PetMed Express (PETS) 10-K 14 Jun 24 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Jun. 13, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--03-31
Document Period End Date	Mar. 31, 2024
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, PETS $.001 Par value per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 209.2
Entity Common Stock, Shares Outstanding		20,606,692
Documents Incorporated by Reference	Information to be set forth in our proxy statement relating to our 2024 Annual Meeting of Shareholders is incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of our fiscal year ended March 31, 2024.
Entity Central Index Key	0001040130
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Mar. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Fort Lauderdale, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 55,296	$ 104,086
Accounts receivable, less allowance for credit losses of $273 and $35, respectively	3,283	1,740
Inventories	28,556	19,023
Prepaid expenses and other current assets	6,325	4,719
Prepaid income taxes	188	863
Total current assets	93,648	130,431
Noncurrent assets:
Property and equipment, net	26,657	26,178
Intangible and other assets, net	16,503	5,860
Goodwill	26,658	0
Operating lease right-of-use assets, net	1,432	0
Deferred tax assets, net	4,986	5,009
Total noncurrent assets	76,236	37,047
Total assets	169,884	167,478
Current liabilities:
Accounts payable	37,024	25,208
Sales tax payable	25,012	26,113
Accrued expenses and other current liabilities	7,060	6,191
Current operating lease liabilities	459	0
Deferred revenue	2,603	0
Total current liabilities	72,158	57,512
Long-term operating lease liabilities	995	0
Total liabilities	73,153	57,512
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000 shares authorized; 21,149 and 21,084 shares issued and outstanding, respectively	21	21
Additional paid-in capital	25,146	18,277
Retained earnings	71,555	91,659
Total shareholders' equity	96,731	109,966
Total liabilities and shareholders' equity	$ 169,884	$ 167,478

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 273	$ 35
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	3,000	3,000
Preferred stock, shares outstanding (in shares)	3,000	3,000
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,149,000	21,084,000
Common stock, shares outstanding (in shares)	21,149,000	21,084,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 281,064	$ 256,579	$ 272,282
Cost of sales	202,416	185,844	195,341
Gross profit	78,648	70,735	76,941
Operating expenses:
General and administrative	55,246	41,714	31,114
Advertising	24,508	19,424	18,799
Depreciation and amortization	7,056	3,546	2,738
Total operating expenses	86,810	64,684	52,651
(Loss) income from operations	(8,162)	6,051	24,290
Other income:
Interest income (expense), net	511	450	(1,131)
Other, net	1,378	944	1,026
Total other income (expense)	1,889	1,394	(105)
(Loss) Income before provision for income taxes	(6,273)	7,445	24,185
Provision for income taxes	1,191	2,305	5,469
Net (loss) income	$ (7,464)	$ 5,140	$ 18,716
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.37)	$ 0.25	$ 0.93
Diluted (in dollars per share)	$ (0.37)	$ 0.25	$ 0.92
Weighted average number of common shares outstanding:
Basic (in shares)	20,395,959	20,274,786	20,175,930
Diluted (in shares)	20,395,959	20,339,002	20,357,820
Cash dividends declared per common share (in dollars per share)	$ 0.60	$ 1.20	$ 1.20

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings
Balance (in shares) at Mar. 31, 2021		3	20,269
Balance at Mar. 31, 2021	$ 124,929	$ 9	$ 20	$ 7,111	$ 117,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			710
Issuance of restricted stock, net	1		$ 1
Share based compensation	4,549			4,549
Dividends declared	(24,745)				(24,745)
Net income	18,716				18,716
Balance (in shares) at Mar. 31, 2022		3	20,979
Balance at Mar. 31, 2022	123,450	$ 9	$ 21	11,660	111,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			105
Issuance of restricted stock, net	0		$ 0
Share based compensation	6,617			6,617
Dividends declared	(25,241)				(25,241)
Net income	5,140				5,140
Balance (in shares) at Mar. 31, 2023		3	21,084
Balance at Mar. 31, 2023	109,966	$ 9	$ 21	18,277	91,659
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			64
Share based compensation	6,869			6,869
Dividends declared	(12,640)				(12,640)
Net income	(7,464)				(7,464)
Balance (in shares) at Mar. 31, 2024		3	21,148
Balance at Mar. 31, 2024	$ 96,731	$ 9	$ 21	$ 25,146	$ 71,555

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (7,464)	$ 5,140	$ 18,716
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	7,056	3,546	2,738
Share based compensation	6,869	6,617	4,549
Deferred income taxes	292	(1,630)	(846)
Bad debt expense	324	214	165
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	(1,742)	(41)	509
Inventories	(6,417)	13,432	1,965
Prepaid income taxes	675	(182)	278
Prepaid expenses and other current assets	(185)	147	(363)
Operating lease right-of-use assets, net	788	0	0
Accounts payable	6,102	(2,292)	(12,048)
Sales tax payable	(1,101)	1,956	2,928
Accrued expenses and other current liabilities	276	896	(93)
Operating lease liabilities	(766)	0	0
Deferred revenue	(390)	0	0
Net cash provided by operating activities	4,317	27,803	18,498
Cash flows from investing activities:
Purchase of minority interest investment in Vetster	(300)	(5,000)	0
Acquisition of PetCareRx, net of cash acquired	(35,859)	0	0
Purchases of property and equipment	(4,511)	(5,260)	(1,752)
Net cash used in investing activities	(40,670)	(10,260)	(1,752)
Cash flows from financing activities:
Dividends paid	(12,437)	(24,537)	(24,384)
Net cash used in financing activities	(12,437)	(24,537)	(24,384)
Net decrease in cash and cash equivalents	(48,790)	(6,994)	(7,638)
Cash and cash equivalents, at beginning of fiscal year	104,086	111,080	118,718
Cash and cash equivalents, at end of fiscal year	55,296	104,086	111,080
Supplemental disclosure of cash flow information:
Cash paid for income taxes	130	4,312	6,085
Dividends payable in accrued expenses	$ 1,466	$ 1,262	$ 558

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	12 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements In the third quarter of fiscal year 2024, we reviewed the accounting treatment related to previously reported sales tax accruals as well as the accounting treatment related to the valuation of the deferred tax asset associated with our acquisition of PetCareRx in April 2023. As a result of this review, management determined that we incorrectly applied United States Generally Accepted Accounting Principles (U.S. GAAP) as it relates to the sales tax liability and improperly valued the deferred tax asset and goodwill included in our consolidated financial statements. 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 restated 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) we will not receive waivers of interest and penalties or other benefits under agreements we may obtain with jurisdictions from our outreach with voluntary disclosures. We will continue to accrue interest on any outstanding liabilities until the voluntary disclosure agreements are settled. These accrual amounts have been, and will continue to be, adjusted in future periods as and if we obtain any waivers of interest and penalties or other benefits from our voluntary disclosures and as and if we obtain 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. In the accounting for that 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. As a result of this error, we recorded a decrease in the amount of our deferred tax assets and a corresponding increase in the amount of goodwill in each of the affected periods. The misstatements that appeared in our previously issued financial statements were material, and we also corrected other immaterial errors. As described in additional detail in the Explanatory Note in our Amendment No. 1 on Form 10-K/A to our Annual Report on Form 10-K for the year ended March 31, 2023, originally filed with the SEC on May 23, 2023, we restated our audited consolidated financial statements as of and for the years ended March 31, 2023, 2022 and 2021, as well as our unaudited condensed consolidated quarterly financial information for the quarterly periods within the fiscal years ended March 31, 2023 and 2022, to reflect the correction of the misstatements relating to sales tax accruals and other immaterial adjustments, and to make corresponding disclosures. We also filed with the SEC (i) an Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended June 30, 2023, originally filed with the SEC on August 2, 2023, to restate our unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2023 and 2022 and (ii) an Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended September 30, 2023, originally filed with the SEC on October 31, 2023, to restate our unaudited condensed consolidated financial statements as of and for the three and six months ended September 30, 2023 and 2022, in each case to reflect the correction of the misstatements relating to sales tax accruals and the valuation of deferred tax assets associated with our acquisition of PetCareRx in April 2023. The restated prior-year results are reflected in the consolidated financial results disclosed within this Annual Report on Form 10-K.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds® (collectively, the "Company"), is a leading nationwide 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 numbers, and mobile application. The Company offers consumers an attractive alternative for obtaining pet medications, foods, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company's executive headquarters offices are currently located in Delray Beach, Florida. The Company has a March 31 fiscal year and references herein to fiscal 2024, 2023, or 2022 refer to the Company's fiscal years ended March 31, 2024, 2023, and 2022, respectively. Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and include PetMed Express, Inc. and its 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. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2024 and 2023 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Use of Estimates The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or net realizable value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $72 thousand and $48 thousand at March 31, 2024 and 2023, respectively. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are being depreciated over periods ranging from three Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. 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 The Company performed its annual goodwill impairment testing as of January 1, 2024 using a quantitative assessment and at that time concluded there was no impairment. Since then, the Company’s stock price decreased from $7.56 at December 31, 2023 to $4.79 at March 31, 2024. The Company considered the decrease in its stock price to be indicative of a risk that the carrying amount of goodwill may not be recoverable. Therefore, the Company performed a quantitative impairment assessment as of March 31, 2024. Based on the assessment, the Company concluded that goodwill was not impaired because the estimated fair value of the reporting unit exceeded its carrying value by approximately 27%. We estimated fair value using discounted cash flow and public company market approaches with a 70% and 30% weighting, respectively. A key assumption under the cash flow approach was a 27% weighted average cost of capital. A key assumption under the public company market approach was a 10% control premium. Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 4) 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 Other Assets Other assets consist of the initial minority interest investment in Vetster. Details can be found in Note 16 below. 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. Advertising The Company's advertising expense consists primarily of Internet marketing and direct mail/print, . Internet costs are expensed in the month incurred and direct mail/print advertising costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. 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. Approximately 48% of our Delray Beach property, or approximately 88,000 square feet was leased to two tenants. At March 31, 2024, the leases with these two tenants had a remaining weighted average lease term of one year. The Company recorded approximately $1.2 million , $0.7 million and $0.7 million in rental revenue in fiscal 2024, 2023 and 2022, respectively, which was included in other income. In 2024, the Company recorded $0.5 million of rental revenue associated with a PetCareRx lease which expired in April 2024. The Company expects to receive the following future lease payments, under the current lease agreements, over the next five years: $617 thousand in fiscal 2025; $112 thousand in fiscal 2026, and $0 thousand in fiscal 2027, 2028 and 2029. As of March 31, 2024, both leases were being negotiated. Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income ”) which requires that all items that are recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The items of other comprehensive income that are typically required to be displayed are foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. For the fiscal years ended March 31, 2024, 2023 and 2022, the Company had no components of comprehensive income and therefore does not report comprehensive income or Consolidated Statements of Comprehensive Income. Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes ”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company had no liabilities for uncertain tax positions for either fiscal 2024 or fiscal 2023. The Company files tax returns in the U.S. federal jurisdiction and Florida, Arizona, California, Connecticut, Idaho, Maryland, Michigan, Oklahoma, South Carolina, Virginia, Wisconsin, New Jersey, Georgia, Indiana, New York and the District of Columbia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2020, or earlier. Any interest and penalties related to income taxes will be recorded to other income (expenses). Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our product lines to obtain the lowest cost. There were seven and six suppliers from which we purchased approximately 78% and 69% of all products in fiscal 2024 and 2023, respectively. Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payments ”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. Recent Accounting Pronouncements The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Mar. 31, 2024
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. Revenue is recorded net of sales tax, discounts and return allowances. Return allowances are estimated using historical experience and not material. 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 $7.0 million deferred annual membership fees in the twelve months ended March 31, 2024, and had $2.6 million of deferred revenue as of the year ended March 31, 2024. ( amounts in millions) Deferred revenue, March 31, 2023 $ – Deferred revenue acquired with PetCareRx 3.0 Deferred memberships fees received 6.6 Deferred membership fee revenue recognized (7.0) Deferred revenue, March 31, 2024 2.6 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 twelve months ended March 31, 2024, membership fees earned under the partner program were $2.8 million. The Company has no material contract asset or liability balances at March 31, 2024 and March 31, 2023, respectively. The Company disaggregates sales in the following two categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales by various classifications: Year Ended March 31, Increase (Decrease) Net Sales (In thousands) 2024 % 2023 % $ % Reorder sales $ 246,977 87.9 % $ 232,380 90.6 % $ 14,597 6.3 % New order sales $ 24,304 8.6 % $ 24,199 9.4 % $ 105 0.4 % Membership fees $ 9,783 3.5 % $ — — % $ 9,783 n/m Total net sales $ 281,064 100.0 % $ 256,579 100.0 % $ 24,485 9.5 % Year Ended March 31, Increase (Decrease) Net Sales (In thousands) 2023 % 2022 % $ % Reorder sales $ 232,380 90.6 % $ 243,490 89.4 % $ (11,110) (4.6) % New order sales $ 24,199 9.4 % $ 28,792 10.6 % $ (4,593) (16.0) % Total net sales $ 256,579 100.0 % $ 272,282 100.0 % $ (15,703) (5.8) % The Company changed the definition of a new customer on April 1, 2022, to include anyone who has not ordered over the past thirty-six months. The reorder and new order sales amounts for the years ended March 31, 2022 reflect this new customer definition change. Under the previous definition of a new customer, reorder and new order sales were $249.4 million and $22.9 million, respectively, for the year ended March 31, 2022. The Company maintains an allowance for credit losses that the Company estimates will arise from customers’ inability to make required payments, arising from either credit card chargebacks or insufficient funds checks. The Company determines its estimates of the uncollectability of accounts receivable by analyzing historical bad debts and current economic trends in compliance with the provisions of ASC Topic 326 (" Financial Instruments - Credit Losses"). The allowance for credit losses was approximately $273 thousand and $35 thousand at March 31, 2024 and March 31, 2023, respectively.

Acquisition

Acquisition	12 Months Ended
	Mar. 31, 2024
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 $36.1 million and was funded from the Company's cash on hand. 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 and experience, geographic diversity, technology enhancements, additional vendor relationships and a long-tenured and experienced staff. The Company recognized goodwill of approximately $26.7 million, which is calculated as the excess of the consideration exchanged and liabilities assumed as compared to the fair value of the identifiable assets acquired. Goodwill recognized in the transaction represents synergies or scale achieved by significantly increasing the customer base without adding corresponding levels of additional overhead, the value of additional vendor relationships, including the food manufacturing relationships, a broader product catalog, and an assembled and experienced workforce. These items represent intangible assets that do not qualify for separate recognition. No goodwill is deductible for tax purposes. 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 9 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 Operating lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079 The Company incurred a total of $1.7 million in acquisition related costs that were expensed as incurred and recorded in general and administrative expenses in the Company’s Condensed Consolidated Statements of Operations, of which $0.5 million was recorded in fiscal year 2023, and $1.2 million was recorded for the twelve months ended March 31, 2024. 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, 2021 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 twelve months ended March 31, 2023 and 2022 is as follows (in thousands): Twelve Months Ended March 31, 2023 Twelve Months Ended March 31, 2022 (unaudited) (unaudited) Revenue $ 300,230 $ 311,480 Net (loss) income (261) 13,613

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Major classifications of property and equipment consist of the following (in thousands): March 31, 2024 2023 Building $ 14,999 $ 14,997 Land 3,700 3,700 Building Improvements 4,511 3,917 Computer Software 14,246 9,391 Furniture, fixtures and equipment 9,329 9,404 46,785 41,409 Less: accumulated depreciation (20,128) (15,231) Property and equipment, net $ 26,657 $ 26,178 Depreciation expense was $5.1 million, $3.5 million and $2.7 million for the twelve months ended March 31, 2024, 2023 and 2022, respectively. The Company evaluated its tangible property and equipment for indicators of impairment as of March 31, 2024 and concluded that no impairment existed.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2024 2023 Accrued credit card fees 397 401 Accrued salaries and benefits 1,530 1,564 Accrued merchandise credits / reward program 1,849 1,660 Accrued professional expenses 222 559 Accrued sales return allowance 318 221 Accrued dividends payable 1,466 1,262 Accrued real estate taxes 142 118 Other accrued liabilities 1,136 406 Accrued expenses and other current liabilities $ 7,060 $ 6,191

Intangible and Other Assets, Ne

Intangible and Other Assets, Net	12 Months Ended
	Mar. 31, 2024
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) March 31, 2024 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 (957) 5,743 6.25 Developed Technology - PetCareRx 3 years 3,000 (1,000) 2,000 2.25 $ 13,160 $ (1,957) $ 11,203 Other Assets Minority interest investment in Vetster N/A 5,300 — 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503 March 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ — $ 375 Indefinite Internet domain names Indefinite 485 $ — 485 Indefinite Balance March 31, 2023 $ 860 $ — $ 860 Other Assets Minority interest investment in Vetster N/A $ 5,000 $ — $ 5,000 N/A Balance March 31, 2023 $ 5,860 $ — $ 5,860 The Company evaluated its intangible assets for indicators of impairment as of March 31, 2024 and concluded that no impairment existed. Amortization expense for intangible assets was $2.0 million for the twelve months ended March 31, 2024 and zero for the twelve months ended March 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 ”). The following table summarizes expected amortization of our intangible assets at March 31, 2024 (in thousands): Year Ending March 31, 2025 $ 1,957 2026 1,957 2027 957 2028 957 2029 957 Thereafter 957 Total $ 7,743 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 increased the minority interest investment to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares. The minority interest investment is being valued on the cost basis. At March 31, 2024, we evaluated the investment in accordance with ASC Topic 321 ( Accounting for Equity Interests ) and determined it was not impaired.

Leases

Leases	12 Months Ended
	Mar. 31, 2024
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 Consolidated Balance Sheets. Discount Rate and Lease Term As of March 31, 2024, the weighted average remaining lease term and discount rate for the Company’s operating leases were 3 years and 3.6%, 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 twelve months ended March 31, 2024 are as follows (in thousands): Lease cost Twelve months ended March 31, 2024 Operating lease cost - fixed $ 853 Operating lease costs - variable 65 Total lease cost $ 918 Supplemental cash flow information for the twelve months ended March 31, 2024 are as follows (in thousands): Twelve months ended March 31, 2024 Cash paid for the amounts included in the measurement of operating lease liabilities $ 832 Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition $ 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 Condensed Consolidated Balance Sheet as of March 31, 2024 were as follows (in thousands): March 31, 2024 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,533 Less: Imputed Interest (79) Present value of lease liabilities $ 1,454

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2024 2023 Deferred tax assets: Accrued sales tax liability $ 5,126 $ 5,910 Other accrued expenses 225 — Deferred stock compensation 680 1,605 Deferred revenue 31 — Bad debt and inventory reserves 440 21 Capitalized research and development costs 317 — Lease liabilities 376 — Net operating loss carryforward 3,001 — Total deferred tax assets 10,195 7,536 Deferred tax liabilities: Tax accounting method change (541) — Intangible assets (2,627) — Property and equipment (1,041) (2,527) Right of use assets (376) — Total deferred tax liabilities (4,585) (2,527) Valuation allowance (624) — Total net deferred tax assets $ 4,986 $ 5,009 At March 31, 2024, the Company had $11.3 million of federal net operating loss carryforwards which begin to expire in fiscal 2024. The Company also had $9.0 million in state net operating loss carryforwards which begin to expire in fiscal 2026. In fiscal 2024 the Company acquired PetCareRx, a loss corporation. The tax attributes acquired are subject to Internal Revenue Code Section 382 which limits the utilization annually. The Company has determined the utilization of the state loss carryforwards is not likely to be realized. As a result, the Company has recorded a valuation allowance of $0.6 million for the tax effected value of these state losses. Outlined below are the tax attributes acquired and the balances remaining as of March 31, 2024 (in thousands). PetCareRx Tax Attributes Acquired Total Sec. 382 limited utilization Attributes for which a deferred tax asset is recorded Expiration Federal net operating losses - limited carryover 85,454 83,300 2,154 Beginning in FY 2024 Federal net operating losses - unlimited carryover 10,501 — 10,501 None Disallowed business interest expense carryover 1,855 — 1,855 None State net operating losses 11,040 2,066 8,974 Beginning in FY 2026 Tax Attribute as of March 31, 2024 Total Sec. 382 limited utilization Attributes for which a deferred tax asset is recorded Expiration Federal net operating losses - limited carryover 84,114 83,300 814 Beginning in FY 2025 Federal net operating losses - unlimited carryover 10,501 — 10,501 None Disallowed business interest expense carryover — — 0 None State net operating losses 11,040 2,066 8,974 Beginning in FY 2026 The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2024 2023 2022 Current taxes Federal $ 490 $ 2,623 $ 5,802 State 408 1,312 514 Total current income tax provision 898 3,934 6,316 Deferred income tax provision (benefit) Federal 412 (453) (778) State (119) (1,176) (69) Total deferred taxes 293 (1,629) (847) Total income tax provision $ 1,191 $ 2,305 $ 5,469 The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2024 2023 2022 Income taxes at federal statutory rates $ (1,317) $ 1,564 $ 5,078 State income taxes, net of federal tax benefit 304 107 428 Non-deductible executive compensation 1,771 — — Other permanent differences 105 340 116 Restricted stock shortfall adjustment 281 171 31 Deferred tax adjustments 47 — — Other — 124 (184) Total income tax provision $ 1,191 $ 2,305 $ 5,469 In fiscal 2024, the Company recognized non-deductible executive stock compensation of approximately $1.8 million. This includes adjusting the deferred tax assets by a cumulative $1.0 million to account for future limitations under Sec. 162(m). This limits deductions for compensation of covered executives to $1.0 million per individual. In fiscal 2023, the Company recognized a stock compensation shortfall charge of approximately $171 thousand, and recognized a one-time charge of approximately $124 thousand, related to a return to provision true up from the fiscal 2022 income tax provision. In fiscal 2022, the Company recognized a stock compensation shortfall charge of approximately $31 thousand, and recognized a one-time benefit of approximately $184 thousand, related to a return to provision true up from the fiscal 2021 income tax provision. The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: Year Ended March 31, 2024 2023 2022 Federal rate on income before taxes 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (4.9) % 1.4 % 1.8 % Non-deductible executive compensation (28.2) % — % — % Other permanent differences (1.7) % 4.6 % 0.5 % Restricted stock shortfall adjustment (4.5) % 2.3 % 0.1 % Deferred tax adjustments (0.8) % — % — % Other — % 1.7 % (0.8) % Total Effective Tax Rate (19.0) % 31.0 % 22.6 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders ’ Equity Preferred Stock In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112 thousand. Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder. The shares have a liquidation value of $4.00 per share and may pay dividends at the sole discretion of the Company. The Company does not anticipate paying dividends to the preferred shareholders in the foreseeable future. Each share of preferred stock is entitled to one vote on all matters submitted to a vote of shareholders of the Company. At March 31, 2024 and 2023, 2,500 shares of the convertible preferred stock remained unconverted and outstanding. Dividends The declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance. During fiscal 2024, our Board of Directors declared the following dividends: Declaration Date Per Share Record Date Total Amount Payment Date May 22, 2023 $0.30 June 6, 2023 $6,352 June 12, 2023 July 31, 2023 $0.30 August 14, 2023 $6,344 August 18, 2023

Restricted Stock

Restricted Stock	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Restricted Stock	Restricted Stock In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”) became effective upon the approval of the plan by the Company’s shareholders. The 2015 Director Plan authorized 400,000 shares of the Company's common stock available for issuance under the plan and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan. In July 2016, the Company’s 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan”) became effective upon the approval of the plan by the Company’s shareholders. The 2016 Employee Plan authorized 1,000,000 shares of the Company's Common stock available for issuance under the plan. In July 2022, the Company’s 2022 Employee Equity Compensation Restricted Stock Plan (“2022 Employee Plan”) became effective upon the approval of the plan by the Company’s shareholders. The 2022 Employee Plan replaced the 2016 Employee Plan, and as of April 2023 no further awards were granted, or will be granted, under the 2016 Employee Plan. The 2022 Employee Plan authorized 1,000,000 shares of the Company's common stock available for issuance.The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Compensation and Human Capital Committee and is to be no less than 1 year and no more than ten years unless otherwise specified by the Compensation and Human Capital Committee. The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payments ”) (ASU 2016-09). At March 31, 2024, the Company had 957,260 common shares issued under the 2016 Employee Plan, 255,251 common shares issued under the 2015 Director Plan and 149,488 common shares issued under the 2022 Employee Plan. As of March 31, 2024, all shares in the 2022 Employee Plan, 2016 Employee Plan and 2015 Director Plan were issued subject to a restriction or forfeiture or vesting period that lapses ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over a one In August 2021, the Company issued 90,000 restricted shares and 510,000 performance restricted shares to the Company’s former CEO, in accordance with the former CEO’s employment agreement, under the 2016 Employee Plan. The performance restricted shares were based on achieving absolute stock hurdles within the three-year period from the grant date. If the shares met the absolute stock price hurdle, they would have only been released from restrictions on the third anniversary of the date of grant. As of March 31, 2024, none of the performance stock hurdles were met, and subsequent to March 31, 2024 the performance restricted shares were forfeited and cancelled as a result of the former CEO's cessation of employment with the Company. In August 2022, the Company issued 13,000 restricted shares and 3,000 performance restricted shares to the Company's CFO, in accordance with the CFO's employment agreement, under the 2016 Employee Plan. One-third of the restricted shares will vest on each of the first three anniversaries of the date of grant, subject to the CFO’s continued employment with the Company through the applicable vesting date, with any unvested RSUs being forfeited upon the CFO ceasing to be an employee of the Company. The performance restricted shares were based on the attainment of performance criteria equally weighted between adjusted EBITDA and revenue, and on June 8, 2023 the Company determined that the performance criteria was not attained over the applicable performance period and the performance restricted shares were forfeited. 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. Subsequent to March 31, 2024, 3,917 of the RSUs granted in June 2023 and all PSUs granted granted in June 2023 were forfeited and cancelled in connection with the CFO's Transition and Separation Agreement - see Note 16, Subsequent Events. For the fiscal years ended March 31, 2024, 2023, and 2022, the Company recognized compensation expense related to the 2016 and 2022 Employee Plan and the 2015 Director Plan of $6.9 million, $6.6 million, and $4.5 million, respectively. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s Consolidated Statements of (Loss) Income, and the offset is included in the additional paid-in capital line item of the Company’s Consolidated Balance Sheets. Restricted Stock Awards For the year ended March 31, 2024, restricted stock award ("RSA") activity under the Plans was as follows: 2016 Employee 2015 Director Plan Number of Shares 2022 Employee Plan Number of Shares All Plans Non-vested restricted stock outstanding at March 31, 2023 684,200 68,629 0 752,829 Granted and issued 12,400 1,623 89,742 103,765 Vested (76,343) (29,418) (8,332) (114,093) Forfeited (14,914) (17,127) (7,334) (39,375) Non-vested restricted stock outstanding at March 31, 2024 605,343 23,707 74,076 703,126 At March 31, 2024 and 2023, there were 703,126 and 752,829, restricted shares subject to restriction and forfeiture outstanding, respectively. During the fiscal years ended March 31, 2024 and 2023, the Company released from restrictions, net of forfeitures, 64,390 and 99,390 restricted shares, respectively. The weighted-average grant date fair value of restricted shares was $14.75 and $21.57 for fiscal years 2024 and 2023, respectively. The total fair value of restricted shares released from restrictions was $1.4 million and $2.4 million for fiscal years 2024 and 2023, respectively. At March 31, 2024 and 2023, there were $3.2 million and $9.1 million of unrecognized compensation costs related to the restricted stock subject to restriction and forfeiture awards, respectively, which is expected to be recognized over the remaining weighted average restriction and forfeiture period of 7 months and 1.6 years for fiscal 2024 and 2023, respectively. Restricted Stock Units The Company first granted restricted stock units ("RSUs") in the year ended March 31, 2024. 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 For the year ended March 31, 2024, RSU activity under the Plans was as follows: RSUs Weighted-Average Non-vested RSUs outstanding at March 31, 2023 – $ – Granted 88,880 $ 12.78 Vested and issued – $ – Forfeited (3,800) $ 13.35 Non-vested RSUs outstanding at March 31, 2024 85,080 $ 12.75 The total grant-date fair value of RSUs granted during the twelve months ended March 31, 2024 and 2023 was $1.1 million and zero, respectively. For the twelve months ended March 31, 2024 and 2023, the Company recorded stock-based compensation related to RSUs of $0.3 million and zero, respectively. At March 31, 2024 and 2023, there were $0.8 million and zero of unrecognized compensation costs related to RSUs subject to restriction and forfeiture awards, respectively, which is expected to be recognized over the remaining weighted average restriction and forfeiture period of 2.3 years and 0 years for fiscal 2024 and 2023, respectively. Performance Stock Units The Company first granted performance stock units ("PSUs") in the year ended March 31, 2024. 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. Existing PSUs with a performance condition vest over one year. Existing 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. For the year ended March 31, 2024, PSU activity under the Plans was as follows: PSUs Weighted-Average Non-vested PSUs outstanding at March 31, 2023 – $ – Granted 12,000 $ 10.48 Vested and issued – $ – Forfeited – $ – Performance adjustment – $ – Non-vested RSUs outstanding at March 31, 2024 12,000 $ 10.48 The total grant-date fair value of PSUs granted during the twelve months ended March 31, 2024 and 2023 was $126 thousand and zero, respectively. For the twelve months ended March 31, 2024 and 2023, the Company recorded stock-based compensation related to PSUs of $64 thousand and zero, respectively. At March 31, 2024 and 2023, there were $62 thousand and zero of unrecognized compensation costs related to PSUs subject to restriction and forfeiture awards, respectively, which is expected to be recognized over the remaining weighted average restriction and forfeiture period of 1.6 years and 0 years for fiscal 2024 and 2023, respectively

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company carries cash and cash equivalents and investments at fair value in the 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 Measurements” ) 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 March 31, 2024 and 2023 the Company had invested the majority of its $55.3 million and $104.1 million cash and cash equivalents balance in money market funds which are classified within Level 1.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	12 Months Ended
	Mar. 31, 2024
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 (loss) 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 (loss) income per common share includes the dilutive effect of potential restricted 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 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 per share amounts): Year Ended March 31, 2024 2023 2022 Net (loss) income (numerator): Net (loss) income $ (7,464) $ 5,140 $ 18,716 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,395,959 20,274,786 20,175,930 Common shares issuable upon the vesting of restricted stock — 54,091 171,765 Common shares issuable upon conversion of preferred shares — 10,125 10,125 Shares used in diluted computation 20,395,959 20,339,002 20,357,820 Net (loss) income per common share: Basic $ (0.37) $ 0.25 $ 0.93 Diluted $ (0.37) $ 0.25 $ 0.92 At March 31, 2024, 2023, and 2022 , 827,863, 745,854, and 220,727 shares of common restricted stock, respectively, were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted (net loss)/net income per common share.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2024
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. Employment Agreements On August 25, 2021, the Board of Directors appointed Mathew N. Hulett ("Mr. Hulett”) as Chief Executive Officer and President of the Company and as a member of the Board of Directors. These appointments and the employment agreement were effective as of August 30, 2021 . The employment agreement was for an initial term of three (3) years commencing on August 30, 2021 and automatically renewed for successive one (1) year terms, or for longer periods as mutually agreed upon by the parties, unless the employment agreement was expressly cancelled by either Mr. Hulett or the Company sixty (60) days prior to the end of the then current term, or was otherwise terminated as provided in the agreement. The employment agreement provided that Mr. Hulett received an annual base salary of $500 thousand, subject to periodic review for increases with the approval of the Board of Directors, and was be eligible to participate in the standard employee benefit plans generally available to executives and employees of the Company, including health insurance, life and disability insurance, restricted stock under the Company’s equity compensation plan(s), 401(k) plan, and paid time off and paid holidays. The employment agreement also provided that the Company will reimburse Mr. Hulett for his documented business expenses incurred in connection with his employment pursuant to the Company's standard reimbursement expense policy and practices. The employment agreement contained certain rights of Mr. Hulett and the Company to terminate Mr. Hulett’s employment, including termination by the Company for “Cause” as defined in the employment agreement, and termination by Mr. Hulett for “Good Reason” as defined in the employment agreement within twelve (12) months of a Change in Control as defined in the employment agreement. Mr. Hulett was also entitled to severance pay equal to twelve (12) months of Mr. Hulett’s current base salary and eighteen (18) months of health insurance benefits in the event of his termination by the Company without Cause, or termination by Mr. Hulett for Good Reason within twelve (12) months of a Change in Control. The foregoing severance benefits are conditioned upon Mr. Hulett’s execution of a release of claims and compliance with certain restrictive covenants. The employment agreement contains customary non-disclosure and non-solicitation provisions as well as a one (1) year non-compete following the termination of the agreement. Subsequent to March 31, 2024 the employment agreement with Mr. Hulett was terminated (See Note 16 - Subsequent Events, for a description of the Transition and Separation Agreement with Mr. Hulett). On August 30, 2021, Mr. Hulett also received an award of 90,000 shares of restricted stock under the Company’s 2016 Employee Plan, which stock restrictions will lapse pro rata on each of August 30, 2022, August 30, 2023, and August 30, 2024, which are subject to forfeiture in the event of termination of employment (except as provided in the restricted stock agreement). Mr. Hulett also received an award of 510,000 shares of performance restricted stock under the 2016 Employee Plan, which stock restrictions will lapse on the third anniversary of the date of grant based on (i) achieving absolute stock price hurdles within the three-year period from the date of grant, and (ii) continued employment through the performance period of three years from the date of grant, in accordance with the following schedule: 85,000 shares at the stock hurdle price of $40 per share, 107,000 shares at the stock hurdle price of $45 per share, 106,000 shares at the stock hurdle price of $50, 106,000 shares at the stock hurdle price of $55, and 106,000 shares at the stock hurdle price of $60. Should none of the absolute stock price hurdles be met during the three-year period from the date of grant, no shares would vest (as defined in the performance restricted stock agreement). Once the absolute stock price hurdle is achieved, it will be considered to have met the absolute stock price hurdle, regardless of the stock price on the third anniversary of the date of grant. The absolute stock price hurdle would be considered to have been met if the average closing stock price of the Company is at or above the absolute stock price hurdle for a period of ninety (90) consecutive trading days. If the shares would be considered to have met the absolute stock price hurdle, they will only vest on the third anniversary of date of grant, subject to Mr. Hulett’s continued employment through the performance period of three years from the date of grant (except as provided in the performance restricted stock agreement). As of March 31, 2024, none of the performance restricted stock vested, as no performance stock price hurdles were met. On July 14, 2022, the Board of Directors appointed Christine Chambers ("Ms. Chambers") to serve as the Company’s Chief Financial Officer and to assume the duties of principal financial officer and principal accounting officer effective August 3, 2022 (“Effective Date”). The Company entered into an offer letter with Ms. Chambers to set the terms and conditions of Ms. Chambers’ employment as Chief Financial Officer of the Company. Ms. Chambers will receive an annual base salary of $375 thousand and received a one-time sign-on bonus in the amount of $50 thousand, subject to pro rata repayment if Ms. Chambers terminated employment with the Company within the first twelve months of employment. Ms. Chambers received an initial equity award under the 2016 Employee Plan consisting of (i) an award of 13,000 restricted shares, and (ii) 3,000 performance restricted shares, which performance restricted shares will be based on the attainment of performance criteria equally weighted between adjusted EBITDA and revenue as of the fiscal year ended March 31, 2024. The shares for each grant will be released from restriction equally over a three (3) year period on the anniversary of the grant date, subject to the attainment of performance criteria in the case of the performance restricted shares. In connection with Mr. Rosenbloom’s transition services and subsequent separation from employment with the Company, on August 2, 2022 the Company and Mr. Rosenbloom entered into a CFO Transition and Separation Agreement (the "Separation Agreement”) pursuant to which Mr. Rosenbloom remained in his current position as CFO of the Company through and including August 2, 2022, and following the termination of his status as CFO, Mr. Rosenbloom continued to serve as an employee of the Company to provide transition services to the Company through his date of termination. His employment ended on December 31, 2022 ("Separation Date”). While Mr. Rosenbloom served as an employee of the Company, he continued to receive his current base salary and benefits as was in effect. The Separation Agreement provided that Mr. Rosenbloom would be paid two lump-sum severance payments of $182 thousand each, with the first such payment to be paid on the Company’s next payroll date following the Separation Date, and was paid January 13, 2023, and the second paid on the Company’s next payroll date six-months following the Separation Date, subject to his compliance with the terms and conditions of his then existing employment agreement, and the Separation Agreement. In exchange for the Company’s agreement to make the severance payments, Mr. Rosenbloom granted the Company a full release of any and all claims that he may have against the Company and its affiliates and related parties. In addition, as a part of the Separation Agreement, the Company confirmed that the 13,275 restricted shares held by Mr. Rosenbloom under the 2016 Employee Plan were released from restriction and forfeiture on December 31, 2022, Under the Separation Agreement, Mr. Rosenbloom’s existing non-compete obligation was reduced to a period of twelve (12) months.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) Savings Plan for eligible employees. The plan is a defined contribution plan that is administered by the Company. All regular, full-time employees are eligible for voluntary participation upon completing 90 days of service and having attained the age of 21. The plan provides for growth in savings through contributions and income from investments. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 , as amended. Plan participants are allowed to contribute a specified percentage of their base salary. The Company matches 100% of the first 4% of the employee's contribution. The matching contribution is funded subsequent to the calendar year. During the fiscal years ended March 31, 2024, 2023, and 2022, the Company recorded $350 thousand, $289 thousand, and $238 thousand, respectively, of 401(k) matching contribution and administration expense to general and administrative expenses.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Transition and Separation Agreement with Matthew Hulett On April 29, 2024, the Company and Mathew Hulett entered into a Transition and Separation Agreement pursuant to which Mr. Hulett resigned as President and Chief Executive Officer, and also as a director, of the Company effective April 29, 2024 (the “Hulett Agreement”). Under the terms of the Hulett Agreement, Mr. Hulett remained employed by the Company through May 10, 2024 to assist the Company in transition matters, and the Company will pay Mr. Hulett severance compensation thereafter in the form of the continuation of his base salary and reimbursement of COBRA premiums through August 30, 2024, which was the scheduled expiration date of his employment agreement. The Hulett Agreement also provided that the Company cancelled the 510,000 performance restricted shares granted in August 2021, and accelerated the vesting of Mr. Hulett’s remaining unvested shares of restricted common stock (consisting of 30,000 shares) previously granted under a Restricted Stock Agreement between the Company and Mr. Hulett which would have otherwise vested on August 30, 2024. Appointment of Sandra Campos as Chief Executive Officer On April 29, 2024, the Company appointed Sandra Campos, an existing director of the Company, as the Company’s new Chief Executive Officer and President. On the same date, the Company and Ms. Campos entered into an Executive Employment Agreement setting forth the terms under which Ms. Campos was employed by the Company as Chief Executive Officer and President (the “Employment Agreement”). Ms. Campos will continue to serve as a director of the Company for so long as she remains Chief Executive Officer and President. Ms. Campos’ Employment Agreement provides for an initial employment term of 3 years and for automatic renewal for successive 1-year terms thereafter unless either party provides notice of non renewal at least 60 days prior to the end of the then-current term. As provided in the Employment Agreement, Ms. Campos will serve the Company on a full-time basis and will receive an annual base salary of $550,000, which may be increased in the discretion of the board of directors (but may not be decreased other than as part of a proportionate reduction in management salaries and wages applicable to all senior management). Ms. Campos will receive a signing bonus of $120,000, which is subject to repayment if Ms. Campos leaves the Company within one year under circumstances detailed in the Employment Agreement. Ms. Campos will also receive customary expense reimbursement (in accordance with the Company’s standard policies), and will receive the medical, health, and other benefits provided to Company employees generally, including participation in the Company’s 401(k) plan on the same basis as other employees generally. The Employment Agreement provides that Ms. Campos will be eligible to receive an annual performance bonus based on annual performance goals determined by the Company’s board of directors, with a target annual bonus of 100% of Ms. Campos’ base salary and a maximum bonus of 200% of base salary. The agreement includes customary restrictive covenants, including confidentiality and non-solicitation covenants and a one-year post-employment non-compete restriction. Under the Employment Agreement, Ms. Campos will be entitled to equity grants under the Company’s current or future equity plan, as follows: On April 29, 2024, Ms. Campos received a grant of restricted stock units (“RSUs”) under the Company’s 2022 Employee Equity Compensation Plan for a number of RSUs equal to $2.0 million divided by the closing price of the Company’s common stock on the Nasdaq Stock Market on the date of grant. Such RSUs will vest in one-third increments on each of the first 3 anniversaries of the date of grant so long as Ms. Campos continues to be employed by the Company on each vesting date, and such RSUs will otherwise contain the standard provisions for RSU grants by the Company. Thereafter, Ms. Campos will be entitled to annual grants of RSUs and performance stock units (“PSUs”) having an aggregate value per grant of $750,000 for the annual RSU grant and $750,000 for the annual PSU grant, with such value being calculated based on the closing price of the Company’s common stock on the date of grant but subject to a floor of $4.00 per share. The RSUs included in any such annual grants will vest in the same manner as the initial RSU grant, and the PSUs will have a 3-year performance period and such performance goals and other terms as shall be determined by the Company’s board of directors. Appointment of Justin L. Mennen as a Director On May 16, 2024, the Board of Directors (the “Board”) of PetMed Express, Inc. (the “Company”), appointed Justin L. Mennen to serve as a director of the Company beginning June 3, 2024. Mr. Mennen will hold this position until the 2024 annual meeting of the Company’s stockholders or until his successor is elected and qualified, subject to his earlier resignation or removal. Mr. Mennen has been appointed to serve on the Board’s Audit Committee and Corporate Governance and Nominating Committee. In connection with his appointment to the Board, Mr. Mennen will receive compensation in accordance with the Company’s Non-Employee Director Compensation Program. Transition and Separation Agreement with Christine Chambers On May 31, 2024, PetMed Express, Inc. (the “Company”) entered into a Transition and Separation Agreement (the “Chambers Agreement”) with Christine Chambers, the Company’s Chief Financial Officer, Treasurer, and Secretary, pursuant to which the Company and Ms. Chambers agreed to the mutual termination of Ms. Chambers’ employment with the Company following a transition period. Under the terms of the Agreement, the Company and Ms. Chambers mutually agreed to terminate the Executive Employment Agreement, dated August 3, 2022, between the Company and Ms. Chambers effective immediately (notwithstanding the scheduled expiration date of August 3, 2024), provided that Ms. Chambers will continue to serve as the Company’s Chief Financial Officer, Secretary, and Treasurer on a full-time basis for a transition period (the “Transition Period”) that will end on the fifth business day after the Company files its Quarterly Report on Form 10-Q for the Company’s fiscal quarter ending June 30, 2024, or, if earlier, upon the fifteenth day after written notice by the Company of the earlier termination of the Transition Period. Ms. Chambers will work with and cooperate with the Company in transitioning her duties and responsibilities to such successor. The Chambers Agreement provides that, during the Transition Period, Ms. Chambers will continue to receive her current base salary and benefits, and upon the completion of the Transition Period and contingent on Ms. Chambers’ complying with the terms of the Chambers Agreement, the Company will accelerate the vesting of all unvested restricted shares and restricted stock units that were originally scheduled to vest on or before August 3, 2025. Ms. Chambers has agreed to a customary general release and waiver of claims against the Company in exchange for the Company’s covenants and agreements set forth in the Chambers Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net income	$ (7,464)	$ 5,140	$ 18,716

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Mar. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and include PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2024 and 2023 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventories	Inventories
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are being depreciated over periods ranging from three
Long-lived Assets	Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset.
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 The Company performed its annual goodwill impairment testing as of January 1, 2024 using a quantitative assessment and at that time concluded there was no impairment. Since then, the Company’s stock price decreased from $7.56 at December 31, 2023 to $4.79 at March 31, 2024. The Company considered the decrease in its stock price to be indicative of a risk that the carrying amount of goodwill may not be recoverable. Therefore, the Company performed a quantitative impairment assessment as of March 31, 2024. Based on the assessment, the Company concluded that goodwill was not impaired because the estimated fair value of the reporting unit exceeded its carrying value by approximately 27%. We estimated fair value using discounted cash flow and public company market approaches with a 70% and 30% weighting, respectively. A key assumption under the cash flow approach was a 27% weighted average cost of capital. A key assumption under the public company market approach was a 10% control premium.
Intangible Assets	Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 4) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“ Goodwill and Other Intangible Assets three
Other Assets	Other Assets
Fair Value of Financial Instruments	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.
Advertising	Advertising
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.
Comprehensive Income	Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income
Income Taxes	Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes ”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company had no liabilities for uncertain tax positions for either fiscal 2024 or fiscal 2023. The Company files tax returns in the U.S. federal jurisdiction and Florida, Arizona, California, Connecticut, Idaho, Maryland, Michigan, Oklahoma, South Carolina, Virginia, Wisconsin, New Jersey, Georgia, Indiana, New York and the District of Columbia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2020, or earlier. Any interest and penalties related to income taxes will be recorded to other income (expenses).
Business Concentrations	Business Concentrations
Accounting for Share Based Compensation	Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payments ”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Rollforward of Deferred Revenue	As shown in the following table, under the PetPlus program, the Company recognized $7.0 million deferred annual membership fees in the twelve months ended March 31, 2024, and had $2.6 million of deferred revenue as of the year ended March 31, 2024. ( amounts in millions) Deferred revenue, March 31, 2023 $ – Deferred revenue acquired with PetCareRx 3.0 Deferred memberships fees received 6.6 Deferred membership fee revenue recognized (7.0) Deferred revenue, March 31, 2024 2.6
Schedule of Disaggregation of Revenue	The following table illustrates sales by various classifications: Year Ended March 31, Increase (Decrease) Net Sales (In thousands) 2024 % 2023 % $ % Reorder sales $ 246,977 87.9 % $ 232,380 90.6 % $ 14,597 6.3 % New order sales $ 24,304 8.6 % $ 24,199 9.4 % $ 105 0.4 % Membership fees $ 9,783 3.5 % $ — — % $ 9,783 n/m Total net sales $ 281,064 100.0 % $ 256,579 100.0 % $ 24,485 9.5 % Year Ended March 31, Increase (Decrease) Net Sales (In thousands) 2023 % 2022 % $ % Reorder sales $ 232,380 90.6 % $ 243,490 89.4 % $ (11,110) (4.6) % New order sales $ 24,199 9.4 % $ 28,792 10.6 % $ (4,593) (16.0) % Total net sales $ 256,579 100.0 % $ 272,282 100.0 % $ (15,703) (5.8) %

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Mar. 31, 2024
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 Operating lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079
Schedule of Pro-Forma Information	The supplemental pro forma financial information for the prior period twelve months ended March 31, 2023 and 2022 is as follows (in thousands): Twelve Months Ended March 31, 2023 Twelve Months Ended March 31, 2022 (unaudited) (unaudited) Revenue $ 300,230 $ 311,480 Net (loss) income (261) 13,613

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Major classifications of property and equipment consist of the following (in thousands): March 31, 2024 2023 Building $ 14,999 $ 14,997 Land 3,700 3,700 Building Improvements 4,511 3,917 Computer Software 14,246 9,391 Furniture, fixtures and equipment 9,329 9,404 46,785 41,409 Less: accumulated depreciation (20,128) (15,231) Property and equipment, net $ 26,657 $ 26,178

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2024 2023 Accrued credit card fees 397 401 Accrued salaries and benefits 1,530 1,564 Accrued merchandise credits / reward program 1,849 1,660 Accrued professional expenses 222 559 Accrued sales return allowance 318 221 Accrued dividends payable 1,466 1,262 Accrued real estate taxes 142 118 Other accrued liabilities 1,136 406 Accrued expenses and other current liabilities $ 7,060 $ 6,191

Intangible and Other Assets, _2

Intangible and Other Assets, Net (Tables)	12 Months Ended
	Mar. 31, 2024
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) March 31, 2024 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 (957) 5,743 6.25 Developed Technology - PetCareRx 3 years 3,000 (1,000) 2,000 2.25 $ 13,160 $ (1,957) $ 11,203 Other Assets Minority interest investment in Vetster N/A 5,300 — 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503 March 31, 2023 Intangible Assets Toll-free telephone number Indefinite $ 375 $ — $ 375 Indefinite Internet domain names Indefinite 485 $ — 485 Indefinite Balance March 31, 2023 $ 860 $ — $ 860 Other Assets Minority interest investment in Vetster N/A $ 5,000 $ — $ 5,000 N/A Balance March 31, 2023 $ 5,860 $ — $ 5,860
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes expected amortization of our intangible assets at March 31, 2024 (in thousands): Year Ending March 31, 2025 $ 1,957 2026 1,957 2027 957 2028 957 2029 957 Thereafter 957 Total $ 7,743

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Costs and Activity	The Company’s lease costs as recorded in the general and administrative costs and activity for the twelve months ended March 31, 2024 are as follows (in thousands): Lease cost Twelve months ended March 31, 2024 Operating lease cost - fixed $ 853 Operating lease costs - variable 65 Total lease cost $ 918 Supplemental cash flow information for the twelve months ended March 31, 2024 are as follows (in thousands): Twelve months ended March 31, 2024 Cash paid for the amounts included in the measurement of operating lease liabilities $ 832 Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition $ 2,220
Schedule of 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 Condensed Consolidated Balance Sheet as of March 31, 2024 were as follows (in thousands): March 31, 2024 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,533 Less: Imputed Interest (79) Present value of lease liabilities $ 1,454

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2024 2023 Deferred tax assets: Accrued sales tax liability $ 5,126 $ 5,910 Other accrued expenses 225 — Deferred stock compensation 680 1,605 Deferred revenue 31 — Bad debt and inventory reserves 440 21 Capitalized research and development costs 317 — Lease liabilities 376 — Net operating loss carryforward 3,001 — Total deferred tax assets 10,195 7,536 Deferred tax liabilities: Tax accounting method change (541) — Intangible assets (2,627) — Property and equipment (1,041) (2,527) Right of use assets (376) — Total deferred tax liabilities (4,585) (2,527) Valuation allowance (624) — Total net deferred tax assets $ 4,986 $ 5,009
Schedule of Income before Income Tax, Domestic and Foreign	Outlined below are the tax attributes acquired and the balances remaining as of March 31, 2024 (in thousands). PetCareRx Tax Attributes Acquired Total Sec. 382 limited utilization Attributes for which a deferred tax asset is recorded Expiration Federal net operating losses - limited carryover 85,454 83,300 2,154 Beginning in FY 2024 Federal net operating losses - unlimited carryover 10,501 — 10,501 None Disallowed business interest expense carryover 1,855 — 1,855 None State net operating losses 11,040 2,066 8,974 Beginning in FY 2026 Tax Attribute as of March 31, 2024 Total Sec. 382 limited utilization Attributes for which a deferred tax asset is recorded Expiration Federal net operating losses - limited carryover 84,114 83,300 814 Beginning in FY 2025 Federal net operating losses - unlimited carryover 10,501 — 10,501 None Disallowed business interest expense carryover — — 0 None State net operating losses 11,040 2,066 8,974 Beginning in FY 2026
Schedule of Components of Income Tax Provision	The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2024 2023 2022 Current taxes Federal $ 490 $ 2,623 $ 5,802 State 408 1,312 514 Total current income tax provision 898 3,934 6,316 Deferred income tax provision (benefit) Federal 412 (453) (778) State (119) (1,176) (69) Total deferred taxes 293 (1,629) (847) Total income tax provision $ 1,191 $ 2,305 $ 5,469
Schedule of Effective Income Tax Rate Reconciliation	The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2024 2023 2022 Income taxes at federal statutory rates $ (1,317) $ 1,564 $ 5,078 State income taxes, net of federal tax benefit 304 107 428 Non-deductible executive compensation 1,771 — — Other permanent differences 105 340 116 Restricted stock shortfall adjustment 281 171 31 Deferred tax adjustments 47 — — Other — 124 (184) Total income tax provision $ 1,191 $ 2,305 $ 5,469 The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: Year Ended March 31, 2024 2023 2022 Federal rate on income before taxes 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (4.9) % 1.4 % 1.8 % Non-deductible executive compensation (28.2) % — % — % Other permanent differences (1.7) % 4.6 % 0.5 % Restricted stock shortfall adjustment (4.5) % 2.3 % 0.1 % Deferred tax adjustments (0.8) % — % — % Other — % 1.7 % (0.8) % Total Effective Tax Rate (19.0) % 31.0 % 22.6 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Dividend Declaration	During fiscal 2024, our Board of Directors declared the following dividends: Declaration Date Per Share Record Date Total Amount Payment Date May 22, 2023 $0.30 June 6, 2023 $6,352 June 12, 2023 July 31, 2023 $0.30 August 14, 2023 $6,344 August 18, 2023

Restricted Stock (Tables)

Restricted Stock (Tables)	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	For the year ended March 31, 2024, restricted stock award ("RSA") activity under the Plans was as follows: 2016 Employee 2015 Director Plan Number of Shares 2022 Employee Plan Number of Shares All Plans Non-vested restricted stock outstanding at March 31, 2023 684,200 68,629 0 752,829 Granted and issued 12,400 1,623 89,742 103,765 Vested (76,343) (29,418) (8,332) (114,093) Forfeited (14,914) (17,127) (7,334) (39,375) Non-vested restricted stock outstanding at March 31, 2024 605,343 23,707 74,076 703,126
Share-Based Payment Arrangement, Restricted Stock Unit, Activity	RSU activity under the Plans was as follows: RSUs Weighted-Average Non-vested RSUs outstanding at March 31, 2023 – $ – Granted 88,880 $ 12.78 Vested and issued – $ – Forfeited (3,800) $ 13.35 Non-vested RSUs outstanding at March 31, 2024 85,080 $ 12.75
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity	For the year ended March 31, 2024, PSU activity under the Plans was as follows: PSUs Weighted-Average Non-vested PSUs outstanding at March 31, 2023 – $ – Granted 12,000 $ 10.48 Vested and issued – $ – Forfeited – $ – Performance adjustment – $ – Non-vested RSUs outstanding at March 31, 2024 12,000 $ 10.48

Net (lLoss) Income Per Share (T

Net (lLoss) Income Per Share (Tables)	12 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net (Loss) Income 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 per share amounts): Year Ended March 31, 2024 2023 2022 Net (loss) income (numerator): Net (loss) income $ (7,464) $ 5,140 $ 18,716 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,395,959 20,274,786 20,175,930 Common shares issuable upon the vesting of restricted stock — 54,091 171,765 Common shares issuable upon conversion of preferred shares — 10,125 10,125 Shares used in diluted computation 20,395,959 20,339,002 20,357,820 Net (loss) income per common share: Basic $ (0.37) $ 0.25 $ 0.93 Diluted $ (0.37) $ 0.25 $ 0.92

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, ft² in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) ft² $ / shares	Mar. 31, 2024 USD ($) ft² tenant reporting_unit $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 $ / shares
Disaggregation of Revenue [Line Items]
Inventory reserve	$ 72,000	$ 72,000	$ 48,000
Number of reporting units | reporting_unit		1
Share price (in dollars per share) | $ / shares	$ 4.79	$ 4.79			$ 7.56
Impairment		$ 0
Percent of fair value in excess of carrying amount	27%	27%
Liabilities for uncertain tax positions	$ 0	$ 0	$ 0
Valuation Technique, Discounted Cash Flow
Disaggregation of Revenue [Line Items]
Reporting unit measurement type	0.70	0.70
Valuation Technique, Discounted Cash Flow | Measurement Input, Weighted Average Cost Of Capital
Disaggregation of Revenue [Line Items]
Reporting unit measurement type	0.27	0.27
Valuation, Market Approach
Disaggregation of Revenue [Line Items]
Reporting unit measurement type	0.30	0.30
Valuation, Market Approach | Measurement Input, Control Premium
Disaggregation of Revenue [Line Items]
Reporting unit measurement type	0.10	0.10
Cost of Goods and Service Benchmark | Supplier Concentration Risk | Six Suppliers
Disaggregation of Revenue [Line Items]
Percentage of all products purchased			69%
Cost of Goods and Service Benchmark | Supplier Concentration Risk | Seven Suppliers
Disaggregation of Revenue [Line Items]
Percentage of all products purchased		78%
Delray Beach Property
Disaggregation of Revenue [Line Items]
Percentage of property leased to tenants		48%
Area of real estate property (in square feet) | ft²	88	88
Number of tenants | tenant		2
Weighted average remaining lease term		1 year
Rental revenue	$ 500,000	$ 1,200,000	$ 700,000	$ 700,000
Lessor, operating lease, payment to be received, 2025	617,000	617,000
Lessor, operating lease, payment to be received, 2026	112,000	112,000
Lessor, operating lease, payment to be received, 2027	0	0
Lessor, operating lease, payment to be received, 2029	0	0
Lessor, operating lease, payment to be received, 2028	$ 0	$ 0
Building
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life	30 years	30 years
Maximum
Disaggregation of Revenue [Line Items]
Definite-lived intangible assets useful life	7 years	7 years
Maximum | Furniture, Fixtures, Equipment and Computer Software
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life	10 years	10 years
Minimum
Disaggregation of Revenue [Line Items]
Definite-lived intangible assets useful life	3 years	3 years
Minimum | Furniture, Fixtures, Equipment and Computer Software
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life	3 years	3 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($) model category performanceObligation	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of performance obligations | performanceObligation	1
Number of membership models | model	2
Deferred revenue	$ 2,603	$ 0
Number of sales categories | category	2
Net sales	$ 281,064	256,579	$ 272,282
Allowance for doubtful accounts	273	35
Membership fees
Disaggregation of Revenue [Line Items]
Net sales	9,783	0
Reorder sales
Disaggregation of Revenue [Line Items]
Net sales	246,977	232,380	243,490
Reorder sales | Previously Reported
Disaggregation of Revenue [Line Items]
Net sales			249,400
New order sales
Disaggregation of Revenue [Line Items]
Net sales	$ 24,304	$ 24,199	28,792
New order sales | Previously Reported
Disaggregation of Revenue [Line Items]
Net sales			$ 22,900
Membership Customers
Disaggregation of Revenue [Line Items]
Annual membership fees renewal period	1 year
Revenue recognition period	1 year
Deferred membership fee revenue recognized	$ 7,000
Deferred revenue	2,600
Membership Customers | Partner Program
Disaggregation of Revenue [Line Items]
Net sales	$ 2,800

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Rollforward of Deferred Revenue (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning balance	$ 0
Deferred revenue, ending balance	2,603
PetCareRx
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue acquired with PetCareRx	3,000
Membership Customers
Contract With Customer, Liability, Current [Roll Forward]
Deferred memberships fees received	6,600
Deferred membership fee revenue recognized	(7,000)
Deferred revenue, ending balance	$ 2,600

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 281,064	$ 256,579	$ 272,282
Sales, percentage	100%	100%	100%
Revenues, variance	$ 24,485	$ (15,703)
Revenues, variance, percentage	9.50%	(5.80%)
Reorder sales
Disaggregation of Revenue [Line Items]
Net sales	$ 246,977	$ 232,380	$ 243,490
Sales, percentage	87.90%	90.60%	89.40%
Revenues, variance	$ 14,597	$ (11,110)
Revenues, variance, percentage	6.30%	(4.60%)
New order sales
Disaggregation of Revenue [Line Items]
Net sales	$ 24,304	$ 24,199	$ 28,792
Sales, percentage	8.60%	9.40%	10.60%
Revenues, variance	$ 105	$ (4,593)
Revenues, variance, percentage	0.40%	(16.00%)
Membership fees
Disaggregation of Revenue [Line Items]
Net sales	$ 9,783	$ 0
Sales, percentage	3.50%	0%
Revenues, variance	$ 9,783

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($)		12 Months Ended
	Apr. 03, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 26,658,000	$ 0
PetCareRx
Business Acquisition [Line Items]
Percentage of equity interests acquired	100%
Aggregate 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	$ 1,700,000
Acquisition related costs		$ 1,200,000	$ 500,000

Acquisition - Schedule of Acqui

Acquisition - Schedule of Acquired Identifiable Assets, Liabilities Assumed and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 03, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 26,658		$ 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
Operating lease liabilities		2,220
Total liabilities		11,315
Total purchase consideration		$ 36,079

Acquisition - Schedule of Pro-F

Acquisition - Schedule of Pro-Forma Information (Details) - PetCareRx - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Revenue	$ 300,230	$ 311,480
Net (loss) income	$ (261)	$ 13,613

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 46,785	$ 41,409
Less: accumulated depreciation	(20,128)	(15,231)
Property and equipment, net	26,657	26,178
Depreciation and amortization	5,100	3,500	$ 2,700
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,999	14,997
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,700	3,700
Building Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,511	3,917
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,246	9,391
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,329	$ 9,404

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued credit card fees	$ 397	$ 401
Accrued salaries and benefits	1,530	1,564
Accrued merchandise credits / reward program	1,849	1,660
Accrued professional expenses	222	559
Accrued sales return allowance	318	221
Accrued dividends payable	1,466	1,262
Accrued real estate taxes	142	118
Other accrued liabilities	1,136	406
Accrued expenses and other current liabilities	$ 7,060	$ 6,191

Intangible and Other Assets, _3

Intangible and Other Assets, Net - Schedule (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 03, 2023	Apr. 19, 2022	Mar. 31, 2024	Mar. 31, 2023
Gross Value
Intangibles			$ 13,160	$ 860
Accumulated Amortization			(1,957)
Net Carrying Value
Finite-lived intangibles			7,743
Intangibles			11,203	860
Other Assets
Minority interest purchased, amount			5,300	5,000
Minority interest investment in Vetster			5,300	5,000
Intangibles and Other Assets
Intangible and other assets, Gross Value			18,460	5,860
Accumulated Amortization				0
Intangible and Other Assets, Net Carrying Value			16,503	5,860
Amortization expense			$ 2,000	0
Term of agreement		3 years
Payments to acquire investments	$ 300	$ 5,000
Vetster Inc
Intangibles and Other Assets
Ownership percentage	4.80%	5%
Customer Relationships -PetCareRx
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets useful life			7 years
Gross Value
Finite-lived intangibles			$ 6,700
Accumulated Amortization			(957)
Net Carrying Value
Finite-lived intangibles			$ 5,743
Weighted Average Remaining Useful Life (Years)			6 years 3 months
Developed Technology - PetCareRx
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets useful life			3 years
Gross Value
Finite-lived intangibles			$ 3,000
Accumulated Amortization			(1,000)
Net Carrying Value
Finite-lived intangibles			$ 2,000
Weighted Average Remaining Useful Life (Years)			2 years 3 months
Toll-free telephone number
Gross Value
Indefinite-lived intangibles			$ 375	375
Net Carrying Value
Indefinite-lived intangibles			375	375
Internet domain names
Gross Value
Indefinite-lived intangibles			485	485
Net Carrying Value
Indefinite-lived intangibles			485	$ 485
Trade Names - PetCareRx
Gross Value
Indefinite-lived intangibles			2,600
Net Carrying Value
Indefinite-lived intangibles			$ 2,600

Intangible and Other Assets, _4

Intangible and Other Assets, Net - Expected Amortization (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,957
2026	1,957
2027	957
2028	957
2029	957
Thereafter	957
Total	$ 7,743

Intangible and Other Assets, _5

Intangible and Other Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Net sales	$ 281,064	$ 256,579	$ 272,282
Related party transaction amount	$ 153	80
Minimum
Related Party Transaction [Line Items]
Percent of revenue generated	10%
Maximum
Related Party Transaction [Line Items]
Percent of revenue generated	20%
Equity Method Investee
Related Party Transaction [Line Items]
Net sales	$ 800	$ 400

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years
Lease discount rate	3.60%
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 - Schedule of Lease Cost

Leases - Schedule of Lease Costs and Activity (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating lease cost - fixed	$ 853
Operating lease costs - variable	65
Total lease cost	918
Cash paid for the amounts included in the measurement of operating lease liabilities	832
Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition	$ 2,220

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 501
2026	488
2027	502
2028	42
Total lease payments	1,533
Less: Imputed Interest	(79)
Present value of lease liabilities	$ 1,454

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Accrued sales tax liability	$ 5,126	$ 5,910
Other accrued expenses	225	0
Deferred stock compensation	680	1,605
Deferred revenue	31	0
Bad debt and inventory reserves	440	21
Capitalized research and development costs	317	0
Lease liabilities	376	0
Net operating loss carryforward	3,001	0
Total deferred tax assets	10,195	7,536
Deferred tax liabilities:
Tax accounting method change	(541)	0
Intangible assets	(2,627)	0
Property and equipment	(1,041)	(2,527)
Right of use assets	(376)	0
Total deferred tax liabilities	(4,585)	(2,527)
Valuation allowance	(624)	0
Total net deferred tax assets	$ 4,986	$ 5,009

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 624	$ 0
Non-deductible executive compensation	1,771	0	$ 0
Deferred tax asset adjustment	1,000
Compensation of covered executives	1,000
Restricted stock shortfall adjustment	281	171	31
Other	0	$ 124	$ (184)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11,300
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11,040
Valuation allowance	$ 600

Income Taxes - Tax Attributes (

Income Taxes - Tax Attributes (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
Disallowed business interest expense carryover	$ 0
Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Disallowed business interest expense carryover	0
Federal
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	84,114
Federal net operating losses - unlimited carryover	10,501
Net operating loss carryforwards	11,300
Federal | Sec. 382 limited utilization
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	83,300
Federal | Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	814
Federal net operating losses - unlimited carryover	10,501
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11,040
State | Sec. 382 limited utilization
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,066
State | Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,974
PetCareRx
Operating Loss Carryforwards [Line Items]
Disallowed business interest expense carryover	1,855
PetCareRx | Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Disallowed business interest expense carryover	1,855
PetCareRx | Federal
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	85,454
Federal net operating losses - unlimited carryover	10,501
PetCareRx | Federal | Sec. 382 limited utilization
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	83,300
PetCareRx | Federal | Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Federal net operating losses - limited carryover	2,154
Federal net operating losses - unlimited carryover	10,501
PetCareRx | State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	11,040
PetCareRx | State | Sec. 382 limited utilization
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,066
PetCareRx | State | Attributes for which a deferred tax asset is recorded
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 8,974

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Current taxes
Federal	$ 490	$ 2,623	$ 5,802
State	408	1,312	514
Total current income tax provision	898	3,934	6,316
Deferred income tax provision (benefit)
Federal	412	(453)	(778)
State	(119)	(1,176)	(69)
Total deferred taxes	293	(1,629)	(847)
Total income tax provision	$ 1,191	$ 2,305	$ 5,469

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes at federal statutory rates	$ (1,317)	$ 1,564	$ 5,078
State income taxes, net of federal tax benefit	304	107	428
Non-deductible executive compensation	1,771	0	0
Other permanent differences	105	340	116
Restricted stock shortfall adjustment	281	171	31
Deferred tax adjustments	47	0	0
Other	0	124	(184)
Total income tax provision	$ 1,191	$ 2,305	$ 5,469

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Total Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Federal rate on income before taxes (as percent)	21%	21%	21%
State income taxes, net of federal tax benefit (as percent)	(4.90%)	1.40%	1.80%
Non-deductible compensation (as percent)	(28.20%)	0%	0%
Permanent differences (as percent)	(1.70%)	4.60%	0.50%
Restricted stock (windfall) shortfall adjustment (as percent)	(4.50%)	2.30%	0.10%
Deferred tax adjustments (as percent)	(0.80%)	0%	0%
Other (as percent)	0%	1.70%	(0.80%)
Total Effective Tax Rate (as percent)	(19.00%)	31%	22.60%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Apr. 30, 1998	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	250,000	3,000	3,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued, price per share (in dollars per share)	$ 4
Stock issuance costs	$ 112
Convertible preferred stock, shares issued upon conversion (in shares)	4.05
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4	$ 4
Preferred stock, shares outstanding (in shares)		3,000	3,000
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		2,500	2,500

Shareholder's Equity - Declared

Shareholder's Equity - Declared Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2023	May 22, 2023
Equity [Abstract]
Per Share Dividend (in dollars per share)	$ 0.30	$ 0.30
Total Amount	$ 6,344	$ 6,352

Restricted Stock - Narrative (D

Restricted Stock - Narrative (Details) - USD ($)

1 Months Ended

12 Months Ended

Aug. 03, 2022

Aug. 30, 2021

Jun. 30, 2023

Aug. 31, 2022

Jul. 31, 2022

Aug. 31, 2021

Jul. 31, 2015

Mar. 31, 2024

Mar. 20, 2024

Mar. 31, 2023

Mar. 31, 2022

Jul. 31, 2016

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Share based compensation

$ 6,869,000

$ 6,617,000

$ 4,549,000

State

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Net operating loss carryforwards

$ 11,040,000

Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Award vesting rights, percentage

0%

Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Award vesting rights, percentage

200%

Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

103,765

Non-vested restricted stock (in shares)

703,126

752,829

Forfeited (in shares)

(39,375)

PSUs

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

12,000

Weighted-average grant date fair value (in dollars per share)

$ 10.48

Unrecognized compensation costs related to restricted stock

$ 62,000

$ 0

Weighted average restriction and forfeiture period

1 year 7 months 6 days

0 years

Granted, total grant date fair value

$ 126,000

$ 0

Stock-based compensation expense

$ 64,000

0

Forfeited (in shares)

0

PSUs | Share-Based Payment Arrangement, Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares, vesting period

3 years

PSUs | Share-Based Payment Arrangement, Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares, vesting period

1 year

RSUs

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

88,880

Weighted-average grant date fair value (in dollars per share)

$ 12.78

Unrecognized compensation costs related to restricted stock

$ 0

Weighted average restriction and forfeiture period

0 years

Granted, total grant date fair value

$ 1,100,000

$ 0

Stock-based compensation expense

$ 300,000

$ 0

Forfeited (in shares)

(3,800)

(3,917)

RSUs | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares, vesting period

1 year

RSUs | Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted shares, vesting period

3 years

2015 Director Plan | Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock authorized for issuance (in shares)

400,000

255,251

Common stock available for issuance, automatic annual increase, percent

10%

Restricted stock granted (in shares)

1,623

Non-vested restricted stock (in shares)

23,707

68,629

Forfeited (in shares)

(17,127)

2015 Director Plan | Restricted Stock | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restriction period

1 year

2015 Director Plan | Restricted Stock | Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restriction period

3 years

2016 Employee Plan | Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock authorized for issuance (in shares)

957,260

1,000,000

Restricted stock granted (in shares)

12,400

Non-vested restricted stock (in shares)

605,343

684,200

Forfeited (in shares)

(14,914)

2016 Employee Plan | Restricted Stock | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

90,000

90,000

2016 Employee Plan | Restricted Stock | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

13,000

13,000

2016 Employee Plan | Performance Restricted Stock | Chief Executive Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

510,000

510,000

Absolute stock price hurdle period

3 years

3 years

2016 Employee Plan | Performance Restricted Stock | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

3,000

3,000

Restricted shares, vesting period

3 years

2022 Employee Plan | Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock authorized for issuance (in shares)

1,000,000

149,488

Restricted stock granted (in shares)

89,742

Non-vested restricted stock (in shares)

74,076

0

Forfeited (in shares)

(7,334)

2022 Employee Plan | Restricted Stock | Minimum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restriction period

1 year

2022 Employee Plan | Restricted Stock | Maximum

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restriction period

10 years

Employee and Director Equity Compensation Plan | Non-vested Restricted Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Non-vested restricted stock (in shares)

703,126

752,829

Issuance of restricted stock, net (in shares)

64,390

99,390

Weighted-average grant date fair value (in dollars per share)

$ 14.75

$ 21.57

Fair value of shares vested

$ 1,400,000

$ 2,400,000

Unrecognized compensation costs related to restricted stock

$ 3,200,000

$ 9,100,000

Weighted average restriction and forfeiture period

7 months

1 year 7 months 6 days

2022 Employee Plan | PSUs | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

8,000

Restricted shares, vesting period

3 years

2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

4,000

Award vesting rights, percentage

50%

2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

8,000

Award vesting rights, percentage

100%

2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Three

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

2,000

Award vesting rights, percentage

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]

Restricted stock granted (in shares)

2,000

Award vesting rights, percentage

0%

2022 Employee Plan | RSUs | Chief Financial Officer

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (in shares)

11,750

Restricted shares, vesting period

3 years

Award vesting rights, percentage

33.33333%

2022 Employee Plan | RSUs | Chief Financial Officer | Fiscal Year 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Restricted stock granted (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]

Restricted stock granted (in shares)

8,000

Restricted Stock - Non-vested R

Restricted Stock - Non-vested Restricted Stock (Details) - Restricted Stock	12 Months Ended
	Mar. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested restricted stock outstanding at March 31, 2023 (in shares)	752,829
Restricted stock granted (in shares)	103,765
Restricted stock vested (in shares)	(114,093)
Restricted stock forfeited or expired (in shares)	(39,375)
Non-vested restricted stock outstanding at March 31, 2024 (in shares)	703,126
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 restricted stock outstanding at March 31, 2023 (in shares)	684,200
Restricted stock granted (in shares)	12,400
Restricted stock vested (in shares)	(76,343)
Restricted stock forfeited or expired (in shares)	(14,914)
Non-vested restricted stock outstanding at March 31, 2024 (in shares)	605,343
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 restricted stock outstanding at March 31, 2023 (in shares)	68,629
Restricted stock granted (in shares)	1,623
Restricted stock vested (in shares)	(29,418)
Restricted stock forfeited or expired (in shares)	(17,127)
Non-vested restricted stock outstanding at March 31, 2024 (in shares)	23,707
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 restricted stock outstanding at March 31, 2023 (in shares)	0
Restricted stock granted (in shares)	89,742
Restricted stock vested (in shares)	(8,332)
Restricted stock forfeited or expired (in shares)	(7,334)
Non-vested restricted stock outstanding at March 31, 2024 (in shares)	74,076

Restricted Stock - Rollforward

Restricted Stock - Rollforward of RSU and PSU Activity (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 20, 2024	Mar. 31, 2023
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)	85,080		0
Granted (in shares)	88,880
Vested and issued (in shares)	0
Forfeited (in shares)	(3,800)	(3,917)
Ending balance (in shares)	85,080		0
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)	$ 0	$ 0
Weighted-average grant date fair value (in dollars per share)	12.78
Vested and issued (in dollars per share)	0
Forfeited (in dollars per share)	13.35
Ending Balance (in dollars per share)	$ 12.75		$ 0
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)	12,000		0
Granted (in shares)	12,000
Vested and issued (in shares)	0
Forfeited (in shares)	0
Performance adjustment (in shares)	0
Ending balance (in shares)	12,000		0
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)	$ 0	$ 0
Weighted-average grant date fair value (in dollars per share)	10.48
Vested and issued (in dollars per share)	0
Forfeited (in dollars per share)	0
Performance adjustment (in dollars per share)	0
Ending Balance (in dollars per share)	$ 10.48		$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 55,296	$ 104,086

Net (Loss) Income Per Share - B

Net (Loss) Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Net (loss) income (numerator):
Net (loss) income	$ (7,464)	$ 5,140	$ 18,716
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation (in shares)	20,395,959	20,274,786	20,175,930
Common shares issuable upon the vesting of restricted stock (in shares)	0	54,091	171,765
Common shares issuable upon conversion of preferred shares (in shares)	0	10,125	10,125
Shares used in diluted computation (in shares)	20,395,959	20,339,002	20,357,820
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.37)	$ 0.25	$ 0.93
Diluted (in dollars per share)	$ (0.37)	$ 0.25	$ 0.92

Net (loss) Income Per Share - N

Net (loss) Income Per Share - Narrative (Details) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	827,863	745,854	220,727

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, $ in Thousands						1 Months Ended		12 Months Ended
	Jan. 13, 2023 USD ($)	Dec. 31, 2022 shares	Aug. 03, 2022 USD ($) shares	Aug. 02, 2022 USD ($) payment	Aug. 30, 2021 USD ($) $ / shares shares	Aug. 31, 2022 shares	Aug. 31, 2021 shares	Mar. 31, 2024 USD ($) shares
Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)								103,765
Performance restricted stock vested (in shares)								114,093
2016 Employee Plan | Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)								12,400
Performance restricted stock vested (in shares)								76,343
Chief Executive Officer
Other Commitments [Line Items]
Initial employment term					3 years
Successive renewal employment term					1 year
Employment term cancellation period					60 days
Annual base salary | $					$ 500
"Good Reason" termination period					12 months
Severance pay equal to based salary for number of periods					12 months
Severance pay health insurance benefits, without cause termination, period					18 months
Severance pay health insurance benefits, change in control, period					12 months
Non-compete term					1 year
Chief Executive Officer | 2016 Employee Plan | Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)					90,000		90,000
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)					510,000		510,000
Absolute stock price hurdle period					3 years		3 years
Employment performance period					3 years
Achievement of absolute stock price hurdle period, consecutive days					90 days
Performance restricted stock vested (in shares)								0
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock Price Hurdle 1
Other Commitments [Line Items]
Restricted stock granted (in shares)					85,000
Stock hurdle price (in dollars per share) | $ / shares					$ 40
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock Price Hurdle 2
Other Commitments [Line Items]
Restricted stock granted (in shares)					107,000
Stock hurdle price (in dollars per share) | $ / shares					$ 45
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock Price Hurdle 3
Other Commitments [Line Items]
Restricted stock granted (in shares)					106,000
Stock hurdle price (in dollars per share) | $ / shares					$ 50
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock Price Hurdle 4
Other Commitments [Line Items]
Restricted stock granted (in shares)					106,000
Stock hurdle price (in dollars per share) | $ / shares					$ 55
Chief Executive Officer | 2016 Employee Plan | Performance Restricted Stock Price Hurdle 5
Other Commitments [Line Items]
Restricted stock granted (in shares)					106,000
Stock hurdle price (in dollars per share) | $ / shares					$ 60
Chief Financial Officer
Other Commitments [Line Items]
Number of severance payments | payment				2
Lump-sum severance payments | $	$ 182
Restricted stock, released in period (in shares)		13,275
Annual base salary | $			$ 375
Non-compete term				12 months
Sign on bonus | $			$ 50
Requisite service period			12 months
Contingent lump sum severance payment | $				$ 182
Accrued severance costs | $								$ 182
Chief Financial Officer | 2016 Employee Plan | Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)			13,000			13,000
Chief Financial Officer | 2016 Employee Plan | Performance Restricted Stock
Other Commitments [Line Items]
Restricted stock granted (in shares)			3,000			3,000
Restricted shares, vesting period			3 years

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, requisite service period	90 days
Defined contribution plan, requisite age	21 years
Employer match contribution percentage	100%
Percentage of employees gross compensation eligible for match	4%
Defined contribution plan, matching contribution	$ 350	$ 289	$ 238

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 29, 2024	Mar. 31, 2024
Subsequent Event
Subsequent Event [Line Items]
Employment term	3 years
Renewal term	1 year
Non renewal notice period	60 days
Annual base salary	$ 550
Sign on bonus	$ 120
Requisite service period	1 year
Target annual bonus percentage	100%
Maximum bonus percentage	200%
Subject to floor (in dollars per share)	$ 4
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations	510,000
Subsequent Event | Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Award vesting rights, percentage	33.33%
Subsequent Event | Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Award vesting rights, percentage	33.33%
Subsequent Event | Share-Based Payment Arrangement, Tranche Three
Subsequent Event [Line Items]
Award vesting rights, percentage	33.33%
Restricted Stock
Subsequent Event [Line Items]
Performance restricted stock vested (in shares)		114,093
Restricted Stock | Subsequent Event
Subsequent Event [Line Items]
Performance restricted stock vested (in shares)	30,000
Annual grant amount	$ 750
Restricted shares, vesting period	3 years
Restricted Stock | 2022 Employee Plan
Subsequent Event [Line Items]
Performance restricted stock vested (in shares)		8,332
Restricted Stock | 2022 Employee Plan | Subsequent Event
Subsequent Event [Line Items]
Grant issued amount	$ 2,000
PSUs | Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Restricted shares, vesting period		1 year
PSUs | Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Restricted shares, vesting period		3 years
PSUs | Subsequent Event
Subsequent Event [Line Items]
Annual grant amount	$ 750
Restricted shares, vesting period	3 years