PetMed Express (PETS) 10-Q 15 Apr 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2023	Apr. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-28827
Entity Registrant Name	PETMED EXPRESS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0680967
Entity Address, Address Line One	420 South Congress Avenue
Entity Address, City or Town	Delray Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33445
City Area Code	561
Local Phone Number	526-4444
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,148,692
Entity Central Index Key	0001040130
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 49,440	$ 104,086
Accounts receivable, less allowance for doubtful accounts of $39 and $35, respectively	1,930	1,740
Inventories - finished goods, net	34,577	19,023
Prepaid expenses and other current assets	8,804	4,719
Prepaid income taxes	798	863
Total current assets	95,549	130,431
Noncurrent assets:
Property and equipment, net	26,811	26,178
Intangible and other assets, net	16,992	5,860
Goodwill	26,657	0
Operating lease right-of-use assets, net	1,626	0
Deferred tax assets, net	5,715	5,009
Total noncurrent assets	77,801	37,047
Total assets	173,350	167,478
Current liabilities:
Accounts payable	38,851	25,208
Sales tax payable	24,172	26,113
Accrued expenses and other current liabilities	5,557	6,191
Current lease liabilities	752	0
Deferred revenue	3,068	0
Total current liabilities	72,400	57,512
Long-term lease liabilities	890	0
Total liabilities	73,290	57,512
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000,000 shares authorized; 21,160,739 and 21,084,302 shares issued and outstanding, respectively	21	21
Additional paid-in capital	23,473	18,277
Retained earnings	76,557	91,659
Total shareholders' equity	100,060	109,966
Total liabilities and shareholders' equity	$ 173,350	$ 167,478

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 39	$ 35	$ 40
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	2,500	2,500	2,500
Preferred stock, shares outstanding (in shares)	2,500	2,500	2,500
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,160,739	21,084,302	21,077,077
Common stock, shares outstanding (in shares)	21,160,739	21,084,302	21,077,077

Condensed Consolidated Statemen

Condensed Consolidated Statements of (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Sales	$ 65,317	$ 58,870	$ 214,560	$ 194,172
Cost of sales	47,434	43,632	154,089	140,819
Gross profit	17,883	15,238	60,471	53,353
Operating expenses:
General and administrative	13,425	10,425	41,098	29,669
Advertising	5,762	4,641	18,539	14,869
Depreciation and amortization	1,770	941	5,161	2,552
Total operating expenses	20,957	16,007	64,798	47,090
(Loss) income from operations	(3,074)	(769)	(4,327)	6,263
Other income:
Interest income, net	136	299	481	11
Other, net	293	259	1,053	718
Total other income	429	558	1,534	729
(Loss) income before provision for income taxes	(2,645)	(211)	(2,793)	6,992
(Benefit) provision for income taxes	(618)	1	(345)	1,636
Net (loss) income	$ (2,027)	$ (212)	$ (2,448)	$ 5,356
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Diluted (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Weighted average number of common shares outstanding:
Basic (in shares)	20,425,282	20,301,384	20,380,262	20,257,145
Diluted (in shares)	20,425,282	20,301,384	20,380,262	20,339,064
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.30	$ 0.60	$ 0.90

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,448)	$ 5,356
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	5,161	2,552
Share based compensation	5,196	4,987
Deferred income taxes	(436)	(1,114)
Bad debt expense	53	292
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	(119)	(324)
Inventories - finished goods	(12,438)	10,053
Prepaid income taxes	65	(927)
Prepaid expenses and other current assets	(2,664)	(771)
Operating lease right-of-use assets, net	594	0
Accounts payable	7,929	(3,183)
Sales tax payable	(1,942)	2,291
Accrued expenses and other current liabilities	(1,258)	(1,133)
Lease liabilities	(577)	0
Deferred revenue	75	0
Net cash (used in) provided by operating activities	(2,808)	18,079
Cash flows from investing activities:
Purchase of minority interest investment in Vetster	(300)	(5,000)
Acquisition of PetCareRx, net of cash acquired	(35,859)	0
Purchases of property and equipment	(3,260)	(3,329)
Net cash used in investing activities	(39,419)	(8,329)
Cash flows from financing activities:
Dividends paid	(12,419)	(18,402)
Net cash used in financing activities	(12,419)	(18,402)
Net decrease in cash and cash equivalents	(54,646)	(8,652)
Cash and cash equivalents, at beginning of period	104,086	111,080
Cash and cash equivalents, at end of period	49,440	102,428
Supplemental disclosure of cash flow information:
Cash paid for income taxes	43	3,870
Dividends payable in accrued expenses and other current liabilities	$ 1,498	$ 1,079

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	9 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements The unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2022 (collectively, the "Affected Periods") have been restated to account for material misstatements related to the collection of sales taxes on sales of products and services to customers as further described below and the accounting treatment related to the deferred tax asset associated with the Company’s acquisition of PetCareRx in April 2023 (collectively, the “Misstatements”). The Company also restated all amounts impacted within the notes to the financial statements. A description of the adjustments and their impacts on the previously issued financial statements for each of the Affected Periods are included below. As a result of the Misstatements, our previously issued condensed consolidated financial statements for the Affected Periods should no longer be relied upon. In addition, we have filed our 2023 Form 10-K/A and an Amendment No. 1 to our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2023 and September 30, 2023, to reflect the correction of the Misstatements. Description of restatement adjustments In the third quarter of fiscal year 2024, the Company, reviewed the accounting treatment related to its previously reported sales tax accruals as well as the accounting treatment related to the valuation of the deferred tax asset associated with the Company’s acquisition of PetCareRx in April 2023. As a result of this review, management determined that the Company incorrectly applied U.S. GAAP as it relates to the sales tax liability and improperly valued the deferred tax asset and goodwill included in its unaudited condensed consolidated financial statements for each of the Affected Periods. We corrected the Misstatements relating to sales tax accruals by recording sales tax accruals as of the end of each of the Affected Periods using a legal liability approach under Accounting Standards Codification Topic 405, Liabilities. The sales tax accrual amounts assume that (i) customers who have not yet provided certificates or other documentation of exemption from sales tax are taxable, (ii) total potential interest and penalty assessments may be imposed, and (iii) the Company will not receive waivers of interest and penalties or other benefits under agreements it may obtain with jurisdictions from its outreach with voluntary disclosures. The Company expects to make adjustments to the sales tax liability in future periods as and if it obtains any waivers of interest and penalties or other benefits from its voluntary disclosures and as and if it obtains additional documentation from customers supporting exemption from sales tax. In addition, we have corrected Misstatements relating to the deferred tax asset we recognized in connection with our acquisition of PetCareRx on April 3, 2023 (the “Acquisition”) as of the end of each of the Affected Periods. In the accounting for the Acquisition, it was determined that we incorrectly valued deferred tax assets associated with loss carryforwards of PetCareRx under section 382 of the Internal Revenue Code. A summary of the impact of the adjustments described above relating to the Misstatements in each of the Affected Periods, is as follows: December 31, 2022 Three Months Ended Nine Months Ended (in thousands) As previously reported As restated As previously reported As restated Sales $ 58,870 $ 58,870 $ 194,451 $ 194,172 Gross profit $ 15,238 $ 15,238 $ 53,632 $ 53,353 (Loss) income from operations $ (769) $ (769) $ 5,682 $ 6,263 Net (loss) income $ (19) $ (212) $ 5,335 $ 5,356 December 31, 2022 Three Months Ended Nine Months Ended As previously reported As restated As previously reported As restated Net (loss) income (numerator): Net (loss) income $ (19) $ (212) $ 5,335 $ 5,356 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,301,384 20,301,384 20,257,145 20,257,145 Common shares issuable upon vesting of restricted stock — — 71,794 71,794 Common shares issuable upon conversion of preferred shares — — 10,125 10,125 Shares used in diluted computation 20,301,384 20,301,384 20,339,064 20,339,064 Net (loss) income per common share: Basic $ — $ (0.01) $ 0.26 $ 0.26 Diluted $ — $ (0.01) $ 0.26 $ 0.26 The restated unaudited interim financial information for the relevant unaudited interim financial statements for the quarterly period ended December 31, 2022 is also included below and identified in the Restatement Reconciliation Tables in the column entitled "Reference". The categories of restatement adjustments and their impacts on previously reported financial statements are described below: a. Sales Tax – Sales tax on sales of services to customers who were subject to sales tax, inclusive of total potential penalties and interest, that was not previously accrued by the Company is corrected by an increase to sales tax liabilities on the consolidated balance sheets. The effect of the adjustments on the consolidated statements of operations were recorded as a reduction to sales for the amount of tax, an increase to general and administrative expenses for accrued penalties and interest is included in other interest(expense) on the consolidated statements of operations. b. Tax provision / accrual – Tax provisions, deferred tax assets and liabilities were adjusted based on restated net income and restated deferred assets valuation in connection with the acquisition of PetCareRx. c. Deferred tax asset adjustment - Deferred tax asset recognized in connection with the acquisition of PetCareRx on April 3, 2023. Consolidated Financial Statements - Restatement Reconciliation Tables In light of the foregoing, in accordance with ASC 250, Accounting Changes and Error Corrections, we are restating the previously issued unaudited consolidated financial statements as of, and for the three and nine months ended December 31, 2022, to reflect the effects of the restatement adjustments and to make certain corresponding disclosures. In the following tables, we have presented a reconciliation of our consolidated balance sheets, statements of operations, and cash flows as previously reported for these prior periods to the restated and revised amounts. Summary of Restatement - Consolidated Balance Sheets December 31, 2022 As Previously Reported Restatement Adjustments Reference As Restated ASSETS Current assets: Cash and cash equivalents $ 102,428 $ — $ 102,428 Accounts receivable, less allowance for doubtful accounts of $40 1,944 — 1,944 Inventories - finished goods 22,402 — 22,402 Prepaid expenses and other current assets 5,637 — 5,637 Prepaid income taxes 1,608 — 1,608 Total current assets 134,019 — 134,019 Noncurrent assets: Property and equipment, net 25,242 — 25,242 Intangible and other assets 5,860 — 5,860 Deferred tax assets — 4,493 b, c 4,493 Total noncurrent assets 31,102 4,493 35,595 Total assets $ 165,121 $ 4,493 $ 169,614 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 24,317 $ — $ 24,317 Sales tax payable — 26,448 a 26,448 Accrued expenses and other current liabilities 6,754 (2,775) a 3,979 Total current liabilities 31,071 23,673 54,744 Deferred tax liabilities 465 (465) c — Total liabilities 31,536 23,208 54,744 Commitments and contingencies — — — Shareholders' equity: Preferred stock, $0.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share 9 — 9 Common stock, $0.001 par value, 40,000,000 shares authorized; 21,077,077 shares issued and outstanding 21 — 21 Additional paid-in capital 16,647 — 16,647 Retained earnings 116,908 (18,715) a, b, c 98,193 Total shareholders' equity 133,585 (18,715) 114,870 Total liabilities and shareholders' equity $ 165,121 $ 4,493 $ 169,614 Summary of Restatement - Consolidated Statements of Operations Three Months Ended December 31, 2022 Nine Months Ended December 31, 2022 As Previously Reported Restatement Adjustments Refer-ence As Restated As Previously Reported Restatement Adjustments Refer-ence As Restated Sales $ 58,870 $ — $ 58,870 $ 194,451 $ (279) a $ 194,172 Cost of sales 43,632 — 43,632 140,819 — 140,819 Gross profit 15,238 — 15,238 53,632 (279) 53,353 Operating expenses: General and administrative 10,425 — 10,425 30,529 (860) a 29,669 Advertising 4,641 — 4,641 14,869 — 14,869 Depreciation 941 — 941 2,552 — 2,552 Total operating expenses 16,007 — 16,007 47,950 (860) 47,090 (Loss) income from operations (769) — (769) 5,682 581 6,263 Other income: Interest income, net 708 (409) a 299 1,213 (1,202) a 11 Other, net 259 — 259 718 — 718 Total other income 967 (409) 558 1,931 (1,202) 729 Income (loss) before provision for income taxes 198 (409) (211) 7,613 (621) 6,992 Provision for income taxes 217 (216) b 1 2,278 (642) b 1,636 Net (loss) income $ (19) $ (193) $ (212) $ 5,335 $ 21 $ 5,356 Net (loss) income per common share: Basic $ — $ (0.01) $ (0.01) $ 0.26 $ — $ 0.26 Diluted $ — $ (0.01) $ (0.01) $ 0.26 $ — $ 0.26 Weighted average number of common shares outstanding: Basic 20,301,384 — 20,301,384 20,257,145 — 20,257,145 Diluted 20,301,384 — 20,301,384 20,339,064 — 20,339,064 Cash dividends declared per common share $ 0.30 $ — $ 0.30 $ 0.90 $ — $ 0.90 Summary of Restatement - Consolidated Cash Flow Statement Nine Months Ended December 31, 2022 As Previously Reported Restatement Adjustments Reference As Restated Cash flows from operating activities: Net income $ 5,335 $ 21 a $ 5,356 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 2,552 — 2,552 Share based compensation 4,987 — 4,987 Deferred income taxes (471) (643) b (1,114) Bad debt expense 292 — 292 (Increase) decrease in operating assets and increase (decrease) in liabilities: Accounts receivable (324) — (324) Inventories - finished goods 10,053 — 10,053 Prepaid income taxes (927) — (927) Prepaid expenses and other current assets (771) — (771) Accounts payable (3,183) — (3,183) Sales tax payable — 2,291 a 2,291 Accrued expenses and other current liabilities 536 (1,669) a (1,133) Net cash provided by operating activities 18,079 — 18,079 Cash flows from investing activities: Purchase of minority interest investment in Vetster (5,000) — (5,000) Purchases of property and equipment (3,329) — (3,329) Net cash used in investing activities (8,329) — (8,329) Cash flows from financing activities: Dividends paid (18,402) — (18,402) Net cash used in financing activities (18,402) — (18,402) Net (decrease) increase in cash and cash equivalents (8,652) — (8,652) Cash and cash equivalents, at beginning of year 111,080 — 111,080 Cash and cash equivalents, at end of year $ 102,428 $ — $ 102,428 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 3,870 $ — $ 3,870 Dividends payable in accrued expenses $ 1,079 $ — $ 1,079

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds®, is a leading direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. The Company markets and sells directly to consumers through its websites, toll-free number, and mobile applications. The Company offers consumers an attractive option for obtaining pet medications, food, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company’s executive headquarters offices are located in Delray Beach, Florida. The Company’s fiscal year end is March 31, and references herein to fiscal 2024 or fiscal 2023 refer to the Company's fiscal years ending March 31, 2024 and 2023, respectively. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at December 31, 2023, the Statements of (Loss) Income for the three and nine months ended December 31, 2023 and 2022, and Cash Flows for the nine months ended December 31, 2023 and 2022. The results of operations for the three and nine months ended December 31, 2023 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2024. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in our 2023 Form 10-K/A. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ( "Business Combinations" ). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of December 31, 2023 for these memberships was Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit. Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“ Goodwill and Other Intangible Assets ”). These definite-lived intangible assets are being amortized over periods ranging from three Leases The Company accounts for leases in accordance with ASC Topic 842 ( "Leases") . The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees. Recent Accounting Pronouncements

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition In accordance with ASC Topic 606 ("Revenue from Contracts with Customers") , the Company generates revenue by selling prescription and non-prescription pet medication products, pet food, supplements, supplies, membership fees, and veterinary services. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are based on historical patterns, however this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time at which the shipment of the product occurs. This key judgment is determined as the shipping point, which represents the point in time when the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Virtually all the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. Membership fees represent the amounts recognized periodically from two membership models. The first is the PetPlus membership for PetCareRx customers, the second is a partner membership provided through PetCareRx. These memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup which represent a single stand-ready performance obligation to provide these benefits. The PetPlus membership fee is an upfront annual charge and automatically renews one year from the initial enrollment date. The Company recognizes the revenue ratably over the term of the PetPlus membership which is generally one year. As shown in the following table, under the PetPlus program, the Company recognized $1.8 million and $5.3 million of previously deferred annual membership fees in the three and nine months ended December 31, 2023, respectively, and had $3.1 million of deferred revenue as of the quarter ended December 31, 2023 (amounts in millions). 2023 Deferred revenue, March 31, $ – Deferred revenue acquired with PetCareRx 3.0 Deferred memberships fees received 2.0 Deferred membership fee revenue recognized (1.8) Deferred revenue, June 30, 3.2 Deferred memberships fees received 2.1 Deferred membership fee revenue recognized (1.7) Deferred revenue, September 30, 3.6 Deferred memberships fees received 1.3 Deferred membership fee revenue recognized (1.8) Deferred revenue, December 31, $ 3.1 In addition to annual membership fees earned under the PetPlus program, the Company also earns membership fees on a month-to-month basis under its PetCareRx partner membership program. For the three and nine months ended December 31, 2023, membership fees earned under the partner program were $0.7 million and $2.0 million, respectively. The Company has no material contract asset or liability balances at December 31, 2023 and March 31, 2023, respectively. The Company disaggregates sales in the following categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales in those categories: Three Months Ended December 31, Increase (Decrease) Revenue (in thousands) 2023 % 2022 % $ % Reorder sales $ 57,682 88.3 % $ 53,316 90.6 % $ 4,366 8.2 % New order sales 5,189 7.9 % 5,554 9.4 % (365) -6.6 % Membership fees 2,446 3.7 % – – % 2,446 – % Total net sales $ 65,317 100.0 % $ 58,870 100.0 % $ 6,447 11.0 % Nine Months Ended December 31, Increase (Decrease) Revenue (in thousands) 2023 % 2022 % $ % (as restated) Reorder sales $ 188,123 87.7 % $ 176,131 90.7 % $ 11,992 6.8 % New order sales 19,181 8.9 % 18,041 9.3 % 1,140 6.3 % Membership fees 7,256 3.4 % – – % 7,256 – % Total net sales $ 214,560 100.0 % $ 194,172 100.0 % $ 20,388 10.5 %

Acquisition

Acquisition	9 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On April 3, 2023, the Company acquired 100% of the issued and outstanding equity interests of PetCareRx, a New York corporation and a leading supplier of pet food, pet medications, and supplies. The acquisition was completed pursuant to an Agreement and Plan of Merger ("Merger Agreement") by and among the Company, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), PetCareRx and Jeanette Loeb (as representative of the PetCareRx equity holders). The Merger Agreement provided for the Company’s acquisition of PetCareRx pursuant to the merger of Merger Sub with and into PetCareRx, with PetCareRx as the surviving corporation. The aggregate purchase price consideration was The acquisition of PetCareRx allowed the Company to significantly expand its product catalog, most notably in non-medication products, including food. In addition, PetCareRx brings increased distribution capability. The Company recognized goodwill of approximately The values assigned to the assets acquired and liabilities assumed are based on their estimates of fair value available as of April 3, 2023, as calculated by an independent third-party firm. The selected rates of returns were chosen in consideration of the individual risk profiles of the assets, as well as the resulting weighted average return on assets. Intangible assets are considered to be riskier than the overall business, so the Company included a premium to the investment rate of return on the identified intangible discount rates. The fair values of intangible assets acquired consist of a trade name, customer relationships, and developed technology, which were estimated by applying various discounted cash flow models such as the relief from royalty rate for the trade name, the multi-period excess earnings method for the customer relationships, and the cost to replace method for the developed technology. The fair value measurements were based on significant inputs that are not observable (Level 3). The assumptions made by management in determining the fair value of intangible assets included a discount rate of 12% based on the weighted average cost of capital. As a result of the acquisition, the Company performed an Internal Revenue Code Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Refer to Note 11 for further discussion. The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): Cash and cash equivalents $ 220 Accounts receivable, net 125 Other receivables 506 Inventory 3,116 Other current assets 835 Property and equipment 1,065 Deferred tax assets, net 270 Goodwill 26,657 Intangible assets, net 12,300 Right of use assets 2,220 Other assets 80 Total assets 47,394 Accounts payable 5,713 Accrued liabilities 131 Deferred revenue 2,993 Other current liabilities 258 Lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079 The Company incurred a total of $1.8 million in acquisition related costs that were expensed as incurred and recorded in general and administrative expenses in the Company’s unaudited Condensed Consolidated Statements of (Loss) Income, of which $0.5 million was recorded in fiscal year 2023, and $1.3 million was recorded for the nine months ended December 31, 2023 These costs include banking, legal, accounting, and consulting fees related to the acquisition. Supplemental Pro Forma Information (As Restated) The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X of the Exchange Act for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PetCareRx acquisition had been completed on April 1, 2022, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PetCareRx acquisition had occurred on April 1, 2022 to give effect to certain events that the Company believes to be directly attributable to the acquisition. These pro forma adjustments primarily include: a. A decrease in depreciation expense that would have been recognized due to acquired identifiable fixed assets; b. A decrease in amortization expense that would have been recognized due to acquired identifiable intangible assets; and c. A decrease in payroll costs and benefits. The supplemental pro forma financial information for the prior period nine months ended December 31, 2022 is as follows (in thousands): Nine Months Ended December 31, 2022 (unaudited) Revenue $ 226,713 Net income 407

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share In accordance with the provisions of ASC Topic 260 (“ Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended December 31, Nine Months Ended 2023 2022 2023 2022 (as restated) (as restated) Net (loss) income (numerator): Net (loss) income $ (2,027) $ (212) $ (2,448) $ 5,356 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,425,282 20,301,384 20,380,262 20,257,145 Common shares issuable upon vesting of restricted stock — — — 71,794 Common shares issuable upon conversion of preferred shares — — — 10,125 Shares used in diluted computation 20,425,282 20,301,384 20,380,262 20,339,064 Net (loss) income per common share: Basic $ (0.10) $ (0.01) $ (0.12) $ 0.26 Diluted $ (0.10) $ (0.01) $ (0.12) $ 0.26 For the three months ended December 31, 2023 and 2022, 825,825 and 243,604 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share. For the nine months ended December 31, 2023 and 2022, 837,084 and 243,604 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Compensation - Stock Compensation ”). The Company had 961,973 common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (the “2016 Employee Plan”) (which 2016 Employee Plan was succeeded by the 2022 Employee Plan in April 2023, and no further awards will be granted under the 2016 Employee Plan), 89,742 common shares issued under the 2022 Employee Equity Compensation Plan (as amended) (the “2022 Employee Plan”), and 225,251 common shares issued under the 2015 Outside Director Equity Compensation Plan (as amended) (the “2015 Director Plan”). At December 31, 2023, all shares were issued with service-based vesting conditions which vest subject to the employee's continued employment with the Company or the director’s continued directorship with the Company through the applicable vesting date. The Company records stock-based compensation expense for these awards on a straight-line basis over the requisite service period. The Company reverses stock-based compensation expense previously recorded upon forfeiture of unvested awards except for performance restricted shares with a market condition issued to the Chief Executive Officer (“CEO”) and performance stock units (“PSUs”) with a market condition issued to the Chief Financial Officer (“CFO”) as described in the following paragraphs. Stock-based compensation expense previously recorded for these awards will not be reversed if the awards are forfeited. In June 2023, the Board of Directors amended and restated the 2015 Director Plan and the 2022 Employee Plan (collectively, the "Plans") to include the ability to grant restricted stock units ("RSUs") and performance stock units ("PSUs") under the Plans. The amendments and restatement of the Plans did not increase the maximum number of shares of common stock that may be awarded under the Plans. At December 31, 2023 , the Company had 55,380 RSUs and 12,000 PSUs granted under the 2022 Employee Plan and 30,000 RSUs granted under the 2015 Director Plan. In August 2021, the Company issued 90,000 restricted shares and 510,000 restricted shares with a market condition to the Company’s CEO, in accordance with the CEO’s employment agreement, under the 2016 Employee Plan. The restricted shares with a market condition vest based on achieving absolute stock hurdles within the three-year period from the grant date. If the shares meet the absolute stock price hurdle, they will only vest on the third anniversary of the date of grant subject to the CEO’s continued employment with the Company through such date. As of December 31, 2023, none of the performance stock hurdles were met. In June 2023, the Company granted the Company's CFO 11,750 RSUs under the 2022 Employee Plan, of which 3,750 RSUs were awarded in recognition of the CFO’s contributions during fiscal year 2023 and the remaining 8,000 awarded as a part of the equity award cycle for fiscal year 2024. One-third of the RSUs will vest on each of the first three Also in June 2023, the CFO was awarded 8,000 PSUs with a market condition. The CFO will earn shares of our common stock pursuant to the PSUs based on the Company’s total shareholder return (“TSR”) relative to the S&P 600 Specialty Retail Index (“Index”) over an overall three-year performance period consisting of the 2024 through 2026 fiscal years, as follows: • 100% of the target number of shares, which is 8,000 shares, will be earned if the Company’s TSR is equal to or greater than the 75th percentile of the Index (the “maximum target payout”); • 50% of the target number of shares, which is 4,000 shares, will be earned if the Company’s TSR is equal to at least the 50th percentile of the Index; • 25% of the target number of shares, which is 2,000 shares, will be earned if the Company’s TSR is equal to at least the 25th percentile of the Index (the “minimum threshold”); • No shares will be earned if the TSR is less than the 25th percentile of the Index, and the payout is capped at 2,000 shares if absolute TSR is negative, regardless of relative position to the Index; and • Linear scaling will be used to determine the number of shares earned for performance between the maximum target payout level and the minimum threshold payout level. The Company issued 14,000 shares of restricted stock to employees under the 2022 Employee Plan during the three months ended December 31, 2023. The Company issued zero shares of restricted stock and zero RSUs to board members under the 2015 Director Plan during the quarter ended December 31, 2023. For the quarters ended December 31, 2023 and 2022, the Company recognized $1.7 million and $1.8 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. For the nine months ended December 31, 2023 and 2022, the Company recognized $5.2 million and $5.0 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. At December 31, 2023 and 2022 there was $6.1 million and $10.6 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next one Restricted Stock Awards The fair value assigned to restricted stock awards is the market price of the Company’s stock at the grant date. The vesting period range from one 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2023 68,629 684,200 – 752,829 $ 27.73 Granted and issued 1,623 12,400 89,742 103,765 $ 14.75 Vested (28,585) (72,235) – (100,820) $ 26.57 Forfeited (17,127) (10,201) – (27,328) $ 24.67 Balance at December 31, 2023 24,540 614,164 89,742 728,446 $ 26.16 Restricted Stock Units The fair value assigned to RSUs is the market price of the Company’s stock on the grant date. The vesting period for employees and members of the Board of Directors ranges from one RSU activity under the Plans was as follows: RSUs Weighted-Average Balance at March 31, 2023 – $ – Granted 85,380 $ 12.58 Vested and issued – $ – Forfeited (300) $ – Balance at December 31, 2023 85,080 $ 12.57 The total grant-date fair value of RSUs granted during the three months ended December 31, 2023 and 2022 was zero for both periods. The total grant-date fair value of RSUs granted during the nine months ended December 31, 2023 and 2022 was $1.1 million and zero, respectively. For the three months ended December 31, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.1 million and zero, respectively. For the nine months ended December 31, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.2 million and zero, respectively. Performance Stock Units The fair value assigned to PSUs is determined using the market price of the Company’s stock on the grant date for awards with a performance condition, and by using a Monte Carlo simulation for awards with a market condition. PSUs with a performance condition vest over one year. PSUs with a market condition vest over three years. Stock-based compensation costs associated with PSUs with a performance condition are re-assessed each reporting period based upon the estimated performance attainment on the reporting date until the performance conditions are met. The ultimate number of shares of common stock that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance targets and generally ranges from 0% to 200% of the initial PSU grant. PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2023 – $ – Granted 12,000 $ 11.35 Vested and issued – $ – Forfeited – $ – Performance adjustment – $ – Balance at December 31, 2023 12,000 $ 11.35 The total grant-date fair value of PSUs granted during the three months ended December 31, 2023 and 2022 was zero for both periods. The total grant-date fair value of PSUs granted during the nine months ended December 31, 2023 and 2022 was $0.1 million and zero, respectively.

Fair Value

Fair Value	9 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company carries cash and cash equivalents at fair value in the unaudited Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 (“ Fair Value Measurement ”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At December 31, 2023 and March 31, 2023, the Company had invested the majority of its

Intangible and Other Assets, Ne

Intangible and Other Assets, Net	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible and Other Assets, Net	Intangible and Other Assets, Net Intangible assets and other assets, net consisted of the following (in thousands): Useful Life Gross Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life (Years) December 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 – 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (718) 5,982 6.25 Developed Technology - PetCareRx 3 years 3,000 (750) 2,250 2.25 $ 13,160 $ (1,468) $ 11,692 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance December 31, 2023 $ 18,460 $ (1,468) $ 16,992 March 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite $ 860 $ – $ 860 Other Assets Initial minority interest investment in Vetster N/A 5,000 – 5,000 N/A Balance March 31, 2023 $ 5,860 $ – $ 5,860 Amortization expense for intangible assets was $0.5 million and zero for the three months ended December 31, 2023 and 2022, respectively. Amortization expense for intangible assets was $1.5 million and zero for the nine months ended December 31, 2023 and 2022, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets ”). On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company became the exclusive e-commerce provider for Vetster, and Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increases the minority interest investment disclosed in Note 7 to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares.

Leases

Leases	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company’s leasing activities primarily consist of real estate leases acquired during the acquisition of PetCareRx for use in the business operations. The leases had initial terms ranging from 5 years to 10 years. Some of the initial lease terms have already matured and the remaining leases have maturity dates ranging from fiscal year 2024 to 2028. The Company assesses whether each lease is an operating lease or a finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Variable Lease Costs Certain of the Company’s leases require payments for taxes, insurance, and other costs applicable to the property, in addition to the minimum lease payment. These costs are considered variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the calculation of the right-of-use assets and lease liabilities. The Company has lease agreements which provide for fixed and scheduled escalations, which are included in the calculation of the right-of-use assets and lease liabilities. Options to Extend or Terminate Leases The Company’s leases may contain an option to extend the lease term for periods from one Other Lease items The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited Condensed Consolidated Balance Sheets. Discount Rate and Lease Term As of December 31, 2023, the weighted average remaining lease term and discount rate for the Company’s operating leases were 3.1 years and 3.8%, respectively. As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the Company uses its estimated incremental borrowing rate based on the information available at the date of acquisition, April 3, 2023, in determining the present value of future payments. Lease Costs and Activity The Company’s lease costs as recorded in the general and administrative costs and activity for the three and nine months ended are as follows (in thousands): Lease cost Three months ended December 31, 2023 Nine Months Ended December 31, 2023 Operating lease cost - fixed $ 215 $ 646 Operating lease costs - variable 15 43 Total lease cost $ 230 $ 689 Supplemental cash flow information for the three and nine months ended are as follows (in thousands): Three months ended December 31, 2023 Nine Months Ended December 31, 2023 Cash paid for the amounts included in the measurement of operating lease liabilities $ 211 $ 630 Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition $ 2,220 $ 2,220 Maturity of Lease Liabilities The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s unaudited Condensed Consolidated Balance Sheet as of December 31, 2023 were as follows (in thousands): December 31, 2023 Three months ending March 31, 2024 $ 202 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,735 Less: Imputed Interest (92) Present value of lease liabilities $ 1,643

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters and Routine Proceedings The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 (" Loss Contingencies "), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred.

Changes in Shareholders' Equity

Changes in Shareholders' Equity (As Restated)	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Changes in Shareholders' Equity (As Restated)	Changes in Shareholders ’ Equity (As Restated): Changes in Shareholders’ Equity for the nine months ended December 31, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023 (as restated): $ 21 $ 18,277 $ 91,659 Share based compensation — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023 (as restated): $ 21 $ 20,037 $ 84,177 Share based compensation — 1,728 — Dividends declared — — (6,308) Net loss — — 715 Ending balance at September 30, 2023 (as restated): $ 21 $ 21,765 $ 78,584 Share based compensation — 1,708 — Net loss — — (2,027) Ending balance at December 31, 2023: $ 21 $ 23,473 $ 76,557 Changes in Shareholders’ Equity for the nine months ended December 31, 2022 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2022 (as restated): $ 21 $ 11,660 $ 111,760 Share based compensation — 1,536 — Dividends declared — — (6,297) Net income — — 2,687 Ending balance at June 30, 2022 (as restated): $ 21 $ 13,196 $ 108,150 Share based compensation — 1,681 — Dividends declared — — (6,307) Net income — — 2,881 Ending balance at September 30, 2022 (as restated): $ 21 $ 14,877 $ 104,724 Share based compensation — 1,770 — Dividends declared — — (6,319) Net loss — — (212) Ending balance at December 31, 2022 (as restated): $ 21 $ 16,647 $ 98,193 There were no shares of common stock that were purchased or retired in the nine months ended December 31, 2023 or 2022. At December 31, 2023, the Company had approximately $28.7 million remaining under the Company’s share repurchase plan.

Income Taxes (As Restated)

Income Taxes (As Restated)	9 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes (As Restated)	Income Taxes (As Restated) For the three months ended December 31, 2023 and 2022, the Company recorded an income tax benefit of approximately $0.6 million and an income tax provision of approximately $1.0 thousand, respectively, and for the nine months ended December 31, 2023 and 2022 the Company recorded an income tax benefit of approximately $0.3 million and an income tax provision of approximately $1.6 million, respectively. The decrease in the income tax provision for the three and nine months ended December 31, 2023 is related to the gain on settlement of sales tax liability cases. The effective tax rate for the three months ended December 31, 2023 was approximately 23.4%, compared to approximately (0.5)% for the three months ended December 31, 2022, and the effective tax rate for the nine months ended December 31, 2023 was approximately 12.4% compared to approximately 23.4% for the nine months ended December 31, 2022. The decrease in the effective tax rate for the three and nine months ended December 31,2023 is related to the deduction of permanent differences from the gain on settlement of sales tax liability cases. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change”, the corporation’s ability to use its pre-change net operating loss and tax credit carryforwards to offset its post-change income and tax liabilities may be limited. Generally, an ownership change occurs when the equity ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). On April 3, 2023, 100% of the issued and outstanding stock of PetCareRx was acquired by the Company. The merger triggered an ownership change of PetCareRx within the meaning of Section 382. As a result of the acquisition, the Company performed a Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Any limitation may result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce the Company's gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the preliminary Section 382 analysis determined the net operating losses and disallowed interest expense in total, would be limited and reduced to approximately $14.5 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (2,027)	$ (212)	$ (2,448)	$ 5,356

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation
Business Combinations	Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ( "Business Combinations" ). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred.
Use of Estimates	Use of Estimates
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Deferred Revenue	Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of December 31, 2023 for these memberships was
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit.
Intangible Assets	Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“ Goodwill and Other Intangible Assets three
Leases	Leases The Company accounts for leases in accordance with ASC Topic 842 ( "Leases") . The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees.
Recent Accounting Pronouncements	Recent Accounting Pronouncements

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	9 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	A summary of the impact of the adjustments described above relating to the Misstatements in each of the Affected Periods, is as follows: December 31, 2022 Three Months Ended Nine Months Ended (in thousands) As previously reported As restated As previously reported As restated Sales $ 58,870 $ 58,870 $ 194,451 $ 194,172 Gross profit $ 15,238 $ 15,238 $ 53,632 $ 53,353 (Loss) income from operations $ (769) $ (769) $ 5,682 $ 6,263 Net (loss) income $ (19) $ (212) $ 5,335 $ 5,356 December 31, 2022 Three Months Ended Nine Months Ended As previously reported As restated As previously reported As restated Net (loss) income (numerator): Net (loss) income $ (19) $ (212) $ 5,335 $ 5,356 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,301,384 20,301,384 20,257,145 20,257,145 Common shares issuable upon vesting of restricted stock — — 71,794 71,794 Common shares issuable upon conversion of preferred shares — — 10,125 10,125 Shares used in diluted computation 20,301,384 20,301,384 20,339,064 20,339,064 Net (loss) income per common share: Basic $ — $ (0.01) $ 0.26 $ 0.26 Diluted $ — $ (0.01) $ 0.26 $ 0.26 Summary of Restatement - Consolidated Balance Sheets December 31, 2022 As Previously Reported Restatement Adjustments Reference As Restated ASSETS Current assets: Cash and cash equivalents $ 102,428 $ — $ 102,428 Accounts receivable, less allowance for doubtful accounts of $40 1,944 — 1,944 Inventories - finished goods 22,402 — 22,402 Prepaid expenses and other current assets 5,637 — 5,637 Prepaid income taxes 1,608 — 1,608 Total current assets 134,019 — 134,019 Noncurrent assets: Property and equipment, net 25,242 — 25,242 Intangible and other assets 5,860 — 5,860 Deferred tax assets — 4,493 b, c 4,493 Total noncurrent assets 31,102 4,493 35,595 Total assets $ 165,121 $ 4,493 $ 169,614 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 24,317 $ — $ 24,317 Sales tax payable — 26,448 a 26,448 Accrued expenses and other current liabilities 6,754 (2,775) a 3,979 Total current liabilities 31,071 23,673 54,744 Deferred tax liabilities 465 (465) c — Total liabilities 31,536 23,208 54,744 Commitments and contingencies — — — Shareholders' equity: Preferred stock, $0.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share 9 — 9 Common stock, $0.001 par value, 40,000,000 shares authorized; 21,077,077 shares issued and outstanding 21 — 21 Additional paid-in capital 16,647 — 16,647 Retained earnings 116,908 (18,715) a, b, c 98,193 Total shareholders' equity 133,585 (18,715) 114,870 Total liabilities and shareholders' equity $ 165,121 $ 4,493 $ 169,614 Summary of Restatement - Consolidated Statements of Operations Three Months Ended December 31, 2022 Nine Months Ended December 31, 2022 As Previously Reported Restatement Adjustments Refer-ence As Restated As Previously Reported Restatement Adjustments Refer-ence As Restated Sales $ 58,870 $ — $ 58,870 $ 194,451 $ (279) a $ 194,172 Cost of sales 43,632 — 43,632 140,819 — 140,819 Gross profit 15,238 — 15,238 53,632 (279) 53,353 Operating expenses: General and administrative 10,425 — 10,425 30,529 (860) a 29,669 Advertising 4,641 — 4,641 14,869 — 14,869 Depreciation 941 — 941 2,552 — 2,552 Total operating expenses 16,007 — 16,007 47,950 (860) 47,090 (Loss) income from operations (769) — (769) 5,682 581 6,263 Other income: Interest income, net 708 (409) a 299 1,213 (1,202) a 11 Other, net 259 — 259 718 — 718 Total other income 967 (409) 558 1,931 (1,202) 729 Income (loss) before provision for income taxes 198 (409) (211) 7,613 (621) 6,992 Provision for income taxes 217 (216) b 1 2,278 (642) b 1,636 Net (loss) income $ (19) $ (193) $ (212) $ 5,335 $ 21 $ 5,356 Net (loss) income per common share: Basic $ — $ (0.01) $ (0.01) $ 0.26 $ — $ 0.26 Diluted $ — $ (0.01) $ (0.01) $ 0.26 $ — $ 0.26 Weighted average number of common shares outstanding: Basic 20,301,384 — 20,301,384 20,257,145 — 20,257,145 Diluted 20,301,384 — 20,301,384 20,339,064 — 20,339,064 Cash dividends declared per common share $ 0.30 $ — $ 0.30 $ 0.90 $ — $ 0.90 Summary of Restatement - Consolidated Cash Flow Statement Nine Months Ended December 31, 2022 As Previously Reported Restatement Adjustments Reference As Restated Cash flows from operating activities: Net income $ 5,335 $ 21 a $ 5,356 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 2,552 — 2,552 Share based compensation 4,987 — 4,987 Deferred income taxes (471) (643) b (1,114) Bad debt expense 292 — 292 (Increase) decrease in operating assets and increase (decrease) in liabilities: Accounts receivable (324) — (324) Inventories - finished goods 10,053 — 10,053 Prepaid income taxes (927) — (927) Prepaid expenses and other current assets (771) — (771) Accounts payable (3,183) — (3,183) Sales tax payable — 2,291 a 2,291 Accrued expenses and other current liabilities 536 (1,669) a (1,133) Net cash provided by operating activities 18,079 — 18,079 Cash flows from investing activities: Purchase of minority interest investment in Vetster (5,000) — (5,000) Purchases of property and equipment (3,329) — (3,329) Net cash used in investing activities (8,329) — (8,329) Cash flows from financing activities: Dividends paid (18,402) — (18,402) Net cash used in financing activities (18,402) — (18,402) Net (decrease) increase in cash and cash equivalents (8,652) — (8,652) Cash and cash equivalents, at beginning of year 111,080 — 111,080 Cash and cash equivalents, at end of year $ 102,428 $ — $ 102,428 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 3,870 $ — $ 3,870 Dividends payable in accrued expenses $ 1,079 $ — $ 1,079

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue Rollforward	As shown in the following table, under the PetPlus program, the Company recognized $1.8 million and $5.3 million of previously deferred annual membership fees in the three and nine months ended December 31, 2023, respectively, and had $3.1 million of deferred revenue as of the quarter ended December 31, 2023 (amounts in millions). 2023 Deferred revenue, March 31, $ – Deferred revenue acquired with PetCareRx 3.0 Deferred memberships fees received 2.0 Deferred membership fee revenue recognized (1.8) Deferred revenue, June 30, 3.2 Deferred memberships fees received 2.1 Deferred membership fee revenue recognized (1.7) Deferred revenue, September 30, 3.6 Deferred memberships fees received 1.3 Deferred membership fee revenue recognized (1.8) Deferred revenue, December 31, $ 3.1
Summary of Disaggregation of Revenue	The following table illustrates sales in those categories: Three Months Ended December 31, Increase (Decrease) Revenue (in thousands) 2023 % 2022 % $ % Reorder sales $ 57,682 88.3 % $ 53,316 90.6 % $ 4,366 8.2 % New order sales 5,189 7.9 % 5,554 9.4 % (365) -6.6 % Membership fees 2,446 3.7 % – – % 2,446 – % Total net sales $ 65,317 100.0 % $ 58,870 100.0 % $ 6,447 11.0 % Nine Months Ended December 31, Increase (Decrease) Revenue (in thousands) 2023 % 2022 % $ % (as restated) Reorder sales $ 188,123 87.7 % $ 176,131 90.7 % $ 11,992 6.8 % New order sales 19,181 8.9 % 18,041 9.3 % 1,140 6.3 % Membership fees 7,256 3.4 % – – % 7,256 – % Total net sales $ 214,560 100.0 % $ 194,172 100.0 % $ 20,388 10.5 %

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquired Identifiable Assets, Liabilities Assumed and Goodwill	The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): Cash and cash equivalents $ 220 Accounts receivable, net 125 Other receivables 506 Inventory 3,116 Other current assets 835 Property and equipment 1,065 Deferred tax assets, net 270 Goodwill 26,657 Intangible assets, net 12,300 Right of use assets 2,220 Other assets 80 Total assets 47,394 Accounts payable 5,713 Accrued liabilities 131 Deferred revenue 2,993 Other current liabilities 258 Lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079
Pro-Forma Information	The supplemental pro forma financial information for the prior period nine months ended December 31, 2022 is as follows (in thousands): Nine Months Ended December 31, 2022 (unaudited) Revenue $ 226,713 Net income 407

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following is a reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended December 31, Nine Months Ended 2023 2022 2023 2022 (as restated) (as restated) Net (loss) income (numerator): Net (loss) income $ (2,027) $ (212) $ (2,448) $ 5,356 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,425,282 20,301,384 20,380,262 20,257,145 Common shares issuable upon vesting of restricted stock — — — 71,794 Common shares issuable upon conversion of preferred shares — — — 10,125 Shares used in diluted computation 20,425,282 20,301,384 20,380,262 20,339,064 Net (loss) income per common share: Basic $ (0.10) $ (0.01) $ (0.12) $ 0.26 Diluted $ (0.10) $ (0.01) $ (0.12) $ 0.26

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows: 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2023 68,629 684,200 – 752,829 $ 27.73 Granted and issued 1,623 12,400 89,742 103,765 $ 14.75 Vested (28,585) (72,235) – (100,820) $ 26.57 Forfeited (17,127) (10,201) – (27,328) $ 24.67 Balance at December 31, 2023 24,540 614,164 89,742 728,446 $ 26.16
Schedule of RSU Activity	RSU activity under the Plans was as follows: RSUs Weighted-Average Balance at March 31, 2023 – $ – Granted 85,380 $ 12.58 Vested and issued – $ – Forfeited (300) $ – Balance at December 31, 2023 85,080 $ 12.57
Schedule of PSU Activity	PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2023 – $ – Granted 12,000 $ 11.35 Vested and issued – $ – Forfeited – $ – Performance adjustment – $ – Balance at December 31, 2023 12,000 $ 11.35

Intangible and Other Assets, _2

Intangible and Other Assets, Net (Tables)	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Other Assets	Intangible assets and other assets, net consisted of the following (in thousands): Useful Life Gross Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life (Years) December 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite Trade Names - PetCareRx Indefinite 2,600 – 2,600 Indefinite Customer Relationships -PetCareRx 7 years 6,700 (718) 5,982 6.25 Developed Technology - PetCareRx 3 years 3,000 (750) 2,250 2.25 $ 13,160 $ (1,468) $ 11,692 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance December 31, 2023 $ 18,460 $ (1,468) $ 16,992 March 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ – $ 375 Indefinite Internet domain names Indefinite 485 – 485 Indefinite $ 860 $ – $ 860 Other Assets Initial minority interest investment in Vetster N/A 5,000 – 5,000 N/A Balance March 31, 2023 $ 5,860 $ – $ 5,860

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Costs and Activity	The Company’s lease costs as recorded in the general and administrative costs and activity for the three and nine months ended are as follows (in thousands): Lease cost Three months ended December 31, 2023 Nine Months Ended December 31, 2023 Operating lease cost - fixed $ 215 $ 646 Operating lease costs - variable 15 43 Total lease cost $ 230 $ 689 Supplemental cash flow information for the three and nine months ended are as follows (in thousands): Three months ended December 31, 2023 Nine Months Ended December 31, 2023 Cash paid for the amounts included in the measurement of operating lease liabilities $ 211 $ 630 Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition $ 2,220 $ 2,220
Maturity of Lease Liabilities	The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s unaudited Condensed Consolidated Balance Sheet as of December 31, 2023 were as follows (in thousands): December 31, 2023 Three months ending March 31, 2024 $ 202 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,735 Less: Imputed Interest (92) Present value of lease liabilities $ 1,643

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (As Restated) (Tables)	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Changes in Shareholders' Equity	Changes in Shareholders’ Equity for the nine months ended December 31, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023 (as restated): $ 21 $ 18,277 $ 91,659 Share based compensation — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023 (as restated): $ 21 $ 20,037 $ 84,177 Share based compensation — 1,728 — Dividends declared — — (6,308) Net loss — — 715 Ending balance at September 30, 2023 (as restated): $ 21 $ 21,765 $ 78,584 Share based compensation — 1,708 — Net loss — — (2,027) Ending balance at December 31, 2023: $ 21 $ 23,473 $ 76,557 Changes in Shareholders’ Equity for the nine months ended December 31, 2022 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2022 (as restated): $ 21 $ 11,660 $ 111,760 Share based compensation — 1,536 — Dividends declared — — (6,297) Net income — — 2,687 Ending balance at June 30, 2022 (as restated): $ 21 $ 13,196 $ 108,150 Share based compensation — 1,681 — Dividends declared — — (6,307) Net income — — 2,881 Ending balance at September 30, 2022 (as restated): $ 21 $ 14,877 $ 104,724 Share based compensation — 1,770 — Dividends declared — — (6,319) Net loss — — (212) Ending balance at December 31, 2022 (as restated): $ 21 $ 16,647 $ 98,193

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements - Consolidated Statements of (Loss) Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales	$ 65,317	$ 58,870	$ 214,560	$ 194,172
Cost of sales	47,434	43,632	154,089	140,819
Gross profit	17,883	15,238	60,471	53,353
Operating expenses:
General and administrative	13,425	10,425	41,098	29,669
Advertising	5,762	4,641	18,539	14,869
Depreciation and amortization	1,770	941	5,161	2,552
Total operating expenses	20,957	16,007	64,798	47,090
(Loss) income from operations	(3,074)	(769)	(4,327)	6,263
Other income:
Interest income, net	136	299	481	11
Other, net	293	259	1,053	718
Total other income	429	558	1,534	729
(Loss) income before provision for income taxes	(2,645)	(211)	(2,793)	6,992
(Benefit) provision for income taxes	(618)	1	(345)	1,636
Net (loss) income	$ (2,027)	$ (212)	$ (2,448)	$ 5,356
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Diluted (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Weighted average number of common shares outstanding:
Basic (in shares)	20,425,282	20,301,384	20,380,262	20,257,145
Diluted (in shares)	20,425,282	20,301,384	20,380,262	20,339,064
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.30	$ 0.60	$ 0.90
Common shares issuable upon vesting of restricted stock (in shares)	0	0	0	71,794
Common shares issuable upon conversion of preferred shares (in shares)	0	0	0	10,125
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales		$ 58,870		$ 194,451
Cost of sales		43,632		140,819
Gross profit		15,238		53,632
Operating expenses:
General and administrative		10,425		30,529
Advertising		4,641		14,869
Depreciation and amortization		941		2,552
Total operating expenses		16,007		47,950
(Loss) income from operations		(769)		5,682
Other income:
Interest income, net		708		1,213
Other, net		259		718
Total other income		967		1,931
(Loss) income before provision for income taxes		198		7,613
(Benefit) provision for income taxes		217		2,278
Net (loss) income		$ (19)		$ 5,335
Net (loss) income per common share:
Basic (in dollars per share)		$ 0		$ 0.26
Diluted (in dollars per share)		$ 0		$ 0.26
Weighted average number of common shares outstanding:
Basic (in shares)		20,301,384		20,257,145
Diluted (in shares)		20,301,384		20,339,064
Cash dividends declared per common share (in dollars per share)		$ 0.30		$ 0.90
Common shares issuable upon vesting of restricted stock (in shares)		0		71,794
Common shares issuable upon conversion of preferred shares (in shares)		0		10,125
Restatement Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales		$ 0		$ (279)
Cost of sales		0		0
Gross profit		0		(279)
Operating expenses:
General and administrative		0		(860)
Advertising		0		0
Depreciation and amortization		0		0
Total operating expenses		0		(860)
(Loss) income from operations		0		581
Other income:
Interest income, net		(409)		(1,202)
Other, net		0		0
Total other income		(409)		(1,202)
(Loss) income before provision for income taxes		(409)		(621)
(Benefit) provision for income taxes		(216)		(642)
Net (loss) income		$ (193)		$ 21
Net (loss) income per common share:
Basic (in dollars per share)		$ (0.01)		$ 0
Diluted (in dollars per share)		$ (0.01)		$ 0
Weighted average number of common shares outstanding:
Basic (in shares)		0		0
Diluted (in shares)		0		0
Cash dividends declared per common share (in dollars per share)		$ 0		$ 0

Restatement of Previously Iss_4

Restatement of Previously Issued Financial Statements - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net (loss) income (numerator):
Net (loss) income	$ (2,027)	$ (212)	$ (2,448)	$ 5,356
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,425,282	20,301,384	20,380,262	20,257,145
Common shares issuable upon vesting of restricted stock (in shares)	0	0	0	71,794
Common shares issuable upon conversion of preferred shares (in shares)	0	0	0	10,125
Shares used in diluted computation (in shares)	20,425,282	20,301,384	20,380,262	20,339,064
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Diluted (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
As Previously Reported
Net (loss) income (numerator):
Net (loss) income		$ (19)		$ 5,335
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)		20,301,384		20,257,145
Common shares issuable upon vesting of restricted stock (in shares)		0		71,794
Common shares issuable upon conversion of preferred shares (in shares)		0		10,125
Shares used in diluted computation (in shares)		20,301,384		20,339,064
Net (loss) income per common share:
Basic (in dollars per share)		$ 0		$ 0.26
Diluted (in dollars per share)		$ 0		$ 0.26

Restatement of Previously Iss_5

Restatement of Previously Issued Financial Statements - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 49,440	$ 104,086	$ 102,428
Accounts Receivable, after Allowance for Credit Loss, Current	1,930	1,740	1,944
Inventories - finished goods, net	34,577	19,023	22,402
Prepaid expenses and other current assets	8,804	4,719	5,637
Prepaid income taxes	798	863	1,608
Total current assets	95,549	130,431	134,019
Noncurrent assets:
Property and equipment, net	26,811	26,178	25,242
Intangible and other assets, net	16,992	5,860	5,860
Deferred tax assets, net	5,715	5,009	4,493
Total noncurrent assets	77,801	37,047	35,595
Total assets	173,350	167,478	169,614
Current liabilities:
Accounts payable	38,851	25,208	24,317
Sales tax payable	24,172	26,113	26,448
Accrued expenses and other current liabilities	5,557	6,191	3,979
Total current liabilities	72,400	57,512	54,744
Deferred tax liabilities			0
Total liabilities	73,290	57,512	54,744
Commitments and contingencies			0
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9	9
Common stock, $.001 par value, 40,000,000 shares authorized; 21,160,739 and 21,084,302 shares issued and outstanding, respectively	21	21	21
Additional paid-in capital	23,473	18,277	16,647
Retained earnings	76,557	91,659	98,193
Total shareholders' equity	100,060	109,966	114,870
Total liabilities and shareholders' equity	$ 173,350	$ 167,478	169,614
As Previously Reported
Current assets:
Cash and cash equivalents			102,428
Accounts Receivable, after Allowance for Credit Loss, Current			1,944
Inventories - finished goods, net			22,402
Prepaid expenses and other current assets			5,637
Prepaid income taxes			1,608
Total current assets			134,019
Noncurrent assets:
Property and equipment, net			25,242
Intangible and other assets, net			5,860
Deferred tax assets, net			0
Total noncurrent assets			31,102
Total assets			165,121
Current liabilities:
Accounts payable			24,317
Sales tax payable			0
Accrued expenses and other current liabilities			6,754
Total current liabilities			31,071
Deferred tax liabilities			465
Total liabilities			31,536
Commitments and contingencies			0
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share			9
Common stock, $.001 par value, 40,000,000 shares authorized; 21,160,739 and 21,084,302 shares issued and outstanding, respectively			21
Additional paid-in capital			16,647
Retained earnings			116,908
Total shareholders' equity			133,585
Total liabilities and shareholders' equity			165,121
Restatement Adjustments
Current assets:
Cash and cash equivalents			0
Accounts Receivable, after Allowance for Credit Loss, Current			0
Inventories - finished goods, net			0
Prepaid expenses and other current assets			0
Prepaid income taxes			0
Total current assets			0
Noncurrent assets:
Property and equipment, net			0
Intangible and other assets, net			0
Deferred tax assets, net			4,493
Total noncurrent assets			4,493
Total assets			4,493
Current liabilities:
Accounts payable			0
Sales tax payable			26,448
Accrued expenses and other current liabilities			(2,775)
Total current liabilities			23,673
Deferred tax liabilities			(465)
Total liabilities			23,208
Commitments and contingencies			0
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share			0
Common stock, $.001 par value, 40,000,000 shares authorized; 21,160,739 and 21,084,302 shares issued and outstanding, respectively			0
Additional paid-in capital			0
Retained earnings			(18,715)
Total shareholders' equity			(18,715)
Total liabilities and shareholders' equity			$ 4,493

Restatement of Previously Iss_6

Restatement of Previously Issued Financial Statements - Consolidated Balance Sheets Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 39	$ 35	$ 40
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	2,500	2,500	2,500
Preferred stock, shares outstanding (in shares)	2,500	2,500	2,500
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,160,739	21,084,302	21,077,077
Common stock, shares outstanding (in shares)	21,160,739	21,084,302	21,077,077

Restatement of Previously Iss_7

Restatement of Previously Issued Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,027)	$ (212)	$ (2,448)	$ 5,356
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization			5,161	2,552
Share based compensation			5,196	4,987
Deferred income taxes			(436)	(1,114)
Bad debt expense			53	292
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable			(119)	(324)
Inventories - finished goods			(12,438)	10,053
Prepaid income taxes			65	(927)
Prepaid expenses and other current assets			(2,664)	(771)
Accounts payable			7,929	(3,183)
Sales tax payable			(1,942)	2,291
Accrued expenses and other current liabilities			(1,258)	(1,133)
Net cash (used in) provided by operating activities			(2,808)	18,079
Cash flows from investing activities:
Purchase of minority interest investment in Vetster			(300)	(5,000)
Purchases of property and equipment			(3,260)	(3,329)
Net cash used in investing activities			(39,419)	(8,329)
Cash flows from financing activities:
Dividends paid			(12,419)	(18,402)
Net cash used in financing activities			(12,419)	(18,402)
Net decrease in cash and cash equivalents			(54,646)	(8,652)
Cash and cash equivalents, at beginning of period			104,086	111,080
Cash and cash equivalents, at end of period	$ 49,440	102,428	49,440	102,428
Supplemental disclosure of cash flow information:
Cash paid for income taxes			43	3,870
Dividends payable in accrued expenses and other current liabilities			$ 1,498	1,079
As Previously Reported
Cash flows from operating activities:
Net loss		(19)		5,335
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization				2,552
Share based compensation				4,987
Deferred income taxes				(471)
Bad debt expense				292
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable				(324)
Inventories - finished goods				10,053
Prepaid income taxes				(927)
Prepaid expenses and other current assets				(771)
Accounts payable				(3,183)
Sales tax payable				0
Accrued expenses and other current liabilities				536
Net cash (used in) provided by operating activities				18,079
Cash flows from investing activities:
Purchase of minority interest investment in Vetster				(5,000)
Purchases of property and equipment				(3,329)
Net cash used in investing activities				(8,329)
Cash flows from financing activities:
Dividends paid				(18,402)
Net cash used in financing activities				(18,402)
Net decrease in cash and cash equivalents				(8,652)
Cash and cash equivalents, at beginning of period				111,080
Cash and cash equivalents, at end of period		102,428		102,428
Supplemental disclosure of cash flow information:
Cash paid for income taxes				3,870
Dividends payable in accrued expenses and other current liabilities				1,079
Restatement Adjustments
Cash flows from operating activities:
Net loss		(193)		21
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization				0
Share based compensation				0
Deferred income taxes				(643)
Bad debt expense				0
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable				0
Inventories - finished goods				0
Prepaid income taxes				0
Prepaid expenses and other current assets				0
Accounts payable				0
Sales tax payable				2,291
Accrued expenses and other current liabilities				(1,669)
Net cash (used in) provided by operating activities				0
Cash flows from investing activities:
Purchase of minority interest investment in Vetster				0
Purchases of property and equipment				0
Net cash used in investing activities				0
Cash flows from financing activities:
Dividends paid				0
Net cash used in financing activities				0
Net decrease in cash and cash equivalents				0
Cash and cash equivalents, at beginning of period				0
Cash and cash equivalents, at end of period		$ 0		0
Supplemental disclosure of cash flow information:
Cash paid for income taxes				0
Dividends payable in accrued expenses and other current liabilities				$ 0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($) reporting_unit	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Deferred revenue | $	$ 3,068	$ 3,600	$ 3,200	$ 0
Number of reporting units | reporting_unit	1
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Dec. 31, 2023 USD ($) performanceObligation	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) performanceObligation	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of performance obligations | performanceObligation	1				1
Deferred revenue	$ 3,068	$ 3,600	$ 3,200		$ 3,068		$ 0
Membership fees earned	$ 65,317			$ 58,870	$ 214,560	$ 194,172
Membership fees
Disaggregation of Revenue [Line Items]
Annual membership fees renewal period	1 year				1 year
Revenue recognition period	1 year				1 year
Deferred membership fee revenue recognized	$ 1,800	$ 1,700	$ 1,800		$ 5,300
Membership fees earned	2,446			$ 0	7,256	$ 0
Membership fees | Partner Program
Disaggregation of Revenue [Line Items]
Membership fees earned	$ 700				$ 2,000

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning balance	$ 3,600	$ 3,200	$ 0	$ 0
Deferred memberships fees received				75	$ 0
Deferred revenue, ending balance	3,068	3,600	3,200	3,068
PetCareRx
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue acquired with PetCareRx			3,000
Membership fees
Contract With Customer, Liability, Current [Roll Forward]
Deferred memberships fees received	1,300	2,100	2,000
Deferred membership fee revenue recognized	$ (1,800)	$ (1,700)	$ (1,800)	$ (5,300)

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 65,317	$ 58,870	$ 214,560	$ 194,172
Sales, percentage	100%	100%	100%	100%
Sales, variance	$ 6,447		$ 20,388
Sales, variance, percentage	11%		10.50%
Reorder sales
Disaggregation of Revenue [Line Items]
Sales	$ 57,682	$ 53,316	$ 188,123	$ 176,131
Sales, percentage	88.30%	90.60%	87.70%	90.70%
Sales, variance	$ 4,366		$ 11,992
Sales, variance, percentage	8.20%		6.80%
New order sales
Disaggregation of Revenue [Line Items]
Sales	$ 5,189	$ 5,554	$ 19,181	$ 18,041
Sales, percentage	7.90%	9.40%	8.90%	9.30%
Sales, variance	$ (365)		$ 1,140
Sales, variance, percentage	(6.60%)		6.30%
Membership fees
Disaggregation of Revenue [Line Items]
Sales	$ 2,446	$ 0	$ 7,256	$ 0
Sales, percentage	3.70%	0%	3.40%	0%
Sales, variance	$ 2,446		$ 7,256
Sales, variance, percentage	0%		0%

Acquisition - Narrative (Detail

Acquisition - Narrative (Details)		9 Months Ended	12 Months Ended
	Apr. 03, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 26,657,000	$ 0
PetCareRx
Business Acquisition [Line Items]
Percentage of equity interests acquired	100%
Purchase price consideration	$ 36,100,000
Goodwill	26,657,000
Goodwill deductible for tax purposes	$ 0
Discount rate applied to intangible assets acquired	0.12
Acquisition related costs incurred	$ 1,800,000
Acquisition related costs		$ 1,300,000	$ 500,000

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired, Liabilities Assumed and Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 03, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 26,657		$ 0
PetCareRx
Business Acquisition [Line Items]
Cash and cash equivalents		$ 220
Accounts receivable, net		125
Other receivables		506
Inventory		3,116
Other current assets		835
Property and equipment		1,065
Deferred tax assets, net		270
Goodwill		26,657
Intangible assets, net		12,300
Right of use assets		2,220
Other assets		80
Total assets		47,394
Accounts payable		5,713
Accrued liabilities		131
Deferred revenue		2,993
Other current liabilities		258
Lease liabilities		2,220
Total liabilities		11,315
Total purchase consideration		$ 36,079

Acquisition - Pro-Forma Informa

Acquisition - Pro-Forma Information (Details) - PetCareRx $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Revenue	$ 226,713
Net income	$ 407

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net (loss) income (numerator):
Net (loss) income	$ (2,027)	$ (212)	$ (2,448)	$ 5,356
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,425,282	20,301,384	20,380,262	20,257,145
Common shares issuable upon vesting of restricted stock (in shares)	0	0	0	71,794
Common shares issuable upon conversion of preferred shares (in shares)	0	0	0	10,125
Shares used in diluted computation (in shares)	20,425,282	20,301,384	20,380,262	20,339,064
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26
Diluted (in dollars per share)	$ (0.10)	$ (0.01)	$ (0.12)	$ 0.26

Net (Loss) Income Per Share - N

Net (Loss) Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Shares Issuable Upon Vesting of Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	825,825	243,604	837,084	243,604
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,125	0	10,125	0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2023	Aug. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Initial grant percentage based on performance targets					0%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Initial grant percentage based on performance targets					200%
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested restricted shares issued and outstanding (in shares)			728,446		728,446		752,829
Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)					85,380
Compensation expense			$ 0.1	$ 0	$ 0.2	$ 0
Total grant-date fair value			0	0	$ 1.1	0
RSUs | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
RSUs | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)					12,000
Compensation expense			0	0	$ 0	0
Total grant-date fair value			$ 0	0	$ 0.1	0
PSUs | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
PSUs | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
2016 Employee Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common shares issued (in shares)					961,973
Non-vested restricted shares issued and outstanding (in shares)			614,164		614,164		684,200
2016 Employee Plan | Restricted Stock | Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)		90,000
2016 Employee Plan | Performance Restricted Stock | Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)		510,000
Hurdle period		3 years
2022 Employee Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common shares issued (in shares)					89,742
Restricted stock issued, net of forfeitures (in shares)			14,000
Non-vested restricted shares issued and outstanding (in shares)			89,742		89,742		0
2022 Employee Plan | RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)					55,380
2022 Employee Plan | RSUs | Chief Financial Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	11,750
Vesting period	3 years
Initial grant percentage based on performance targets	33.33333%
2022 Employee Plan | RSUs | Chief Financial Officer | Fiscal Year 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	3,750
2022 Employee Plan | RSUs | Chief Financial Officer | Fiscal Year 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	8,000
2022 Employee Plan | PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)					12,000
2022 Employee Plan | PSUs | Chief Financial Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	8,000
Vesting period	3 years
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	8,000
Initial grant percentage based on performance targets	100%
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	4,000
Initial grant percentage based on performance targets	50%
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	2,000
Initial grant percentage based on performance targets	25%
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)	2,000
Initial grant percentage based on performance targets	0%
2015 Director Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common shares issued (in shares)					225,251
Restricted stock issued, net of forfeitures (in shares)			0
Non-vested restricted shares issued and outstanding (in shares)			24,540		24,540		68,629
2015 Director Plan | RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issued shares (in shares)			0		30,000
2016 Employee Plan and 2015 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense			$ 1.7	1.8	$ 5.2	5
2016 Employee Plan and 2015 Director Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost			$ 6.1	$ 10.6	$ 6.1	$ 10.6
Non-vested restricted shares issued and outstanding (in shares)			728,446		728,446		752,829
2016 Employee Plan and 2015 Director Plan | Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognition period					1 year
2016 Employee Plan and 2015 Director Plan | Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognition period					3 years

Stock-Based Compensation - Roll

Stock-Based Compensation - Rollforward of Restricted Stock Awards (Details) - Restricted Stock	9 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	752,829
Granted and issued (in shares)	103,765
Vested (in shares)	(100,820)
Forfeited (in shares)	(27,328)
Non-vested ending balance (in shares)	728,446
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested beginning balance (in dollars per share) | $ / shares	$ 27.73
Granted and issued (in dollars per share) | $ / shares	14.75
Vested (in dollars per share) | $ / shares	26.57
Forfeited (in dollars per share) | $ / shares	24.67
Non-vested ending balance (in dollars per share) | $ / shares	$ 26.16
2015 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	68,629
Granted and issued (in shares)	1,623
Vested (in shares)	(28,585)
Forfeited (in shares)	(17,127)
Non-vested ending balance (in shares)	24,540
2016 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	684,200
Granted and issued (in shares)	12,400
Vested (in shares)	(72,235)
Forfeited (in shares)	(10,201)
Non-vested ending balance (in shares)	614,164
2022 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	0
Granted and issued (in shares)	89,742
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested ending balance (in shares)	89,742

Stock-Based Compensation - Ro_2

Stock-Based Compensation - Rollforward of RSU and PSU Activity (Details)	9 Months Ended
	Dec. 31, 2023 $ / shares shares	Mar. 31, 2023 shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	85,080	0
Granted (in shares) | shares	85,380
Vested and issued (in shares) | shares	0
Forfeited (in shares) | shares	(300)
Ending balance (in shares) | shares	85,080
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	12.58
Vested and issued (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Ending Balance (in dollars per share) | $ / shares	$ 12.57
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	12,000	0
Granted (in shares) | shares	12,000
Vested and issued (in shares) | shares	0
Forfeited (in shares) | shares	0
Performance adjustment (in shares) | shares	0
Ending balance (in shares) | shares	12,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	11.35
Vested and issued (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Performance adjustment (in dollars per share) | $ / shares	0
Ending Balance (in dollars per share) | $ / shares	$ 11.35

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 49,440	$ 104,086	$ 102,428

Intangible and Other Assets, _3

Intangible and Other Assets, Net (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Oct. 03, 2023	Apr. 19, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Gross Value
Intangibles			$ 13,160		$ 13,160		$ 860
Accumulated Amortization			(1,468)		(1,468)
Net Carrying Value
Intangibles			11,692		11,692		860
Intangibles and Other Assets
Intangible and other assets, Gross Value			18,460		18,460		5,860
Accumulated Amortization			(1,468)		(1,468)		0
Intangible and Other Assets, Net Carrying Value			16,992	$ 5,860	16,992	$ 5,860	5,860
Amortization expense			500	$ 0	1,500	$ 0
Partnership Agreement with Vetster
Other Assets
Initial minority interest investment in Vetster	$ 5,300	$ 5,000	$ 5,300		$ 5,300		5,000
Intangibles and Other Assets
Term of agreement		3 years
Minority interest purchased, percent	4.80%	5%
Payments for additional shares in Vetster	$ 300
Customer Relationships -PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life			7 years		7 years
Gross Value
Finite-lived intangibles			$ 6,700		$ 6,700
Accumulated Amortization			(718)		(718)
Net Carrying Value
Finite-lived intangibles			$ 5,982		$ 5,982
Weighted Average Remaining Useful Life (Years)			6 years 3 months		6 years 3 months
Developed Technology - PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life			3 years		3 years
Gross Value
Finite-lived intangibles			$ 3,000		$ 3,000
Accumulated Amortization			(750)		(750)
Net Carrying Value
Finite-lived intangibles			$ 2,250		$ 2,250
Weighted Average Remaining Useful Life (Years)			2 years 3 months		2 years 3 months
Toll-free telephone number
Gross Value
Indefinite-lived intangibles			$ 375		$ 375		375
Net Carrying Value
Indefinite-lived intangibles			375		375		375
Internet domain names
Gross Value
Indefinite-lived intangibles			485		485		485
Net Carrying Value
Indefinite-lived intangibles			485		485		$ 485
Trade Names - PetCareRx
Gross Value
Indefinite-lived intangibles			2,600		2,600
Net Carrying Value
Indefinite-lived intangibles			$ 2,600		$ 2,600

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years 1 month 6 days
Lease discount rate	3.80%
Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Lease option to extend period	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease option to extend period	5 years

Leases - Lease Costs and Activi

Leases - Lease Costs and Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Operating lease cost - fixed	$ 215	$ 646
Operating lease costs - variable	15	43
Total lease cost	230	689
Cash paid for the amounts included in the measurement of operating lease liabilities	211	630
Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition	$ 2,220	$ 2,220

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Three months ending March 31, 2024	$ 202
2025	501
2026	488
2027	502
2028	42
Total lease payments	1,735
Less: Imputed Interest	(92)
Present value of lease liabilities	$ 1,643

Changes in Shareholders' Equi_3

Changes in Shareholders' Equity (As Restated) - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 109,966				$ 109,966
Net loss	$ (2,027)			$ (212)			(2,448)	$ 5,356
Ending balance	100,060			114,870			100,060	114,870
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	21	$ 21	21	21	$ 21	$ 21	21	21
Ending balance	21	21	21	21	21	21	21	21
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	21,765	20,037	18,277	14,877	13,196	11,660	18,277	11,660
Share based compensation	1,708	1,728	1,760	1,770	1,681	1,536
Ending balance	23,473	21,765	20,037	16,647	14,877	13,196	23,473	16,647
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	78,584	84,177	91,659	104,724	108,150	111,760	91,659	111,760
Dividends declared		(6,308)	(6,346)	(6,319)	(6,307)	(6,297)
Net loss	(2,027)	715	(1,136)	(212)	2,881	2,687
Ending balance	$ 76,557	$ 78,584	$ 84,177	$ 98,193	$ 104,724	$ 108,150	$ 76,557	$ 98,193

Changes in Shareholders' Equi_4

Changes in Shareholders' Equity (As Restated) - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Shares repurchased and retired (in shares)	0	0
Remaining authorized repurchase amount	$ 28.7

Income Taxes (As Restated) (Det

Income Taxes (As Restated) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Apr. 03, 2023
Income Tax Contingency [Line Items]
(Benefit) provision for income taxes	$ (618)	$ 1	$ (345)	$ 1,636
Effective income tax rate, percent	23.40%	(0.50%)	12.40%	23.40%
PetCareRx
Income Tax Contingency [Line Items]
Net operating loss carryforward					$ 96,000
Disallowed interest expense					1,900
Total operating loss carryforward and disallowed interest expense					$ 14,500
PetCareRx
Income Tax Contingency [Line Items]
Percentage of equity interests acquired					100%