,348	183,570
Liabilities and shareholders’ equity
Credit facility, net of debt issuance costs	28,936	54,813
Note payable	0	3,244
Net long-term debt	28,936	58,057
Operating lease liabilities	176	4,410
Accounts payable and accrued expenses	1,427	4,717
Total liabilities	30,539	67,184
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Preferred stock, no par: 5,000 shares authorized; none issued	0	0
Common stock, no par: 50,000 shares authorized; 12,658 and 12,673 shares issued respectively; 7,290 and 7,546 shares outstanding, respectively	35,223	35,292
Treasury stock: 5,368 and 5,127 common shares, at cost, respectively	(76,794)	(74,405)
Retained earnings	121,380	155,499
Total shareholders’ equity	79,809	116,386
Total liabilities and shareholders’ equity	$ 110,348	$ 183,570

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,658,000	12,673,000
Common stock, shares outstanding	7,290,000	7,546,000
Treasury Stock, Shares	5,368,000	5,127,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Interest and fee income on finance receivables	$ 44,270	$ 49,779
Net gain on equity investments	66	0
Total revenue	44,336	49,779
Expenses:
Marketing	1,166	1,831
Administrative	30,880	32,170
Provision for credit losses	40,658	5,965
Depreciation and amortization of intangibles	403	401
Interest expense	3,931	5,366
Total expenses	77,038	45,733
Operating (loss) income before income taxes	(32,702)	4,046
Income tax expense	1,417	1,048
Net (loss) income	$ (34,119)	$ 2,998
(Loss) earnings per share:
Basic	$ (4.65)	$ 0.39
Diluted	$ (4.65)	$ 0.39

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Balance	$ 116,386	$ 115,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(34,119)	2,998
Exercise of stock options		28
Cancellation of restricted stock awards	(175)
Treasury stock repurchases	(2,389)	(2,062)
Share-based compensation	106	200
Balance	79,809	116,386
Common Stock
Statement [Line Items]
Balance	$ 35,292	$ 35,064
Balance (in shares)	7,546,000	7,708,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)	11,000	18,000
Exercise of stock options		$ 28
Exercise of stock options (in shares)		2,000
Cancellation of restricted stock awards	$ (175)
Cancellation of restricted stock awards (in shares)	(27,000)
Treasury stock repurchases (in shares)	(241,000)	(182,000)
Share-based compensation	$ 106	$ 200
Balance	$ 35,223	$ 35,292
Balance (in shares)	7,289,000	7,546,000
Treasury Stock
Statement [Line Items]
Balance	$ (74,405)	$ (72,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock repurchases	2,389	2,062
Balance	(76,794)	(74,405)
Retained Earnings
Statement [Line Items]
Balance	155,499	152,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(34,119)	2,998
Balance	$ 121,380	$ 155,499

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (34,119)	$ 2,998
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization of intangibles	390	401
Amortization of debt issuance costs	523	2,176
Change in operating right of use assets	1,763	1,388
(Gain) on termination of leases	(131)	0
Loss (gain) on sale of property and equipment	1,090	(20)
Provision for credit losses	40,658	5,965
Amortization of dealer discounts	(5,902)	(6,411)
Amortization of insurance and fee commissions	(3,512)	(2,821)
Accretion of purchase price discount	(130)	(152)
Deferred income taxes	1,385	898
Change in operating lease liabilities	(1,663)	(1,591)
Cancellations of restricted stock awards	(175)	0
Share-based compensation	106	200
Changes in operating assets and liabilities:
Repossessed assets	0	27
Accrued interest receivable	(12)	(30)
Prepaid expenses and other assets	860	168
Accounts payable and accrued expenses	(3,290)	627
Income taxes receivable	43	(336)
Net cash (used in) provided by operating activities	(2,182)	3,487
Cash flows from investing activities:
Purchase and origination of finance receivables	(63,348)	(114,544)
Principal payments received on finance receivables and proceeds from repossessed assets sales	93,095	119,711
Purchase of property and equipment	(59)	(1,312)
Purchases of equity investments	(7,237)	0
Proceeds from sales of equity investments	7,303	0
Realized gains on equity investments	(66)	0
Proceeds from sale of property and equipment	140	7
Net cash provided by investing activities	29,894	3,862
Cash flows from financing activities:
Repayments on credit facilities	(43,700)	(105,830)
Proceeds from the credit facilities	17,800	72,530
Payment of debt issuance costs	(500)	(217)
Repayment of PPP Loan	(3,244)	0
Proceeds from exercise of stock options	0	28
Repurchases of treasury stock	(2,389)	(2,062)
Net cash used in financing activities	(32,033)	(35,551)
Net (decrease) increase in cash	(4,321)	(28,202)
Cash, beginning of year	4,775	32,977
Cash, end of year	454	4,775
Supplemental Disclosures:
Interest paid, including debt originations cost	3,351	3,415
Income taxes paid	27	541
Leased assets obtained in exchange for new operating lease liabilities	$ 183	$ 2,504

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nicholas Financial, Inc. (“Nicholas Financial – Canada”) is a Canadian holding company incorporated under the laws of British Columbia with two wholly owned United States subsidiaries, Nicholas Data Services, Inc. (“NDS”) and Nicholas Financial, Inc. (“NFI”). NDS historically was engaged in supporting and updating industry-specific computer application software for small businesses located primarily in the Southeastern United States. NDS has ceased its operations; however, it continues as the interim holding company for Nicholas Financial. NFI is a specialized consumer finance company engaged primarily in acquiring and servicing automobile finance installment contracts (“Contracts”) for purchases of used and new automobiles and light trucks. NFI has also offered direct consumer loans (“Direct Loans”) and sells consumer-finance related products. NFI has and NDS are based in Florida, U.S.A. During the year ended March 31, 2023, the Company shifted from a decentralized business model to a regionalized business model in which each of its originators focuses on a specific region in the Company’s smaller target market footprint with an expectation that Contract purchase and origination activities will proceed on a much smaller scale. As part of a restructuring plan (see note 12) the Company has outsourced servicing, collections and recovery activities and ceased originations of Direct Loans. The goal of the strategy and related restructuring is to free up capital and permit the Company to allocate excess capital to increase shareholder returns, whether by acquiring loan portfolios or businesses or by investing outside of the Company’s traditional business. While the overall timeframe and final structure of the Company remains uncertain, the Company is committed to its core product of financing primary transportation to and from work for the subprime borrower through the local independent automobile dealership which includes risk-based pricing (rate, yield, advance, term, collateral value) and a commitment to the underwriting discipline required for optimal portfolio performance. The accompanying consolidated financial statements are stated in U.S. dollars and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Canadian income taxes are not reported as they are immaterial.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of Nicholas Financial – Canada and its wholly owned subsidiaries, NDS, and NFI, collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated. Segment Reporting The Company reports operating segments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting . Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assesses performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way the operating segments where determined and other items. The Company has one reportable segment, which is the consumer finance company. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables. Finance Receivables Finance receivables are recorded at cost, net of unearned dealer discounts, unearned insurance and commissions (see “Revenue Recognition”), and the allowance for credit losses (see Note 3). Allowance for Credit Losses The Company takes into consideration the composition of the portfolio, current economic conditions, the estimated net realizable value of the underlying collateral, historical loan loss experience, delinquency, non-performing assets, and bankrupt accounts when determining management’s estimate of probable credit losses and the adequacy of the allowance for credit losses. Management utilizes significant judgment in determining probable incurred losses and in identifying and evaluating qualitative factors. This approach aligns with the Company’s lending policies and underwriting standards. If the allowance for credit losses is determined to be inadequate, then an additional charge to the provision is recorded to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio. The Company uses a trailing twelve-month net charge-off as a percentage of average finance receivables, and applies this percentage to ending finance receivables to estimate probable credit losses. This approach reflects the current trends of incurred losses within the portfolio and closely aligns the allowance for credit losses with the portfolio’s performance indicators. Estimating the allowance for credit losses using the trailing twelve-month charge-off analysis reflects portfolio performance adjusted for seasonality. Management evaluates qualitative factors to support its allowance for credit losses. The Company examines the impact of macro-economic factors, such as year-over-year inflation, as well as portfolio performance characteristics, such as changes in the value of underlying collateral, level of nonperforming accounts, delinquency trends, and accounts with extended terms. As a result, the Company incorporated an additional $ 1.4 million as a qualitative component amount to its current estimate of adequate reserves. Repossessed Assets Repossessed assets are stated at net realizable value and consist primarily of automobiles that have been repossessed by the Company and are awaiting final disposition. Costs associated with repossession, transport, and auction preparation expenses are reported as expenses in the period in which they are incurred. Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets as follows: Automobiles 3 years Equipment 5 years Furniture and fixtures 7 years Software 7 years Leasehold improvements Lesser of lease term or useful life (generally 6 - 7 years) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases along with operating loss and tax credit carryforwards, if any. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from any such position would be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. It is the Company’s policy to recognize interest and penalties accrued on any uncertain tax benefits as a component of income tax expense. There were no uncertain tax positions as of March 31, 2023 or 2022. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and Canada. The effect on deferred taxes of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Revenue Recognition Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more. The Company defines a non-performing asset as one that is 60 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon receiving notice that a Chapter 13 bankruptcy trustee’s plan (BK13) was not confirmed, the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments (see Note 3). A dealer discount represents the difference between the finance receivable of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle, and competition in any given market. In making decisions regarding the purchase of a particular Contract, the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The dealer discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount, as a percent of the amount financed, associated with new volume for the fiscal years ended March 31, 2023 and 2022, were 6.5 % and 6.9 %, respectively. Unearned insurance and fee commissions consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance, involuntary unemployment insurance, and forced placed automobile insurance. These commissions are amortized over the life of the Contract using the interest method. Origination and processing fees are an upfront fee charged by the Company to process a new loan application. These are recognized over the life of the loan using the interest method. Non-sufficient funds fees and late fees are recognized when collected. Earnings Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Ordinarily, basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Dilutive earnings per share are calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which includes the dilutive effect of additional potential common shares from stock compensation awards. For the years ended March 31, 2023 and 2022, the Company experienced net loss and net income, respectively. In a period of loss, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. For the year ended March 31, 2023, potentially dilutive securities that were not included in the diluted per share calculation because they would be anti-dilutive comprise 10,000 shares from options to purchase common shares and 12,010 unvested restricted shares. Loss and income per share has been computed based on the following weighted average number of common shares outstanding: Fiscal Year ended March 31, 2023 2022 Numerator: Net (loss) income per consolidated statements of income $ ( 34,119 ) $ 2,998 Percentage allocated to shareholders * 100.0 % 99.5 % Numerator for basic and diluted earnings (loss) per share ( 34,119 ) 2,983 Denominator: Denominator for basic earnings (loss) per share - weighted-average shares outstanding 7,330 7,572 Dilutive effect of stock options — — Denominator for diluted earnings (loss) per share 7,330 7,572 Per share (loss) income from continuing operations Basic $ ( 4.65 ) $ 0.39 Diluted $ ( 4.65 ) $ 0.39 *Basic weighted-average shares outstanding 7,330 7,572 Basic weighted-average shares outstanding and unvested restricted stock units expected to vest 7,330 7,612 Percentage allocated to shareholders 100.0 % 99.5 % Share-Based Payments The grant date fair value of share awards is recognized in earnings over the requisite service period (presumptively, the vesting period). The Company estimates the fair value of option awards using the Black-Scholes option pricing model. The risk-free interest rate is based upon a U.S. Treasury instrument with a life that is similar to the expected term of the options. Expected volatility is based upon the historical volatility for the previous period equal to the expected term of the options. The expected term is based upon the average life of previously issued options. The expected dividend yield is based upon the yield expected on the date of grant to occur over the term of the option. The fair value of non-vested restricted shares and performance units are measured at the market price of a share on a grant date. Restricted shares have a three-year service period. Performance units include a performance period (generally ending at the end of the fiscal year in which the units were granted) followed by a two-year service period. At the end of the performance period, these units effectively become restricted shares for the remaining two-year service period at which time they become vested. Fair Value Measurements The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions (see Note 6). Financial Instruments and Concentrations The Company’s financial instruments consist of cash, finance receivables (accrued interest receivable is a part of finance receivables), a note payable, and a Credit Facility. Financial instruments that are exposed to concentrations of credit risk are primarily finance receivables and cash. During the year ended, March 31, 2023, the Company operated in 19 states through its branch locations. Of the aggregate finance receivables as of March 31, 2023, Florida represented 22 %, Ohio represented 15 %, Georgia represented 11 %, and North Carolina represented 8 %. Each of Kentucky, Missouri, and South Carolina represented 6 %, and Indiana represented 5 %. Of the remaining states, no one state represented more than 5 % of the total finance receivables. The Company provides credit during the normal course of business and performs ongoing credit evaluations of its customers. The Company maintains reserves for potential credit losses which, when realized, have been within the range of management’s expectations. The Company perfects a primary security interest in all vehicles financed as a form of collateral. The combined account balances that the Company maintains at financial institutions typically exceed federally insured limits, and there is a concentration of credit risk related to accounts on deposit in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes this risk of loss is not significant. Reclassifications Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders’ equity. Recent Accounting Pronouncements In June 2016, the FASB issued the Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Among other things, the amendments in this ASU require the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance was originally effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, however, the FASB voted to delay the implementation date for this accounting standard, for smaller reporting companies, the new effective date is for fiscal years beginning after December 15, 2022, and early adoption is permitted. The Company is evaluating the impact of the adoption of this ASU on the consolidated financial statements by collecting and analyzing data that will be needed to produce historical inputs, evaluating current conditions and reasonable and supportable forecasts, which are inputs into models created as a result of adopting this ASU. The Company believes the adoption of this ASU will likely result in an increase of between $ 0.9 million and $ 1.9 million to our allowance for credit losses. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures as an update to Financial Instruments—Credit Losses (Topic 326) . The amendments in this ASU eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in ASU 2022-02 will be effective for the Company with its adoption of ASU 2016-13. The Company believes the adoption of this ASU will not have a material impact on the Company's consolidated financial statements. The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Finance Receivables	3. Finance Receivables Finance receivables consist of Contracts and Direct Loans, each of which comprise a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment. The Company purchases individual Contracts from used and new automobile dealers in its markets. There is no relationship between the Company and the dealer with respect to a given Contract once the assignment of that Contract is complete. The dealer has no vested interest in the performance of any Contract the Company purchases. The Company’s charge off policy is 121 days past due. In addition, Chapter 13 Bankruptcies, once the Company is notified of such, is notated on the customer's account of the bankruptcy status. When the Company receives notice that a Chapter 13 Bankruptcy plan is not confirmed by the courts or the loan is 121 days past due, the loan is charged off. This policy is in line with industry standards, considering the sub-prime nature of our customers. In the event of repossession, the charge-off will occur after standard collection practices by the Company, as determined by the residency state of a customer. This practice is consistent with the sub-prime industry. Contracts and Direct Loans included in finance receivables are detailed as follows as of fiscal years ended March 31: (In thousands) 2023 2022 Finance receivables $ 128,170 $ 178,786 Accrued interest receivable 1,932 2,315 Unearned dealer discounts ( 4,286 ) ( 6,894 ) Unearned purchase price discounts ( 82 ) ( 212 ) Unearned insurance and fee commissions ( 1,419 ) ( 2,446 ) Finance receivables, net of unearned 124,315 171,549 Allowance for credit losses ( 17,396 ) ( 2,949 ) Finance receivables, net $ 106,919 $ 168,600 Contracts The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominantly for used vehicles. As of March 31, 2023, the average model year of vehicles collateralizing the portfolio was a 2012 vehicle. The terms of the Contracts range from 12 to 84 months and bear an average contractual interest rate of 22.2 % and 22.9 % as of March 31, 2023 and 2022, respectively. Direct Loans Direct Loans are typically for amounts ranging from $ 1 thousand to $ 15 thousands and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a better credit risk than Contracts due to the customer’s historical payment history with the Company; however, the underlying collateral is less valuable. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income, and impressions created during a personal interview with a Company loan officer. Additionally, because most of the Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. During fiscal 2023, the Company has cancelled, not renewed, or otherwise terminated all of such Direct Loan licenses. Consequently, the Company has not originated any new Direct Loans since the end of the third quarter of fiscal 2023 and the Company does not intend to originate any new Direct Loans going forward. However, the Company expects its third-party service provider to continue to service the Company’s existing Direct Loans. Direct Loans constituted approximately 15 % of the aggregate principal amount of the Company’s loan portfolio as of March 31, 2023, and 14 % of the aggregate principal amount of the Company’s loan portfolio as of March 31, 2022. The terms of the Direct Loans range from 6 to 72 months and bear an average contractual interest rate of 30.4 % and 29.8 % as of March 31, 2023 and 2022, respectively. The Company expects its total Direct Loans portfolio to be reduced over time as such Direct Loans are paid off or otherwise liquidated until there are no Direct Loans in the Company’s portfolio, which at the current rate of such activity, is expected to occur sometime during the fiscal year ending March 31, 2027. Allowance for Credit Losses The following presents the activity in our allowance for credit losses: For the year ended March 31, 2023 (In thousands) Indirect Direct Total Balance at beginning of year $ 1,961 $ 988 $ 2,949 Provision for credit losses 37,125 3,533 40,658 Charge-offs ( 28,391 ) ( 3,621 ) ( 32,012 ) Recoveries 5,570 231 5,801 Balance at end of year $ 16,265 $ 1,131 $ 17,396 For the year ended March 31, 2022 (In thousands) Indirect Direct Total Balance at beginning of year $ 6,001 $ 153 $ 6,154 Provision for credit losses 4,210 1,755 5,965 Charge-offs ( 13,515 ) ( 980 ) ( 14,495 ) Recoveries 5,265 60 5,325 Balance at end of year $ 1,961 $ 988 $ 2,949 A performing account is defined as an account that is less than 60 days past due. The Company defines an automobile contract as delinquent when more than 25 % of payments contractually due by a certain date has not been paid by the immediately following due date, which date may have been extended within limits specified in the servicing agreements or as a result of a deferral. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. In certain circumstances, the Company will grant obligors one-month payment extensions. The only modification of terms in those circumstances is to advance the obligor’s next due date by one month and extend the maturity date of the receivable. There are no other concessions, such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly, the Company considers such extensions to be insignificant delays in payments rather than troubled debt restructurings. A non-performing account is defined as an account that is contractually delinquent for 60 days or more or is a Chapter 13 bankruptcy account, and the accrual of interest income is suspended. The Company’s charge-off policy for contractually delinquent is 121 days. The Company’s charge-off policy aligns with practices within the subprime auto financing segment. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings or to allow the customer to begin making regularly scheduled payments. The following table is an assessment of the credit quality by creditworthiness as of March 31: (In thousands) 2023 2022 Contracts Direct Total Contracts Direct Total Performing accounts $ 101,856 $ 16,926 $ 118,782 $ 149,976 $ 24,102 $ 174,078 Non-performing accounts 6,972 1,728 8,700 4,167 274 4,441 Total 108,828 18,654 127,482 154,143 24,376 178,519 Chapter 13 bankruptcy 590 98 688 254 13 267 Finance receivables $ 109,418 $ 18,752 $ 128,170 $ 154,397 $ 24,389 $ 178,786 The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding any Chapter 13 bankruptcy accounts: (In thousands) Contracts Balance 30 – 59 days 60 –89 days 90-119 days 120+ days Total March 31, 2023 $ 108,828 $ 10,083 $ 3,274 $ 3,698 $ - $ 17,055 9.27 % 3.01 % 3.40 % 0.00 % 15.67 % March 31, 2022 $ 154,143 $ 7,097 $ 2,936 $ 1,183 $ 48 $ 11,264 4.60 % 1.90 % 0.77 % 0.03 % 7.31 % Direct Loans Balance 30 – 59 days 60 –89 days 90-119 days 120+ days Total March 31, 2023 $ 18,654 $ 1,448 $ 654 $ 1,074 $ - $ 3,176 7.76 % 3.51 % 5.76 % 0.00 % 17.03 % March 31, 2022 $ 24,376 $ 607 $ 197 $ 77 $ - $ 881 2.49 % 0.81 % 0.32 % 0.00 % 3.61 %

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment as of March 31, 2023 and 2022 is summarized as follows: (In thousands) Cost Accumulated Net Carrying 2023 Automobiles $ - $ - $ - Software 113 36 77 Equipment 323 183 140 Furniture and fixtures 9 6 3 Leasehold improvements 2 - 2 $ 447 $ 225 $ 222 2022 Automobiles $ 230 $ 195 $ 35 Software 246 74 172 Equipment 1,735 664 1,071 Furniture and fixtures 728 477 251 Leasehold improvements 1,297 1,043 254 $ 4,236 $ 2,453 $ 1,783

Credit Facility

Credit Facility	12 Months Ended
	Mar. 31, 2023
Line of Credit Facility [Abstract]
Credit Facility	5. Credit Facility Westlake Credit Facility On January 18, 2023, NFI and NDS (collectively, the “Borrowers”), two wholly-owned subsidiaries of Nicholas Financial-Canada, entered into a Loan and Security Agreement (the "Loan Agreement") for a new senior secured revolving credit facility (the “Credit Facility”) with Westlake Capital Finance, LLC (the “Lender”), who is an affiliate of Westlake, the servicer of substantially all of the Company's receivables, pursuant to which the Lender is providing the Borrowers with a senior secured revolving credit facility in the principal amount of up to $ 50 million. The availability of funds under the Credit Facility is generally limited to an advance rate of between 70 % and 85 % of the value of the Borrowers’ eligible receivables. Outstanding advances under the Credit Facility will accrue interest at a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest rate. Unused availability under the Credit Agreement will accrue interest at a rate of 0.25 %. The commitment period for advances under the Credit Facility is two years . The expiration of that time period is referred to as the “Maturity Date.” The Loan Agreement contains customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, and sales of assets. The Loan Agreement also requires the Borrowers to maintain (i) a minimum tangible net worth equal to the lower of $ 40 million and an amount equal to 60 % of the outstanding balance of the Credit Facility and (ii) an excess spread ratio of less than 8.0 %. Pursuant to the Loan Agreement, the Borrowers granted a security interest in substantially all of their assets as collateral for their obligations under the Credit Facility. If an event of default occurs, the Lender could increase borrowing costs, restrict the Borrowers’ ability to obtain additional advances under the Credit Facility, accelerate all amounts outstanding under the Credit Facility, enforce their interest against collateral pledged under the Loan Agreement or enforce such other rights and remedies as they have under the loan documents or applicable law as secured lenders. If the Borrowers prepay the loan and terminate the Credit Facility prior to the Maturity Date, then the Borrowers would be obligated to pay the Lender a termination fee in an amount equal to a percentage of the average outstanding principal balance of the Credit Facility during the 90 -day period immediately preceding such termination. If the Borrowers were to sell their accounts receivable to a third-party prior to the Maturity Date, then the Borrowers would be obligated to pay the Lender a fee in an amount equal to a specified percentage of the proceeds of such sale. The proceeds of the Credit Facility were used in part to refinance $ 50 million of the Company’s existing indebtedness under the Loan and Security Agreement dated as of November 5, 2021 by and among the Borrowers, the lenders party thereto, and Wells Fargo Bank, N.A., as agent for lenders. The Credit Agreement contains customary events of default and covenants, including but not limited to financial and operating results around tangible net worth, collateral performance indicator, excess spread ratio. Subject to Company’s compliance with certain terms and conditions, the lender waived its rights and remedies under the Agreement applicable to the excess spread ratio covenant and collateral performance indicator effective as of the date March 31, 2023 and continuing through September 30, 2024. Wells Fargo Credit Facility On November 5, 2021, NFI and NDS entered into a senior secured credit facility (the “Wells Fargo Credit Facility”) pursuant to a loan and security agreement by and among the Borrowers, Wells Fargo Bank, N.A., as agent, and the lenders that are party thereto (the “Credit Agreement”). The prior credit facility (the "Ares Credit Facility") pursuant to a credit agreement among the Company’s subsidiary NF Funding I, Ares Agent Services, L.P. and the lenders party thereto was paid off in connection with entering into the Wells Fargo Credit Facility. As a result, the Company recognized an acceleration of unamortized debt issuance costs (non-cash interest expense) related to the extinguishment of the Ares Credit Facility in the amount of $ 1.9 million as interest expense within the Consolidated Statements of Income. Pursuant to the Credit Agreement, the lenders agreed to extend to the Borrowers a line of credit of up to $ 175 million. The availability of funds under the Wells Fargo Credit Facility was generally limited to an advance rate of between 80 % and 85 % of the value of eligible receivables, and outstanding advances under the Wells Fargo Credit Facility accrued interest at a rate equal to the SOFR plus 2.25 %. The commitment period for advances under the Credit Facility was three years . The Credit Agreement and the other loan documents contained customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and sales of assets. If an event of default occurred, the lenders could have increased borrowing costs, restricted the Borrowers’ ability to obtain additional advances under the Wells Fargo Credit Facility, accelerated all amounts outstanding under the Credit Facility, enforced their interest against collateral pledged under the Wells Fargo Credit Facility or enforced such other rights and remedies as they had under the loan documents or applicable law as secured lenders. As previously announced on Form 8-K filed on October 27, 2022, the Company received a letter from the agent of its lenders, notifying the Company that it was in default and instituting the default rate of interest effective as of August 31, 2022. In the letter, the lenders expressly reserved all rights and remedies available under the credit agreement. Among those rights and remedies was the ability of the lenders to accelerate all of the Company’s obligations under the loan. The Company subsequently announced on Form 8-K filed on December 12, 2022 that it entered into an amendment to the Wells Fargo Credit Agreement. Pursuant to the amendment, the lenders waived the event of default and the default rate of interest ceased being applicable as of December 6, 2022. The amendment furthermore reduced the maximum amount available under the Wells Fargo Credit Facility from $ 175 million to $ 60 million, and also reduced the availability of funds under the credit facility from an advance rate of between 80 % and 85 % of the value of eligible receivables to an advance rate of 50 % of the value of eligible receivables, and changed the maturity date of the Wells Fargo Credit Facility from November 5, 2024 to May 31, 2023 . The Company incurred overall costs associated with the restructuring in the amount of $ 0.3 million. As of March 31, 2023, the Company had aggregate outstanding indebtedness, net of debt issuance costs, under the Credit Facility of $ 29.1 million, compared to $ 54.8 million outstanding under the Wells Fargo Credit Facility as of March 31, 2022. Future maturities of debt as of March 31, 2023 are as follows: (in thousands) Year Ended March 31, 2024 $ - 2025 29,100 $ 29,100 On May 27, 2020, the Company obtained a loan in the amount of $ 3.2 million from a bank in connection with the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”). Pursuant to the Paycheck Protection Program, all or a portion of the PPP Loan may be forgiven if the Company used the proceeds of the PPP Loan for its payroll costs and other expenses in accordance with the requirements of the Paycheck Protection Program. The Company used the proceeds of the PPP Loan for payroll costs and other covered expenses and sought full forgiveness of the PPP Loan. The Company submitted a forgiveness application to Fifth Third Bank, the lender, on December 7, 2020 and submitted supplemental documentation on January 16, 2021. On December 27, 2021 SBA informed the Company that no forgiveness was granted. The Company filed an appeal with SBA on January 5, 2022. On May 6, 2022 the Office of Hearing and Appeals SBA (OHA) rendered a decision to deny the appeal. The Company subsequently repaid the outstanding principal of $ 3.2 million plus accrued and unpaid interest of $ 65 thousand on May 23, 2022.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures	6. Fair Value Disclosures In fiscal year 2023 the Company initiated certain equity investments. The Company defined these equity investments as trading securities for which the changes in fair value were immediately recognized through net income in each quarter, respectively. The Company sold all equity investments as of March 31, 2023, all gains were recognized in the Consolidated Statements of Income, for the year ended March 31, 2023. The carrying value of cash, repossessed assets, the Credit Facility, and note payable approximates fair value. Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Credit Facility. Based on these market conditions, the fair value of the Credit Facility as of March 31, 2023 was estimated to be equal to the book value. The interest rate for the Credit Facility is a variable rate based on SOFR pricing options. Similarly, the fair value for the note payable as of March 31, 2023 was equal to the book value. The interest rate for the note payable was 1 %. Level 1 is used for assets and liabilities that have a regular mark to market mechanism for setting a fair market value. These assets are considered to have readily observable, transparent prices and therefore a reliable, fair market value. Management has determined this level to be most appropriate for cash and the note payable. Level 2 is used for assets and liabilities that do not have regular market pricing, but whose fair value can be determined based on other data values or market pricing. Management has determined that this level is not appropriate for any of the Company's assets and liabilities. The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Management has determined that this level to be most appropriate for finance receivables, repossessed assets, and the Credit Facility shown in the table below. Fair Value Measurement Using Fair Carrying Description Level 1 Level 2 Level 3 Value Value Cash: March 31, 2023 $ 454 $ — $ — $ 454 $ 454 March 31, 2022 $ 4,775 $ — $ — $ 4,775 $ 4,775 Finance receivables: March 31, 2023 $ — $ — $ 105,971 $ 105,971 $ 106,919 March 31, 2022 $ — $ — $ 168,600 $ 168,600 $ 168,600 Repossessed assets: March 31, 2023 $ — $ — $ 1,491 $ 1,491 $ 1,491 March 31, 2022 $ — $ — $ 658 $ 658 $ 658 Credit facility: March 31, 2023 $ — $ — $ 29,100 $ 29,100 $ 29,100 March 31, 2022 $ — $ — $ 55,000 $ 55,000 $ 55,000 Note payable: March 31, 2023 $ — $ — $ — $ — $ — March 31, 2022 $ 3,244 $ — $ — $ 3,244 $ 3,244

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Income tax expense consists of the following for the years ended March 31: (In thousands) 2023 2022 Current: Federal $ 22 $ 116 State 10 35 Total current 32 151 Deferred: Federal 708 800 State 677 97 Total deferred 1,385 897 Income tax expense $ 1,417 $ 1,048 The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following as of March 31: (In thousands) Deferred Tax Assets 2023 2022 Allowance for credit losses not currently deductible $ 4,538 $ 900 Share-based compensation 20 79 Federal and state net operating loss carryforwards 4,812 507 Right of use liability 43 1,094 Other items 87 175 Valuation Allowance ( 9,457 ) - Total deferred tax assets 43 2,755 Deferred tax liabilities Right of use asset 43 1,062 Other items - 308 Total deferred tax liabilities 43 1,370 Deferred income taxes $ - $ 1,385 Income tax expense reflects an effective U.S. tax rate, which differs from the corporate tax rate for the following reasons: (In thousands) 2023 2022 Income tax (benefit) expense at Federal statutory rate $ ( 6,838 ) $ 855 Increase (decrease) resulting from: Change in Valuation Allowance 9,457 - State income taxes, net of Federal benefit ( 1,207 ) 142 Other 5 51 Income tax expense $ 1,417 $ 1,048 Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of negative evidence evaluated was the cumulative pre-tax loss over the three-year period ended March 31, 2023. As of March 31, 2023, a full valuation allowance was recorded against the Company’s net deferred tax asset. The federal net operating loss ("NOL") generated for the year ended March 31, 2023 will carryforward indefinitely. Generally, state NOLs begin to expire March 31, 2039 . The Company considers the earnings of the Company’s U.S. subsidiaries to be indefinitely invested outside Canada on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and the Company’s specific plans for reinvestment of those subsidiary earnings. The Company has not recorded a deferred tax liability related to the Canadian income taxes and U.S. withholding taxes on approximately $ 121.0 million of undistributed earnings of the U.S. subsidiaries indefinitely invested outside Canada. If the Company decided to repatriate the U.S. earnings, it would need to adjust its income tax provision in the period the Company determined that the earnings will no longer be indefinitely invested outside of Canada.

Leases

Leases	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	8. Leases The Company leases its corporate headquarters and branch office facilities. The Company’s headquarter is located in Clearwater, Florida. The current lease relating to this space was entered into effective February 1, 2023 and expires on January 31, 2026 . The Company’s central business operations hub is located in Rock Hill, South Carolina. The current lease relating to this space was entered into effective March 20, 2023 and expires on March 19, 2026 . All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. As of March 31, 2023, the Company has closed each of its 47 branch offices located in Alabama, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Michigan, Missouri, Nevada, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and Wisconsin. The Company’s lease liability was $ 0.2 million as of March 31, 2023 and $ 4.4 million as of March 31, 2022. The liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate. The right of use asset was $ 0.2 million as of March 31, 2023 and $ 4.3 million as of March 31, 2022. The Company combines lease and non-lease components for its real estate leases in calculating the present value of the fixed payments. Future minimum lease payments under non-cancellable operating leases in effect as of March 31, 2023, are as follows: in thousands 2024 $ 65 2025 67 2026 61 Thereafter — Total future minimum lease payments 193 Present value adjustment ( 17 ) Operating lease liability $ 176 The following table reports information about the Company’s lease cost for the twelve months ended March 31: (In thousands) 2023 2022 Lease cost: Operating lease cost $ 1,425 $ 1,736 Variable lease cost 297 347 Total lease cost $ 1,722 $ 2,083 The following table reports other information about the Company’s leases for the twelve months ended March 31: (In thousands) 2023 2022 Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 1,663 $ 1,591 Operating Lease - Operating Cash Flows (Liability Reduction) $ 1,763 $ 1,388 The following table reports other information about the Company’s leases as of March 31: 2023 2022 Weighted Average Lease Term - Operating Leases 3.0 years 3.9 years Weighted Average Discount Rate - Operating Leases 6.50 % 6.50 % Rent expense for the fiscal years ended March 31, 2023 and 2022 was approximately $ 1.8 million and $ 2.1 million, respectively. For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. The Company records right-of-use ("ROU") assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. The Company uses its effective annual interest rate as the discount rate when evaluating leases under Topic 842. Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. Further, the Company has elected to not separate lease from non-lease components. Variable lease costs include expenses such as common area maintenance, utilities, and repairs and maintenance.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	9. Share-Based Payments The Company has share awards outstanding under two share-based compensation plans (the “Equity Plans”). The Company believes that such awards generally align the interests of its employees with those of its shareholders. Under the shareholder-approved 2006 Equity Incentive Plan (the “2006 Plan”) the Board of Directors was authorized to grant option awards for up to approximately 1.1 million common shares. On August 13, 2015, the Company’s shareholders approved the Nicholas Financial, Inc. Omnibus Incentive Plan (the “2015 Plan”) for employees and non-employee directors. Under the 2015 Plan, the Board of Directors is authorized to grant total share awards for up to 750,000 common shares. Awards under the 2006 Plan will continue to be governed by the terms of that plan. The 2015 Plan replaced the 2006 Plan; accordingly, no additional option awards may be granted under the 2006 Plan. In addition to option awards, the 2015 Plan provides for restricted stock, restricted stock units, performance shares, performance units, and other equity-based compensation. Option awards previously granted to employees and directors under the 2006 Plan generally vested ratably based on service over a five- and three-year period, respectively, and generally have a contractual term of ten years . Vesting and contractual terms for option awards under the 2015 Plan are essentially the same as those of the 2006 Plan. Restricted stock awards generally cliff vest over a three-year period based on service conditions. Vesting of performance units generally does not commence until the attainment of Company-wide performance goals including annual revenue growth and operating income targets. There are no post-vesting restrictions for share awards. The Company funds share awards from authorized but unissued shares and does not purchase shares to fulfill its obligations under the Equity Plans. Cash dividends, if any, are not paid on unvested performance units or unexercised options but are paid on unvested restricted stock awards. The Company did not grant any options during the years ended March 31, 2023 or 2022. A summary of option activity under the Equity Plans as of March 31, 2023, and changes during the year, are presented below. (Shares and Aggregate Intrinsic Value in thousands) Options Shares Weighted Weighted Aggregate Outstanding at March 31, 2022 37 $ 11.85 1.45 $ - Granted — — Exercised — — Forfeited ( 27 ) 11.54 Outstanding at March 31, 2023 10 $ 12.68 0.80 $ - Exercisable at March 31, 2023 10 $ 12.68 0.80 $ - During the fiscal year ended March 31, 2023, no options were exercised. During the same period, options to purchase approximately 27 thousand shares were forfeited at an exercise price of $ 11.54 per share. During the fiscal year ended March 31, 2022, options to purchase approximately 2,500 shares were exercised. During the same period, options to purchase approximately 16,100 shares were forfeited at exercise prices ranging from $ 10.96 to $ 12.95 per share. Cash received from options exercised during the fiscal years ended March 31, 2023 and 2022 totaled approximately $ 0 and $ 0 , respectively. As of March 31, 2023, the Company had no unrecognized compensation related to options grants. For the fiscal years ended, March 31, 2023 and March 31, 2022, the Company had approximately $ 0 and $ 0 , respectively, of total unrecognized compensation cost related to options granted. A summary of the status of the Company’s non-vested restricted shares under the Equity Plan as of March 31, 2023, and changes during the year then ended is presented below. (Shares and Aggregate Intrinsic Value in thousands) Restricted Share Awards Shares Weighted Weighted Aggregate Non-vested at March 31, 2022 37 $ 10.26 0.92 $ 377 Granted 11 8.84 Vested ( 8 ) 12.01 Forfeited ( 28 ) 9.75 Non-vested at March 31, 2023 12 $ 8.97 0.51 $ 74 The Company awarded approximately 11,000 restricted shares during the fiscal year ended March 31, 2023. There are no performance shares included within the 11,000 restricted shares granted that resulted from the Company meeting a performance threshold. During the same period there were approximately 28,000 restricted shares forfeited. The Company accounts for forfeitures when they occur. For any vesting tranche of an award, the cumulative amount of compensation cost recognized is at least equal to the portion of the grant‑date value of the award tranche that is actually vested at that date. As of March 31, 2023, there was approximately $ 0.1 million of total unrecognized compensation cost related to non-vested restricted share awards granted under the Equity Plans. That cost is expected to be recognized over a weighted-average period of approximately 0.51 years.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Mar. 31, 2023
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]
Employee Benefit Plan	10. Employee Benefit Plan The Company has a 401(k)-retirement plan under which all employees are eligible to participate. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company made a discretionary matching employee contribution for $ 88 thousand for the year ended March 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The Company is involved in certain claims and legal proceedings in the normal course of business of which one, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations. Specifically, the Company has been sued together with several other defendants, in a lawsuit styled: Nicholas Financial, Inc. v. Jeremiah Gross, No. 21CY-CV02148-01, 7th Judicial Circuit, Clay County, Missouri. On March 9, 2021 the Company filed suit against Jeremiah Gross for a deficiency balance owed to the Company following the 2018 surrender and sale of his motor vehicle which secured a loan from the Company. On April 22, 2021 a default judgment for $ 7,984.18 was entered against Mr. Gross. On December 22, 2021 Mr. Gross filed a motion to set aside the default judgment. The Court granted his motion on March 23, 2022. In his answer he asserted a class-action counterclaim against the Company seeking to represent a nationwide class of the Company’s customers who received allegedly deficient notices regarding the sale of their vehicles and whose vehicles were recovered and sold by the Company, and on behalf of Missouri customers who received allegedly deficient notices from the Company regarding the sale of their recovered vehicles and the calculation of the deficiency owed the Company. The Company filed its answer to the counterclaim on May 13, 2022. On September 9, 2022 the Company filed a motion for summary judgment as to all counts of the counterclaim and the Company's claim against Mr. Gross. The motion was argued on February 16, 2023. On March 27, 2023 the Court entered an order granting the motion in part and denying the motion in part. The Court found in favor of the Company as to the counterclaim regarding presale notices and prejudgment interest, and in Mr. Gross’s favor for the counterclaim as to post-sale notices. The Court denied the Company’s motion for summary judgment as to its claim for a deficiency against Mr. Gross. The remaining claim relates to post-sale notices sent to Missouri customers. The Company’s insurer has accepted the defense of this litigation under a reservation of rights.

Restructuring Activities

Restructuring Activities	12 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Activities	12. Restructuring Activities On July 18, 2022, the Company announced its plan to close eleven branches and a consolidate its workforce, impacting approximately 44 employees. The Company then announced on a Form 8-K filed on November 3, 2022 a change in its operating strategy and restructuring plan with the goal of reducing operating expenses and freeing up capital. As part of this plan, the Company shifted from a decentralized business model to a regionalized business model and entered into a loan servicing agreement with Westlake Portfolio Management, LLC ("WPM"). While the Company intends to continue Contract purchase and origination activities, albeit on a much smaller scale, its servicing, collections and recovery operations will be outsourced to WPM. The Company has ceased originations of Direct Loans. As part of this restructuring plan, the Company announced the closure of its branches and will continue operating from its corporate headquarters in Clearwater, Florida and its central business operational hub in Charlotte, North Carolina. Consistent with this significant reduction in footprint, the Company reduced its workforce to approximately 16 employees as of March 31, 2023. The Company anticipates that execution of its evolving restructuring plan will free up capital and permit the Company to allocate excess capital to increase shareholder returns, whether by acquiring loan portfolios or businesses or by investing outside of the Company’s traditional business. The overall timeframe and structure of the Company’s restructuring remains uncertain. Costs related to the restructuring plan are summarized as follows: (In thousands) Total Cost Estimated Incurred to Date Remaining cost Branch Closures $ 3,203 $ 3,203 $ - Severance 570 570 - Cease-use of contractual services 749 749 - Professional fees 260 260 - Other 26 17 9 Total restructuring cost $ 4,808 $ 4,799 $ 9

Stock Plans

Stock Plans	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stock Plans	13. Stock Plans In May 2019, the Company’s Board of Directors (“Board”) authorized a stock repurchase program allowing for the repurchase of up to $ 8.0 million of the Company’s outstanding shares of common stock in open market purchases, privately negotiated transactions, or through other structures in accordance with applicable federal securities laws. The authorization was effective immediately. The timing and actual number of shares will depend on a variety of factors, including stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. In August 2019, the Company’s Board authorized an additional repurchase of up to $ 1.0 million of the Company’s outstanding shares. The table below summarizes treasury share transactions under the Company’s stock repurchase program. Twelve months ended March 31, 2023 2022 Number of Shares Amount Number of Shares Amount Treasury shares at the beginning of period 5,127 $ ( 74,405 ) 4,945 $ ( 72,343 ) Treasury shares purchased 241 ( 2,389 ) 182 ( 2,062 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,127 $ ( 74,405 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of Nicholas Financial – Canada and its wholly owned subsidiaries, NDS, and NFI, collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated.
Segment Reporting	Segment Reporting The Company reports operating segments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting . Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assesses performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way the operating segments where determined and other items. The Company has one reportable segment, which is the consumer finance company.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables.
Finance Receivables	Finance Receivables Finance receivables are recorded at cost, net of unearned dealer discounts, unearned insurance and commissions (see “Revenue Recognition”), and the allowance for credit losses (see Note 3).
Allowance for Credit Losses	Allowance for Credit Losses The Company takes into consideration the composition of the portfolio, current economic conditions, the estimated net realizable value of the underlying collateral, historical loan loss experience, delinquency, non-performing assets, and bankrupt accounts when determining management’s estimate of probable credit losses and the adequacy of the allowance for credit losses. Management utilizes significant judgment in determining probable incurred losses and in identifying and evaluating qualitative factors. This approach aligns with the Company’s lending policies and underwriting standards. If the allowance for credit losses is determined to be inadequate, then an additional charge to the provision is recorded to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio. The Company uses a trailing twelve-month net charge-off as a percentage of average finance receivables, and applies this percentage to ending finance receivables to estimate probable credit losses. This approach reflects the current trends of incurred losses within the portfolio and closely aligns the allowance for credit losses with the portfolio’s performance indicators. Estimating the allowance for credit losses using the trailing twelve-month charge-off analysis reflects portfolio performance adjusted for seasonality. Management evaluates qualitative factors to support its allowance for credit losses. The Company examines the impact of macro-economic factors, such as year-over-year inflation, as well as portfolio performance characteristics, such as changes in the value of underlying collateral, level of nonperforming accounts, delinquency trends, and accounts with extended terms. As a result, the Company incorporated an additional $ 1.4 million as a qualitative component amount to its current estimate of adequate reserves.
Repossessed Assets	Repossessed Assets Repossessed assets are stated at net realizable value and consist primarily of automobiles that have been repossessed by the Company and are awaiting final disposition. Costs associated with repossession, transport, and auction preparation expenses are reported as expenses in the period in which they are incurred.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets as follows: Automobiles 3 years Equipment 5 years Furniture and fixtures 7 years Software 7 years Leasehold improvements Lesser of lease term or useful life (generally 6 - 7 years)
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases along with operating loss and tax credit carryforwards, if any. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from any such position would be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. It is the Company’s policy to recognize interest and penalties accrued on any uncertain tax benefits as a component of income tax expense. There were no uncertain tax positions as of March 31, 2023 or 2022. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and Canada. The effect on deferred taxes of a change in tax rates is recognized in income tax expense in the period that includes the enactment date.
Revenue Recognition	Revenue Recognition Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more. The Company defines a non-performing asset as one that is 60 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon receiving notice that a Chapter 13 bankruptcy trustee’s plan (BK13) was not confirmed, the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments (see Note 3). A dealer discount represents the difference between the finance receivable of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle, and competition in any given market. In making decisions regarding the purchase of a particular Contract, the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The dealer discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount, as a percent of the amount financed, associated with new volume for the fiscal years ended March 31, 2023 and 2022, were 6.5 % and 6.9 %, respectively. Unearned insurance and fee commissions consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance, involuntary unemployment insurance, and forced placed automobile insurance. These commissions are amortized over the life of the Contract using the interest method. Origination and processing fees are an upfront fee charged by the Company to process a new loan application. These are recognized over the life of the loan using the interest method. Non-sufficient funds fees and late fees are recognized when collected.
Earnings Per Share	Earnings Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings per share is calculated using the two-class method, as such awards are more dilutive under this method than the treasury stock method. Ordinarily, basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. The Company's participating securities are non-vested restricted shares which are not required to share losses, and accordingly, are not allocated losses in periods of net loss. Dilutive earnings per share are calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which includes the dilutive effect of additional potential common shares from stock compensation awards. For the years ended March 31, 2023 and 2022, the Company experienced net loss and net income, respectively. In a period of loss, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. For the year ended March 31, 2023, potentially dilutive securities that were not included in the diluted per share calculation because they would be anti-dilutive comprise 10,000 shares from options to purchase common shares and 12,010 unvested restricted shares. Loss and income per share has been computed based on the following weighted average number of common shares outstanding: Fiscal Year ended March 31, 2023 2022 Numerator: Net (loss) income per consolidated statements of income $ ( 34,119 ) $ 2,998 Percentage allocated to shareholders * 100.0 % 99.5 % Numerator for basic and diluted earnings (loss) per share ( 34,119 ) 2,983 Denominator: Denominator for basic earnings (loss) per share - weighted-average shares outstanding 7,330 7,572 Dilutive effect of stock options — — Denominator for diluted earnings (loss) per share 7,330 7,572 Per share (loss) income from continuing operations Basic $ ( 4.65 ) $ 0.39 Diluted $ ( 4.65 ) $ 0.39 *Basic weighted-average shares outstanding 7,330 7,572 Basic weighted-average shares outstanding and unvested restricted stock units expected to vest 7,330 7,612 Percentage allocated to shareholders 100.0 % 99.5 %
Share-Based Payments	Share-Based Payments The grant date fair value of share awards is recognized in earnings over the requisite service period (presumptively, the vesting period). The Company estimates the fair value of option awards using the Black-Scholes option pricing model. The risk-free interest rate is based upon a U.S. Treasury instrument with a life that is similar to the expected term of the options. Expected volatility is based upon the historical volatility for the previous period equal to the expected term of the options. The expected term is based upon the average life of previously issued options. The expected dividend yield is based upon the yield expected on the date of grant to occur over the term of the option. The fair value of non-vested restricted shares and performance units are measured at the market price of a share on a grant date. Restricted shares have a three-year service period. Performance units include a performance period (generally ending at the end of the fiscal year in which the units were granted) followed by a two-year service period. At the end of the performance period, these units effectively become restricted shares for the remaining two-year service period at which time they become vested.
Fair Value Measurements	Fair Value Measurements The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions (see Note 6).
Financial Instruments and Concentrations	Financial Instruments and Concentrations The Company’s financial instruments consist of cash, finance receivables (accrued interest receivable is a part of finance receivables), a note payable, and a Credit Facility. Financial instruments that are exposed to concentrations of credit risk are primarily finance receivables and cash. During the year ended, March 31, 2023, the Company operated in 19 states through its branch locations. Of the aggregate finance receivables as of March 31, 2023, Florida represented 22 %, Ohio represented 15 %, Georgia represented 11 %, and North Carolina represented 8 %. Each of Kentucky, Missouri, and South Carolina represented 6 %, and Indiana represented 5 %. Of the remaining states, no one state represented more than 5 % of the total finance receivables. The Company provides credit during the normal course of business and performs ongoing credit evaluations of its customers. The Company maintains reserves for potential credit losses which, when realized, have been within the range of management’s expectations. The Company perfects a primary security interest in all vehicles financed as a form of collateral. The combined account balances that the Company maintains at financial institutions typically exceed federally insured limits, and there is a concentration of credit risk related to accounts on deposit in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes this risk of loss is not significant.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders’ equity.
Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued the Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Among other things, the amendments in this ASU require the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance was originally effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, however, the FASB voted to delay the implementation date for this accounting standard, for smaller reporting companies, the new effective date is for fiscal years beginning after December 15, 2022, and early adoption is permitted. The Company is evaluating the impact of the adoption of this ASU on the consolidated financial statements by collecting and analyzing data that will be needed to produce historical inputs, evaluating current conditions and reasonable and supportable forecasts, which are inputs into models created as a result of adopting this ASU. The Company believes the adoption of this ASU will likely result in an increase of between $ 0.9 million and $ 1.9 million to our allowance for credit losses. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures as an update to Financial Instruments—Credit Losses (Topic 326) . The amendments in this ASU eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in ASU 2022-02 will be effective for the Company with its adoption of ASU 2016-13. The Company believes the adoption of this ASU will not have a material impact on the Company's consolidated financial statements. The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of property and equipment estimated useful lives	Automobiles 3 years Equipment 5 years Furniture and fixtures 7 years Software 7 years Leasehold improvements Lesser of lease term or useful life (generally 6 - 7 years)
Schedule of computation of income per share	Loss and income per share has been computed based on the following weighted average number of common shares outstanding: Fiscal Year ended March 31, 2023 2022 Numerator: Net (loss) income per consolidated statements of income $ ( 34,119 ) $ 2,998 Percentage allocated to shareholders * 100.0 % 99.5 % Numerator for basic and diluted earnings (loss) per share ( 34,119 ) 2,983 Denominator: Denominator for basic earnings (loss) per share - weighted-average shares outstanding 7,330 7,572 Dilutive effect of stock options — — Denominator for diluted earnings (loss) per share 7,330 7,572 Per share (loss) income from continuing operations Basic $ ( 4.65 ) $ 0.39 Diluted $ ( 4.65 ) $ 0.39 *Basic weighted-average shares outstanding 7,330 7,572 Basic weighted-average shares outstanding and unvested restricted stock units expected to vest 7,330 7,612 Percentage allocated to shareholders 100.0 % 99.5 %

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	Contracts and Direct Loans included in finance receivables are detailed as follows as of fiscal years ended March 31: (In thousands) 2023 2022 Finance receivables $ 128,170 $ 178,786 Accrued interest receivable 1,932 2,315 Unearned dealer discounts ( 4,286 ) ( 6,894 ) Unearned purchase price discounts ( 82 ) ( 212 ) Unearned insurance and fee commissions ( 1,419 ) ( 2,446 ) Finance receivables, net of unearned 124,315 171,549 Allowance for credit losses ( 17,396 ) ( 2,949 ) Finance receivables, net $ 106,919 $ 168,600 Contracts
Schedule of activity in allowance for credit losses	The following presents the activity in our allowance for credit losses: For the year ended March 31, 2023 (In thousands) Indirect Direct Total Balance at beginning of year $ 1,961 $ 988 $ 2,949 Provision for credit losses 37,125 3,533 40,658 Charge-offs ( 28,391 ) ( 3,621 ) ( 32,012 ) Recoveries 5,570 231 5,801 Balance at end of year $ 16,265 $ 1,131 $ 17,396 For the year ended March 31, 2022 (In thousands) Indirect Direct Total Balance at beginning of year $ 6,001 $ 153 $ 6,154 Provision for credit losses 4,210 1,755 5,965 Charge-offs ( 13,515 ) ( 980 ) ( 14,495 ) Recoveries 5,265 60 5,325 Balance at end of year $ 1,961 $ 988 $ 2,949
Schedule of an assessment of the credit quality by creditworthiness	The following table is an assessment of the credit quality by creditworthiness as of March 31: (In thousands) 2023 2022 Contracts Direct Total Contracts Direct Total Performing accounts $ 101,856 $ 16,926 $ 118,782 $ 149,976 $ 24,102 $ 174,078 Non-performing accounts 6,972 1,728 8,700 4,167 274 4,441 Total 108,828 18,654 127,482 154,143 24,376 178,519 Chapter 13 bankruptcy 590 98 688 254 13 267 Finance receivables $ 109,418 $ 18,752 $ 128,170 $ 154,397 $ 24,389 $ 178,786
Schedule of information regarding delinquency rates	The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding any Chapter 13 bankruptcy accounts: (In thousands) Contracts Balance 30 – 59 days 60 –89 days 90-119 days 120+ days Total March 31, 2023 $ 108,828 $ 10,083 $ 3,274 $ 3,698 $ - $ 17,055 9.27 % 3.01 % 3.40 % 0.00 % 15.67 % March 31, 2022 $ 154,143 $ 7,097 $ 2,936 $ 1,183 $ 48 $ 11,264 4.60 % 1.90 % 0.77 % 0.03 % 7.31 % Direct Loans Balance 30 – 59 days 60 –89 days 90-119 days 120+ days Total March 31, 2023 $ 18,654 $ 1,448 $ 654 $ 1,074 $ - $ 3,176 7.76 % 3.51 % 5.76 % 0.00 % 17.03 % March 31, 2022 $ 24,376 $ 607 $ 197 $ 77 $ - $ 881 2.49 % 0.81 % 0.32 % 0.00 % 3.61 %

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment as of March 31, 2023 and 2022 is summarized as follows: (In thousands) Cost Accumulated Net Carrying 2023 Automobiles $ - $ - $ - Software 113 36 77 Equipment 323 183 140 Furniture and fixtures 9 6 3 Leasehold improvements 2 - 2 $ 447 $ 225 $ 222 2022 Automobiles $ 230 $ 195 $ 35 Software 246 74 172 Equipment 1,735 664 1,071 Furniture and fixtures 728 477 251 Leasehold improvements 1,297 1,043 254 $ 4,236 $ 2,453 $ 1,783

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Mar. 31, 2023
Line of Credit Facility [Abstract]
Schedule of Future Maturities of Debt	Future maturities of debt as of March 31, 2023 are as follows: (in thousands) Year Ended March 31, 2024 $ - 2025 29,100 $ 29,100

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of financial instruments not measured at fair value	The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. Management has determined that this level to be most appropriate for finance receivables, repossessed assets, and the Credit Facility shown in the table below. Fair Value Measurement Using Fair Carrying Description Level 1 Level 2 Level 3 Value Value Cash: March 31, 2023 $ 454 $ — $ — $ 454 $ 454 March 31, 2022 $ 4,775 $ — $ — $ 4,775 $ 4,775 Finance receivables: March 31, 2023 $ — $ — $ 105,971 $ 105,971 $ 106,919 March 31, 2022 $ — $ — $ 168,600 $ 168,600 $ 168,600 Repossessed assets: March 31, 2023 $ — $ — $ 1,491 $ 1,491 $ 1,491 March 31, 2022 $ — $ — $ 658 $ 658 $ 658 Credit facility: March 31, 2023 $ — $ — $ 29,100 $ 29,100 $ 29,100 March 31, 2022 $ — $ — $ 55,000 $ 55,000 $ 55,000 Note payable: March 31, 2023 $ — $ — $ — $ — $ — March 31, 2022 $ 3,244 $ — $ — $ 3,244 $ 3,244

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Income tax expense consists of the following for the years ended March 31: (In thousands) 2023 2022 Current: Federal $ 22 $ 116 State 10 35 Total current 32 151 Deferred: Federal 708 800 State 677 97 Total deferred 1,385 897 Income tax expense $ 1,417 $ 1,048
Schedule of deferred tax assets and liabilities	The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following as of March 31: (In thousands) Deferred Tax Assets 2023 2022 Allowance for credit losses not currently deductible $ 4,538 $ 900 Share-based compensation 20 79 Federal and state net operating loss carryforwards 4,812 507 Right of use liability 43 1,094 Other items 87 175 Valuation Allowance ( 9,457 ) - Total deferred tax assets 43 2,755 Deferred tax liabilities Right of use asset 43 1,062 Other items - 308 Total deferred tax liabilities 43 1,370 Deferred income taxes $ - $ 1,385
Schedule of income tax expense reflects an effective U.S tax rate	Income tax expense reflects an effective U.S. tax rate, which differs from the corporate tax rate for the following reasons: (In thousands) 2023 2022 Income tax (benefit) expense at Federal statutory rate $ ( 6,838 ) $ 855 Increase (decrease) resulting from: Change in Valuation Allowance 9,457 - State income taxes, net of Federal benefit ( 1,207 ) 142 Other 5 51 Income tax expense $ 1,417 $ 1,048

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Summary of future minimum lease payments under non-cancellable operating leases	Future minimum lease payments under non-cancellable operating leases in effect as of March 31, 2023, are as follows: in thousands 2024 $ 65 2025 67 2026 61 Thereafter — Total future minimum lease payments 193 Present value adjustment ( 17 ) Operating lease liability $ 176
Schedule of lease cost	The following table reports information about the Company’s lease cost for the twelve months ended March 31: (In thousands) 2023 2022 Lease cost: Operating lease cost $ 1,425 $ 1,736 Variable lease cost 297 347 Total lease cost $ 1,722 $ 2,083
Schedule of other lease information	The following table reports other information about the Company’s leases for the twelve months ended March 31: (In thousands) 2023 2022 Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 1,663 $ 1,591 Operating Lease - Operating Cash Flows (Liability Reduction) $ 1,763 $ 1,388 The following table reports other information about the Company’s leases as of March 31: 2023 2022 Weighted Average Lease Term - Operating Leases 3.0 years 3.9 years Weighted Average Discount Rate - Operating Leases 6.50 % 6.50 %

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of option activity under the equity plans	A summary of option activity under the Equity Plans as of March 31, 2023, and changes during the year, are presented below. (Shares and Aggregate Intrinsic Value in thousands) Options Shares Weighted Weighted Aggregate Outstanding at March 31, 2022 37 $ 11.85 1.45 $ - Granted — — Exercised — — Forfeited ( 27 ) 11.54 Outstanding at March 31, 2023 10 $ 12.68 0.80 $ - Exercisable at March 31, 2023 10 $ 12.68 0.80 $ -
Schedule of non-vested restricted shares under the equity plan	A summary of the status of the Company’s non-vested restricted shares under the Equity Plan as of March 31, 2023, and changes during the year then ended is presented below. (Shares and Aggregate Intrinsic Value in thousands) Restricted Share Awards Shares Weighted Weighted Aggregate Non-vested at March 31, 2022 37 $ 10.26 0.92 $ 377 Granted 11 8.84 Vested ( 8 ) 12.01 Forfeited ( 28 ) 9.75 Non-vested at March 31, 2023 12 $ 8.97 0.51 $ 74

Restructuring Activities (Table

Restructuring Activities (Tables)	12 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Costs related to the restructuring plan	Costs related to the restructuring plan are summarized as follows: (In thousands) Total Cost Estimated Incurred to Date Remaining cost Branch Closures $ 3,203 $ 3,203 $ - Severance 570 570 - Cease-use of contractual services 749 749 - Professional fees 260 260 - Other 26 17 9 Total restructuring cost $ 4,808 $ 4,799 $ 9

Stock Plans (Tables)

Stock Plans (Tables)	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program	The table below summarizes treasury share transactions under the Company’s stock repurchase program. Twelve months ended March 31, 2023 2022 Number of Shares Amount Number of Shares Amount Treasury shares at the beginning of period 5,127 $ ( 74,405 ) 4,945 $ ( 72,343 ) Treasury shares purchased 241 ( 2,389 ) 182 ( 2,062 ) Treasury shares at the end of period 5,368 $ ( 76,794 ) 5,127 $ ( 74,405 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Detail Textuals)	12 Months Ended
	Mar. 31, 2023 Subsidiary
United States
Organization And Basis Of Presentation [Line Items]
Number of subsidiaries	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Detail Textuals)	12 Months Ended
	Mar. 31, 2023 USD ($) Segment shares	Mar. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments | Segment	1
Adequate reserves	$ 1,400,000
Uncertain tax positions	$ 0	$ 0
Interest income accrual on finance receivables suspension condition	Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier.
Average dealer discount associated with new volume	6.50%	6.90%
Anti-dilutive shares excluded from diluted per share | shares	10,000
Restricted Stock Unit (RSU) [Member]
Significant Accounting Policies [Line Items]
Unvested restricted shares | shares	12,010
Maximum [Member]
Significant Accounting Policies [Line Items]
Impact of ASU on allowance for credit losses	$ 1,900,000
Minimum [Member]
Significant Accounting Policies [Line Items]
Impact of ASU on allowance for credit losses	$ 900,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of estimated useful lives of assets (Details)	12 Months Ended
	Mar. 31, 2023
Automobiles
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Minimum [Member] | Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	6 years
Maximum [Member] | Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Income per share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income per consolidated statements of income	$ (34,119)	$ 2,998
Percentage allocated to shareholders *	100%	99.50%
Numerator for basic and diluted earnings (loss) per share	$ (34,119)	$ 2,983
Denominator:
Denominator for basic earnings (loss) per share - weighted-average shares outstanding	7,330	7,572
Denominator for diluted earnings (loss) per share	7,330	7,572
Per share (loss) income from continuing operations
Basic	$ (4.65)	$ 0.39
Diluted	$ (4.65)	$ 0.39

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Income per share (Parentheticals) (Details 1) - shares shares in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Basic weighted-average shares outstanding	7,330	7,572
Basic weighted-average shares outstanding and unvested restricted stock units expected to vest	7,330	7,612
Percentage allocated to shareholders	100%	99.50%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Detail Textuals 2) - State	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Number of states in which entity operates		19
Finance Receivables Percentage	5%
Finance receivables
Significant Accounting Policies [Line Items]
Concentration benchmark	Of the remaining states, no one state represented more than 5% of the total finance receivables.
Finance receivables | Florida | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	22%
Finance receivables | North Carolina | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	8%
Finance receivables | Ohio | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	15%
Finance receivables | Georgia | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	11%
Finance receivables | Missouri | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	6%
Finance receivables | South Carolina | Geographic concentration risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	5%

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	121 days
Percentage of direct loan to total loan portfolio	5%
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Average contractual interest rate	30.40%	29.80%
Percentage of direct loan to total loan portfolio	15%	14%
Finance receivables | Contracts
Accounts Notes And Loans Receivable [Line Items]
Average contractual interest rate	22.20%	22.90%
Minimum
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	121 days
Minimum | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 15
Initial term of the direct finance receivables	6 months
Minimum | Finance receivables | Contracts
Accounts Notes And Loans Receivable [Line Items]
Initial term of the indirect finance receivables	12 months
Maximum | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 1
Initial term of the direct finance receivables	72 months
Maximum | Finance receivables | Contracts
Accounts Notes And Loans Receivable [Line Items]
Initial term of the indirect finance receivables	84 months

Finance Receivables - Summary o

Finance Receivables - Summary of contracts and direct loans included in finance receivables (Details) - Finance receivables - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Allowance for credit losses	$ (17,396)	$ (2,949)	$ (6,154)
Contracts and direct loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	128,170	178,786
Accrued interest receivable	1,932	2,315
Unearned dealer discounts	(4,286)	(6,894)
Unearned purchase price discount	(82)	(212)
Unearned insurance and fee commissions	(1,419)	(2,446)
Finance receivables, net of unearned	124,315	171,549
Allowance for credit losses	(17,396)	(2,949)
Finance receivables, net	$ 106,919	$ 168,600

Finance Receivables - Activity

Finance Receivables - Activity in allowance for credit losses (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Provision for credit losses	$ 40,658	$ 5,965
Finance receivables
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of year	2,949	6,154
Provision for credit losses	40,658	5,965
Charge-offs	(32,012)	(14,495)
Recoveries	5,801	5,325
Balance at end of year	17,396	2,949
Finance receivables | Indirect
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of year	1,961	6,001
Provision for credit losses	37,125	4,210
Charge-offs	(28,391)	(13,515)
Recoveries	5,570	5,265
Balance at end of year	16,265	1,961
Finance receivables | Direct
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of year	988	153
Provision for credit losses	3,533	1,755
Charge-offs	(3,621)	(980)
Recoveries	231	60
Balance at end of year	$ 1,131	$ 988

Finance Receivables (Detail T_2

Finance Receivables (Detail Textuals 1)	12 Months Ended
	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Maximum criteria for receivable to be a performing account	60 days
Percentage of more than payment contractually for delinquent	25%
Minimum criteria for receivable to be a non-performing account	60 days
Criteria for receivable to be delinquent account	121 days
Minimum
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	121 days

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 2) - Finance receivables - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Total	$ 127,482	$ 178,519
Finance receivables	128,170	178,786
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	18,654	24,376
Finance receivables	18,752	24,389
Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	118,782	174,078
Performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	16,926	24,102
Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	8,700	4,441
Non-performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	1,728	274
Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	688	267
Chapter 13 bankruptcy | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	98	13
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	108,828	154,143
Finance receivables	109,418	154,397
Contract Portfolio | Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	101,856	149,976
Contract Portfolio | Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	6,972	4,167
Contract Portfolio | Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	$ 590	$ 254

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 3) - Finance receivables - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 127,482	$ 178,519
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	18,654	24,376
Total	$ 3,176	$ 881
Total (in percentage)	17.03%	3.61%
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 108,828	$ 154,143
Total	$ 17,055	$ 11,264
Total (in percentage)	15.67%	7.31%
30 - 59 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 1,448	$ 607
Total (in percentage)	7.76%	2.49%
30 - 59 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 10,083	$ 7,097
Total (in percentage)	9.27%	4.60%
60 ? 89 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 654	$ 197
Total (in percentage)	3.51%	0.81%
60 ? 89 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 3,274	$ 2,936
Total (in percentage)	3.01%	1.90%
90 - 119 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 1,074	$ 77
Total (in percentage)	5.76%	0.32%
90 - 119 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 3,698	$ 1,183
Total (in percentage)	3.40%	0.77%
120+ days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 0
Total (in percentage)	0%	0%
120+ days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 0	$ 48
Total (in percentage)	0%	0.03%

Property and Equipment - Summar

Property and Equipment - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 447	$ 4,236
Accumulated Depreciation	225	2,453
Net Book Value	222	1,783
Automobiles
Property, Plant and Equipment [Line Items]
Cost	0	230
Accumulated Depreciation	0	195
Net Book Value	0	35
Software
Property, Plant and Equipment [Line Items]
Cost	113	246
Accumulated Depreciation	36	74
Net Book Value	77	172
Equipment
Property, Plant and Equipment [Line Items]
Cost	323	1,735
Accumulated Depreciation	183	664
Net Book Value	140	1,071
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Cost	9	728
Accumulated Depreciation	6	477
Net Book Value	3	251
Leasehold improvements
Property, Plant and Equipment [Line Items]
Cost	2	1,297
Accumulated Depreciation	0	1,043
Net Book Value	$ 2	$ 254

Credit Facility (Detail Textual

Credit Facility (Detail Textuals) - USD ($) $ in Thousands						12 Months Ended
	Jan. 18, 2023	Dec. 12, 2022	May 23, 2022	Nov. 05, 2021	May 27, 2020	Mar. 31, 2023	Mar. 31, 2022
Line Of Credit Facility [Line Items]
Aggregate outstanding indebtedness						$ 29,100
Proceeds from the credit facilities				$ 50,000		$ 17,800	$ 72,530
Westlake Capital Finance Llc Member
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.25%
Commitment period for advances under Credit Facility						2 years
Paycheck Protection Program | Fifth Third Bank
Line Of Credit Facility [Line Items]
Debt instrument, repaid outstanding principal			$ 3,200
Debt instrument, accrued and unpaid interest			$ 65
Proceeds from Loans					$ 3,200
Senior Secured Credit Facility | Westlake Capital Finance Llc Member
Line Of Credit Facility [Line Items]
Line of credit facility amount	$ 50,000
Termination Fee Term	90 days
Amount of Outstanding Balance of Credit Facility	60%
Excess Spread Ratio	8%
Minimum tangible net worth	$ 40,000
Senior Secured Credit Facility | Minimum | Westlake Capital Finance Llc Member
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage	70%
Senior Secured Credit Facility | Maximum | Westlake Capital Finance Llc Member
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage	85%
Wells Fargo Credit Facility
Line Of Credit Facility [Line Items]
Credit facility, available funds, percentage		50%
Unamortized debt issuance costs				$ 1,900
Commitment period for advances under Credit Facility				3 years
Restructuring costs		$ 300
Wells Fargo Credit Facility | Minimum
Line Of Credit Facility [Line Items]
Line of credit facility amount		$ 60,000
Credit facility, available funds, percentage		80%		80%
Line of credit, maturity date		May 31, 2023
Wells Fargo Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Line of credit facility amount		$ 175,000		$ 175,000
Credit facility, available funds, percentage		85%		85%
Line of credit, maturity date		Nov. 05, 2024
Ares Credit Facility
Line Of Credit Facility [Line Items]
Aggregate outstanding indebtedness						$ 29,100	$ 54,800
Secured Overnight Financing Rate Sofr Overnight Index Swap Rate | Wells Fargo Credit Facility
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.25%

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Maturities of Debt (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024	$ 0
2025	29,100
Future maturities of debt	$ 29,100

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	Mar. 31, 2023
Financial Instruments Not Measured At Fair Value [Line Items]
Interest rate for the note payable	1%

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	$ 454	$ 4,775
Finance receivables	105,971	168,600
Repossessed assets	1,491	658
Credit facility	29,100	55,000
Note payable	0	3,244
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	454	4,775
Finance receivables	106,919	168,600
Repossessed assets	1,491	658
Credit facility	29,100	55,000
Note payable	0	3,244
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	454	4,775
Finance receivables	0	0
Repossessed assets	0	0
Credit facility	0	0
Note payable	0	3,244
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	0	0
Finance receivables	0	0
Repossessed assets	0	0
Credit facility	0	0
Note payable	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	0	0
Finance receivables	105,971	168,600
Repossessed assets	1,491	658
Credit facility	29,100	55,000
Note payable	$ 0	$ 0

Income Taxes - Income tax expen

Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current:
Federal	$ 22	$ 116
State	10	35
Total current	32	151
Deferred:
Federal	708	800
State	677	97
Total deferred	1,385	897
Income tax expense	$ 1,417	$ 1,048

Income Taxes - Significant comp

Income Taxes - Significant components of the company's deferred tax assets (Details 1) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred Tax Assets
Allowance for credit losses not currently deductible for tax purposes	$ 4,538	$ 900
Share-based compensation	20	79
State net operating loss carryforwards	4,812	507
Right of use liability	43	1,094
Other items	87	175
Valuation Allowance	(9,457)
Total deferred tax assets	43	2,755
Deferred tax liabilities
Right of use asset	43	1,062
Other items	0	308
Total deferred tax liabilities	43	1,370
Deferred income taxes	$ 0	$ 1,385

Income Taxes - Income tax exp_2

Income Taxes - Income tax expense reflects an effective U.S tax rate (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Income Taxes [Line Items]
Income tax expense at Federal statutory rate	$ (6,838)	$ 855
Increase (decrease) resulting from:
Change in Valuation Allowance	9,457	0
State income taxes, net of Federal benefit	(1,207)	142
Other	5	51
Income tax expense	$ 1,417	$ 1,048

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) $ in Millions	12 Months Ended
	Mar. 31, 2023 USD ($)
Schedule Of Income Taxes [Line Items]
NOL’s expiration date	Mar. 31, 2039
Undistributed earnings	$ 121

Leases (Detail Textuals)

Leases (Detail Textuals) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) Branch	Mar. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Number Of Branches Closed | Branch	47
Operating lease liabilities	$ 176	$ 4,410
Operating lease right-of-use assets	176	4,277
Rent expense	$ 1,800	$ 2,100
Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease rent expense description	The Company’s central business operations hub is located in Rock Hill, South Carolina.
Lease expiration date	Mar. 19, 2026
LesseeOperatingLeasestartingPeriod	Mar. 20, 2023
Corporate headquarters lease agreement
Lessee Lease Description [Line Items]
Operating lease rent expense description	The Company’s headquarter is located in Clearwater, Florida.
Lease expiration date	Jan. 31, 2026
LesseeOperatingLeasestartingPeriod	Feb. 01, 2023

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
2024	$ 65
2025	67
2026	61
Thereafter	0
Total future minimum lease payments	193
Present value adjustment	(17)
Operating lease liability	$ 176	$ 4,410

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease cost:
Operating lease cost	$ 1,425	$ 1,736
Variable lease cost	297	347
Total lease cost	$ 1,722	$ 2,083

Leases - Schedule of Other Leas

Leases - Schedule of Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$ 1,663	$ 1,591
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 1,763	$ 1,388
Weighted Average Lease Term - Operating Leases	3 years	3 years 10 months 24 days
Weighted Average Discount Rate - Operating Leases	6.50%	6.50%

Share-Based Payments (Detail Te

Share-Based Payments (Detail Textuals)	12 Months Ended
	Mar. 31, 2023 EquityPlan shares	Aug. 13, 2015 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | EquityPlan	2
2006 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to grant	1,100,000
Contractual terms of options granted	10 years
2015 plan | Stock options | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to grant		750,000

Share-Based Payments - Summary

Share-Based Payments - Summary of option activity under the equity plans (Details) - Stock options - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Exercised	0	(2,500)
Forfeited	(27,000)	(16,100)
Equity Plans
Shares
Outstanding at March 31, 2022	37,000
Granted	0
Exercised	0
Forfeited	(27,000)
Outstanding at March 31, 2023	10,000	37,000
Exercisable at March 31, 2023	10,000
Weighted Average Exercise Price
Outstanding at March 31, 2022	$ 11.85
Granted	0
Exercised	0
Forfeited	11.54
Outstanding at March 31, 2023	12.68	$ 11.85
Exercisable at March 31, 2023	$ 12.68
Weighted Average Remaining Contractual Term
Outstanding at March 31, 2023	9 months 18 days	1 year 5 months 12 days
Exercisable at March 31, 2023	9 months 18 days

Share-Based Payments (Detail _2

Share-Based Payments (Detail Textuals 1) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options forfeited	$ 11.54
Cash received from options exercised	$ 0	$ 0
Unrecognized compensation cost		$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options exercised	0	2,500
Number of stock options forfeited	27,000	16,100
Unrecognized compensation cost	$ 0
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options forfeited		$ 10.96
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options forfeited		$ 12.95
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 100,000
Number of shares awarded	11,000
Number of share granted employees maximum account reached	11,000
Number of performance shares forfeited	28,000
Weighted-average period expected to be recognized	6 months 3 days

Share-Based Payments - Summar_2

Share-Based Payments - Summary of the status of the company's non-vested restricted shares (Details 1) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Granted	11,000
Forfeited	(28,000)
Equity Plans
Shares
Non-vested at March 31, 2022	37,000
Granted	11,000
Vested	(8,000)
Forfeited	(28,000)
Non-vested at March 31, 2023	12,000	37,000
Weighted Average Grant Date Fair Value
Non-vested at March 31, 2022	$ 10.26
Granted	8.84
Vested	12.01
Forfeited	9.75
Non-vested at March 31, 2023	$ 8.97	$ 10.26
Weighted Average Remaining Contractual Term
Non-vested at March 31	6 months 3 days	11 months 1 day
Aggregate Intrinsic Value
Non-vested at March 31	$ 74	$ 377

Employee Benefit Plan (Detail T

Employee Benefit Plan (Detail Textuals) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]
Discretionary contribution amount	$ 88

Commitments and Contingencies (

Commitments and Contingencies (Additional Information) (Details)	Dec. 22, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Secured loan of default judgment amount	$ 7,984.18

Variable Interest Entity (Detai

Variable Interest Entity (Detail Textuals)	12 Months Ended
	Mar. 31, 2023	Jul. 18, 2022 Branch Employees
Variable Interest Entity [Abstract]
Number of branches close | Branch		11
Number of employees | Employees		44
Workforce Reduced	16

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Assets and Liabilities Held by VIE (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Assets
Finance receivables, net	$ 106,919	$ 168,600
Repossessed assets	1,491	658
Total assets	110,348	183,570
Liabilities
Credit facility, net of debt issuance costs	28,936	54,813
Accounts payable and accrued expenses	1,427	4,717
Total liabilities	$ 30,539	$ 67,184

Variable Interest Entity - Sche

Variable Interest Entity - Schedule of costs related to the restructuring plan (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Total Expected Costs [Member]
Restructuring Cost and Reserve [Line Items]
Branch Closures	$ 3,203
Severance Costs	570
Cease-use of contractual services	749
Professional Fees	260
Other	26
Total restructuring cost	4,808
Total Cost Incurred to Date [Member]
Restructuring Cost and Reserve [Line Items]
Branch Closures	3,203
Severance Costs	570
Cease-use of contractual services	749
Professional Fees	260
Other	17
Total restructuring cost	4,799
Total Remaining (Underestimated) Costs [Member]
Restructuring Cost and Reserve [Line Items]
Branch Closures	0
Severance Costs	0
Cease-use of contractual services	0
Professional Fees	0
Other	9
Total restructuring cost	$ 9

Stock Plans (Detail Textuals)

Stock Plans (Detail Textuals) - USD ($)	Aug. 31, 2019	May 31, 2019
New Stock Repurchase Program | Common Stock
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 1,000,000	$ 8,000,000

Stock Plans - Summary of Treasu

Stock Plans - Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Treasury shares at the beginning of period, Number of Shares	5,127,000	4,945,000
Treasury shares purchased, Number of Shares	241,000	182,000
Treasury shares at the end of period, Number of Shares	5,368,000	5,127,000
Treasury shares at the beginning of period, Amount	$ (74,405)	$ (72,343)
Treasury shares purchased, Amount	(2,389)	(2,062)
Treasury shares at the end of period, Amount	$ (76,794)	$ (74,405)

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) - USD ($) $ in Thousands			12 Months Ended
	May 23, 2022	May 27, 2020	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Number of shares repurchased			241,000	182,000
Aggregate cost of shares repurchased			$ 2,389	$ 2,062
Paycheck Protection Program | Fifth Third Bank
Debt Instrument [Line Items]
Debt instrument, repaid outstanding principal	$ 3,200
Debt instrument, accrued and unpaid interest	$ 65
Proceeds from Loans		$ 3,200

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited) - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Quarterly Financial Data [Abstract]
Interest expense	$ 3,931	$ 5,366
Provision for credit losses	40,658	5,965
Operating (loss) income before income taxes	(32,702)	4,046
Income tax expense (benefit)	1,417	1,048
Net (loss) income	$ (34,119)	$ 2,998
(Loss) earnings per share:
Basic	$ (4.65)	$ 0.39
Diluted	$ (4.65)	$ 0.39