PetMed Express (PETS) 10-Q 7 Aug 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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, par value $.001 per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,600,652
Entity Central Index Key	0001040130
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 45,992	$ 55,296
Accounts receivable, less allowance for doubtful accounts of $109 and $273, respectively	2,261	3,283
Inventories	25,520	28,556
Prepaid expenses and other current assets	3,851	6,325
Prepaid income taxes	0	188
Total current assets	77,624	93,648
Noncurrent assets:
Property and equipment, net	26,109	26,657
Intangible and other assets, net	16,014	16,503
Goodwill	26,658	26,658
Operating lease right-of-use assets, net	1,297	1,432
Deferred tax assets, net	5,012	4,986
Total noncurrent assets	75,090	76,236
Total assets	152,714	169,884
Current liabilities:
Accounts payable	24,467	37,024
Sales tax payable	25,331	25,012
Accrued expenses and other current liabilities	5,201	7,060
Current operating lease liabilities	438	459
Deferred revenue	2,146	2,603
Income taxes payable	717	0
Total current liabilities	58,300	72,158
Long-term operating lease liabilities	883	995
Total liabilities	59,183	73,153
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000,000 shares authorized; 20,600,652 and 21,148,692 shares issued and outstanding, respectively	21	21
Additional paid-in capital	16,942	25,146
Retained earnings	76,559	71,555
Total shareholders' equity	93,531	96,731
Total liabilities and shareholders' equity	$ 152,714	$ 169,884

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Allowance for doubtful accounts	$ 109	$ 273
Shareholders' equity:
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 outstanding (in shares)	2,500	2,500
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)	20,600,652	21,148,692
Common stock, shares outstanding (in shares)	20,600,652	21,148,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Sales	$ 67,952	$ 78,244
Cost of sales	49,981	55,718
Gross profit	17,971	22,526
Operating expenses:
General and administrative (including stock compensation of $(8,204) and $1,760, respectively)	4,874	15,711
Advertising	6,990	7,265
Depreciation and amortization	1,721	1,678
Total operating expenses	13,585	24,654
Income (loss) from operations	4,386	(2,128)
Other income:
Interest income, net	95	194
Other, net	231	506
Total other income	326	700
Income (loss) before provision for income taxes	4,712	(1,428)
Provision (benefit) for income taxes	958	(292)
Net income (loss)	$ 3,754	$ (1,136)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.18	$ (0.06)
Diluted (in dollars per share)	$ 0.18	$ (0.06)
Weighted average number of common shares outstanding:
Basic (in shares)	20,513,281	20,332,526
Diluted (in shares)	20,941,505	20,332,526
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.30

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Share based compensation	$ (8,204)	$ 1,760

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 3,754	$ (1,136)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,721	1,678
Share based compensation	(8,204)	1,760
Deferred income taxes	(26)	(627)
Bad debt expense	142	19
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	880	(46)
Inventories - finished goods	3,036	(10,185)
Prepaid income taxes	188	335
Prepaid expenses and other current assets	2,474	(2,390)
Operating lease right-of-use assets, net	135	196
Accounts payable	(12,558)	9,115
Sales tax payable	319	500
Accrued expenses and other current liabilities	(505)	1,295
Lease liabilities	(133)	(205)
Deferred revenue	(457)	253
Income taxes payable	717	0
Net cash (used in) provided by operating activities	(8,517)	562
Cash flows from investing activities:
Acquisition of PetCareRx, net of cash acquired	0	(35,859)
Purchases of property and equipment	(683)	(1,153)
Net cash used in investing activities	(683)	(37,012)
Cash flows from financing activities:
Dividends paid	(104)	(6,102)
Net cash used in financing activities	(104)	(6,102)
Net decrease in cash and cash equivalents	(9,304)	(42,552)
Cash and cash equivalents, at beginning of period	55,296	104,086
Cash and cash equivalents, at end of period	45,992	61,534
Supplemental disclosure of cash flow information:
Cash paid for income taxes	81	0
Dividends payable in accrued expenses and other current liabilities	$ 112	$ 1,507

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 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’s fiscal year end is March 31, and references herein to fiscal 2025 or fiscal 2024 refer to the Company's fiscal years ending March 31, 2025 and 2024, respectively. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at June 30, 2024, the Statements of Operations for the three months ended June 30, 2024 and 2023, and Cash Flows for the three months ended June 30, 2024 and 2023. The results of operations for the three months ended June 30, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2025. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in our 2024 Form 10-K. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ( "Business Combinations" ). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of June 30, 2024 for these memberships was Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit. Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“ Goodwill and Other Intangible Assets ”). These definite-lived intangible assets are being amortized over periods ranging from three Leases The Company accounts for leases in accordance with ASC Topic 842 ( "Leases") . The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet, but rather are expensed as incurred. The Company’s lease agreements do not contain any residual value guarantees. Recent Accounting Pronouncements The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial position, results of operations, or cash flows. Restatement of Previously Issued Financial Statements The unaudited condensed consolidated financial statements for the three months ended June 30, 2023 (the "Affected Period") has been restated to account for material misstatements related to sales tax obligations as further described below and the accounting treatment related to the deferred tax asset associated with the Company’s acquisition of PetCareRx in April 2023 (collectively, the “Misstatements”). Description of restatement adjustments In the third quarter of fiscal year 2024, the Company, reviewed the accounting treatment related to its previously reported sales tax accruals as well as the accounting treatment related to the valuation of the deferred tax asset associated with the Company’s acquisition of PetCareRx in April 2023. As a result of this review, management determined that the Company incorrectly applied U.S. GAAP as it relates to the sales tax liability and improperly valued the deferred tax asset and goodwill included in its unaudited condensed consolidated financial statements for the Affected Period. We corrected the Misstatements relating to sales tax accruals by recording sales tax accruals as of the end of the Affected Period using a legal liability approach under Accounting Standards Codification Topic 405, Liabilities. Amounts reported in our Statement of Operations for the three months ended June 30, 2024 reflect additional accrued interest on the previously-recorded sales tax liability. In addition, we have corrected the Misstatements relating to the deferred tax asset we recognized in connection with our acquisition of PetCareRx on April 3, 2023 (the “Acquisition”) as of the end of the Affected Period. In the accounting for the Acquisition, it was determined that we incorrectly valued deferred tax assets associated with loss carryforwards of PetCareRx under section 382 of the Internal Revenue Code.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 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 websites 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 three Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. Membership fees represent the amounts recognized periodically from two membership models. The first is the PetPlus membership for PetCareRx customers, the second is a partner membership provided through PetCareRx. These memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup which represent a single stand-ready performance obligation to provide these benefits. The PetPlus membership fee is an upfront annual charge and automatically renews one year from the initial enrollment date. The Company recognizes the revenue ratably over the term of the PetPlus membership which is generally one year. As shown in the following table, under the PetPlus program, the Company recognized $1.5 million of previously deferred annual membership fees in the three months ended June 30, 2024, and had $2.1 million of deferred revenue as of the quarter ended June 30, 2024. (amounts in millions) Deferred revenue, March 31, 2024 $ 2.6 Deferred revenue acquired with PetCareRx — Deferred memberships fees and others received 1.1 Deferred membership fee revenue and others recognized (1.5) Deferred revenue, June 30, 2024 2.1 In addition to annual membership fees earned under the PetPlus program, the Company also earns membership fees on a month-to-month basis under its PetCareRx partner membership program. For the three months ended June 30, 2024 and June 30, 2023, membership fees earned under the partner program were $0.9 million and $0.6 million, respectively. The Company has no material contract asset or liability balances at June 30, 2024 and March 31, 2024, respectively. The Company disaggregates sales in the following categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales in those categories: Three Months Ended June 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 60,025 88.3 % $ 68,038 87.0 % $ (8,013) (11.8) % New order sales 5,603 8.2 % 7,820 10.0 % (2,217) (28.4) % Membership fees 2,324 3.4 % 2,386 3.0 % (62) (2.6) % Total net sales $ 67,952 100.0 % $ 78,244 100.0 % $ (10,292) (13.2) %

Acquisition

Acquisition	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition On April 3, 2023, the Company acquired 100% of the issued and outstanding equity interests of PetCareRx, a New York corporation and a leading supplier of pet food, pet medications, and supplies. The acquisition was completed pursuant to an Agreement and Plan of Merger ("Merger Agreement") by and among the Company, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), PetCareRx and Jeanette Loeb (as representative of the PetCareRx equity holders). The Merger Agreement provided for the Company’s acquisition of PetCareRx pursuant to the merger of Merger Sub with and into PetCareRx, with PetCareRx as the surviving corporation. The aggregate purchase price consideration was The acquisition of PetCareRx allowed the Company to significantly expand its product catalog, most notably in non-medication products, including food. In addition, PetCareRx brings increased distribution capability and experience, geographic diversity, technology enhancements, additional vendor relationships and a long-tenured and experienced staff. The Company recognized goodwill of approximately The values assigned to the assets acquired and liabilities assumed are based on their estimates of fair value available as of April 3, 2023, as calculated by an independent third-party firm. The selected rates of returns were chosen in consideration of the individual risk profiles of the assets, as well as the resulting weighted average return on assets. Intangible assets are considered to be riskier than the overall business, so the Company included a premium to the investment rate of return on the identified intangible discount rates. The fair values of intangible assets acquired consist of a trade name, customer relationships, and developed technology, which were estimated by applying various discounted cash flow models such as the relief from royalty rate for the trade name, the multi-period excess earnings method for the customer relationships, and the cost to replace method for the developed technology. The fair value measurements were based on significant inputs that are not observable (Level 3). The assumptions made by management in determining the fair value of intangible assets included a discount rate of 12% based on the weighted average cost of capital. As a result of the acquisition, the Company performed an Internal Revenue Code Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Refer to Note 11 for further discussion. The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): Cash and cash equivalents $ 220 Accounts receivable, net 125 Other receivables 506 Inventory 3,116 Other current assets 835 Property and equipment 1,065 Deferred tax assets, net 270 Goodwill 26,657 Intangible assets, net 12,300 Right of use assets 2,220 Other assets 80 Total assets 47,394 Accounts payable 5,713 Accrued liabilities 131 Deferred revenue 2,993 Other current liabilities 258 Lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079 The Company incurred a total of $1.7 million in acquisition related costs that were expensed as incurred and recorded in general and administrative expenses in the Company’s unaudited Condensed Consolidated Statements of Operations, of which $0.5 million was recorded in fiscal year 2023, and $1.2 million was recorded in fiscal year 2024. These costs included banking, legal, accounting, and consulting fees related to the acquisition. Supplemental Pro Forma Information (As Restated) The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X of the Exchange Act for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PetCareRx acquisition had been completed on April 1, 2022, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PetCareRx acquisition had occurred on April 1, 2022 to give effect to certain events that the Company believes to be directly attributable to the acquisition. These pro forma adjustments primarily include: a. A decrease in depreciation expense that would have been recognized due to acquired identifiable fixed assets; b. A decrease in amortization expense that would have been recognized due to acquired identifiable intangible assets; and c. A decrease in payroll costs and benefits. The supplemental pro forma financial information for the prior period three months ended June 30, 2023 is as follows (in thousands): Three Months Ended June 30, 2023 (unaudited) Revenue $ 78,244 Net loss (1,136)

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share In accordance with the provisions of ASC Topic 260 (“ Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended June 30, 2024 2023 (as restated) Net income (loss) (numerator): Net income (loss) $ 3,754 $ (1,136) Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,513,281 20,332,526 Common shares issuable upon vesting of restricted stock 418,099 — Common shares issuable upon conversion of preferred shares 10,125 — Shares used in diluted computation 20,941,505 20,332,526 Net income (loss) per common share: Basic $ 0.18 $ (0.06) Diluted $ 0.18 $ (0.06) For the three months ended June 30, 2024 and 2023, zero and 862,519 shares issuable upon vesting of restricted stock and zero and 10,125 shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net income (loss) per common share, as their inclusion would have had an anti-dilutive effect on diluted net income (loss) per common share.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Compensation - Stock Compensation ”). The Company had 428,137 common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (the “2016 Employee Plan”) (which 2016 Employee Plan was succeeded by the 2022 Employee Plan in April 2023, and no further awards will be granted under the 2016 Employee Plan), 59,074 common shares issued under the 2022 Employee Equity Compensation Plan (as amended) (the “2022 Employee Plan”), and 256,624 common shares issued under the 2015 Outside Director Equity Compensation Plan (as amended) (the “2015 Director Plan”). At June 30, 2024, all shares were issued with service-based vesting conditions with the exception of 2,000 performance stock units which vest subject to the employee's continued employment with the Company or the director’s continued directorship with the Company through the applicable vesting date. The Company records stock-based compensation expense for these awards on a straight-line basis over the requisite service period. The Company reverses stock-based compensation expense previously recorded upon forfeiture of unvested awards except for the performance restricted shares with a market condition issued to the former Chief Executive Officer (“CEO”) and performance stock units (“PSUs”) with a market condition issued to the Chief Financial Officer (“CFO”) as described in the following paragraphs. In June 2023, the Board of Directors amended and restated the 2015 Director Plan and the 2022 Employee Plan (collectively, the "Plans") to include the ability to grant restricted stock units ("RSUs") and performance stock units ("PSUs") under the Plans. The amendments and restatement of the Plans did not increase the maximum number of shares of common stock that may be awarded under the Plans. At June 30, 2024 , the Company had 664,889 RSUs outstanding and 2,000 PSUs outstanding under the 2022 Employee Plan and 31,373 RSUs outstanding under the 2015 Director Plan. In August 2021, the Company issued 90,000 shares of restricted stock and 510,000 performance restricted shares with a market condition to the Company’s former CEO, in accordance with the former CEO’s employment agreement, under the 2016 Employee Plan. In April 2024, the Company and former CEO entered into a Transition and Separation Agreement pursuant to which the Company cancelled the 510,000 performance restricted shares and accelerated vesting on 30,000 remaining unvested restricted shares which otherwise would not have vested. Cancellation of the 510,000 shares resulted in an $8.8 million reduction of compensation expense, offset by $0.1 million of compensation expense from the accelerated vesting of the 30,000 shares in the three months ended June 30, 2024. On April 29, 2024, the new CEO received a grant of 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 three 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 were scheduled to vest on each of the first three 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 vest on each of the first three Also in June 2023, the CFO was awarded 8,000 PSUs with a market condition. On May 16, 2024, the Company granted the CFO 74,850 RSUs of which 14,970 would vest on June 30, 2024, 22,455 would vest August 31, 2024 and 37,425 would vest on August 31, 2025. On May 31, 2024, the Company and CFO entered into a Transition and Separation Agreement pursuant to which the CFO will leave the Company following a transition period. Upon the completion of the transition period and contingent on the CFO’s complying with the terms of the Agreement, the Company will accelerate the vesting of all unvested restricted shares and RSUs that were originally scheduled to vest on or before August 3, 2025. Under the Agreement, PSUs with a market condition were cancelled. Acceleration and cancellation of the CFO’s restricted shares, RSUs and PSUs resulted in net additional compensation expense of $0.2 million in the three months ended June 30, 2024. 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 unaudited Condensed Consolidated Statements of Operations, and the offset is included in the additional paid-in capital line item of the Company’s unaudited Condensed Consolidated Balance Sheets. Restricted Stock Awards The fair value assigned to restricted stock awards is the market price of the Company’s stock at the grant date. The vesting period range from one 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2024 23,707 605,343 74,076 703,126 $ 19.39 Granted and issued – – – – $ – Vested (1,166) (34,500) (46,742) (82,408) $ 20.93 Forfeited – (529,123) (23,334) (552,457) $ 18.71 Balance at June 30, 2024 22,541 41,720 4,000 68,261 $ 23.02 At June 30, 2024 and 2023, there were 68,261 and 837,269 restricted stock awards subject to restriction and forfeiture outstanding, respectively. During the three months ended June 30, 2024 and 2023, 552,457 restricted shares were forfeited and 86,025 restricted shares were issued, net of forfeitures, respectively. For the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation related to restricted stock awards of $(8.5) million and $1.6 million, 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 RSUs Weighted-Average Balance at March 31, 2024 85,080 $ 12.75 Granted 661,315 $ 4.22 Vested and issued (4,416) $ 13.95 Forfeited (45,717) $ 5.95 Balance at June 30, 2024 696,262 $ 5.09 The total grant-date fair value of RSUs granted during the three months ended June 30, 2024 and 2023 was $2.8 million and $0.2 million, respectively. For the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation expense related to RSUs of $0.4 million and $5 thousand, respectively. Performance Stock Units The fair value assigned to PSUs is determined using the market price of the Company’s stock on the grant date for awards with a performance condition, and by using a Monte Carlo simulation for awards with a market condition. PSUs with a performance condition generally vest over one year. PSUs with a market condition generally vest over three years. Stock-based compensation expense 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 or individual at the end of the performance period compared to the performance targets. PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2024 12,000 $ 10.48 Granted – $ – Vested and issued – $ – Forfeited (10,000) $ 9.79 Performance adjustment – $ – Balance at June 30, 2024 2,000 $ 13.95 In the three months ended June 30, 2024, 10,000 PSUs were forfeited. The total grant-date fair value of PSUs granted during the three months ended June 30, 2024 and 2023 was zero and $0.1 million, respectively. For the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation (reversal) expense, net of forfeitures, related to PSUs of $(36) thousand and $5 thousand ,

Fair Value

Fair Value	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company carries cash and cash equivalents at fair value in the unaudited Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 (“ Fair Value Measurement ”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At June 30, 2024 and March 31, 2024, the Company had invested the majority of its

Intangible and Other Assets, Ne

Intangible and Other Assets, Net	3 Months Ended
	Jun. 30, 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) June 30, 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 (1,196) 5,504 5.75 years Developed Technology - PetCareRx 3 years 3,000 (1,250) 1,750 1.75 years $ 13,160 $ (2,446) $ 10,714 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance June 30, 2024 $ 18,460 $ (2,446) $ 16,014 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 years Developed Technology - PetCareRx 3 years 3,000 (1,000) $ 2,000 2 years $ 13,160 $ (1,957) $ 11,203 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503 Amortization expense for intangible assets was $0.5 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets ”). On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increases the minority interest investment to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares.

Leases

Leases	3 Months Ended
	Jun. 30, 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. One of the initial lease terms has already matured and the remaining lease has a maturity date in fiscal year 2028. The Company assesses whether each lease is an operating lease or a finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Variable Lease Costs Certain of the Company’s leases require payments for taxes, insurance, and other costs applicable to the property, in addition to the minimum lease payment. These costs are considered variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the calculation of the right-of-use assets and lease liabilities. The Company has lease agreements which provide for fixed and scheduled escalations, which are included in the calculation of the right-of-use assets and lease liabilities. Options to Extend or Terminate Leases The Company’s leases may contain an option to extend the lease term for periods from one Other Lease items The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited Condensed Consolidated Balance Sheets. Discount Rate and Lease Term As of June 30, 2024, the weighted average remaining lease term and discount rate for the Company’s operating leases were 2.8 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 three months ended are as follows (in thousands): Lease cost Three months ended June 30, 2024 Operating lease cost - fixed $ 148 Operating lease costs - variable 14 Total lease cost $ 162 Supplemental cash flow information for the three months ended are as follows (in thousands): Three months ended June 30, 2024 Cash paid for the amounts included in the measurement of operating lease liabilities $ 145 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 unaudited Condensed Consolidated Balance Sheet as of June 30, 2024 were as follows (in thousands): June 30, 2024 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,533 Less: Imputed Interest (212) Present value of lease liabilities $ 1,321

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters and Routine Proceedings On April 18, 2024, Plaintiff Timothy Fitchett (“Plaintiff”) filed an action against the Company in the Court of Common Pleas of Allegheny County, Pennsylvania, on behalf of himself and purportedly on behalf of a class of others similarly situated. Plaintiff alleges that the Company violated Pennsylvania’s Unfair Trade Practices and Consumer Protection Law by representing “reg.” prices for products which the Company allegedly never charged for those products. On May 13, 2024, the Company removed the matter to the U.S. District Court for the Western District of Pennsylvania in Pittsburgh, and Plaintiff moved to remand the case back to state court on June 11, 2024, which the Company opposed. Plaintiff's motion to remand is now fully briefed and awaiting the Court's ruling. On the face of the Complaint, Plaintiff is seeking damages for himself in the amount of the allegedly illusory discounts he allegedly believed he was receiving when purchasing products from the Company or, in the alternative, a complete refund of amounts he paid to the Company, and he is also seeking a liability determination for members of the proposed class. The Company denies liability in this matter and intends to defend the action accordingly, and the Company cannot determine materiality or estimate a range of potential liability, if any, at this time if the Company were determined to be liable. The Company may from time to time be involved in various other claims and lawsuits in the ordinary course of business, including claims related to products, product warranties, contracts, employment, intellectual property, consumer protection, pharmacy and other regulatory matters. The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 (" Loss Contingencies "), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred.

Changes in Shareholders' Equity

Changes in Shareholders' Equity (As Restated)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Changes in Shareholders' Equity (As Restated)	Changes in Shareholders ’ Equity (As Restated): Changes in Shareholders’ Equity for the three months ended June 30, 2024 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2024: $ 21 $ 25,146 $ 71,555 Share based compensation (reversal) expense — (8,204) — Dividends forfeited — — 1,250 Net income — — 3,754 Ending balance at June 30, 2024: $ 21 $ 16,942 $ 76,559 Changes in Shareholders’ Equity for the three months ended June 30, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023 (as restated): $ 21 $ 18,277 $ 91,659 Share based compensation expense — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023 (as restated): $ 21 $ 20,037 $ 84,177

Income Taxes (As Restated)

Income Taxes (As Restated)	3 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes (As Restated)	Income Taxes (As Restated) For the three months ended June 30, 2024 and 2023, the Company recorded an income tax provision of approximately $1.0 million and an income tax benefit of approximately $0.3 million, respectively. The increase in the income tax provision for the three months ended June 30, 2024 is related to the cancellation of the former CEO’s performance stock units resulting in additional $8.7 million of increased income during the quarter. The effective tax rate for the three months ended June 30, 2024 was approximately 20.3%, compared to approximately 20.4% for the three months ended June 30, 2023. The projected full-year effective tax rate used for purposes of the income tax provision for the three month ended June 30, 2024 reflects the $1.8 million impact of a favorable permanent difference associated with the cancellation of the former CEO’s performance restricted shares. No tax benefit was recorded for the original compensation expense due to expected limitation under Sec. 162 (m) and therefore, there is no tax benefit to reverse upon cancellation of the stock. The impact of this favorable permanent difference is partially offset by the tax impacts of stock compensation shortfalls. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change”, the corporation’s ability to use its pre-change net operating loss and tax credit carryforwards to offset its post-change income and tax liabilities may be limited. Generally, an ownership change occurs when the equity ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). On April 3, 2023, 100% of the issued and outstanding stock of PetCareRx was acquired by the Company. The merger triggered an ownership change of PetCareRx within the meaning of Section 382. As a result of the acquisition, the Company performed a Section 382 analysis to determine if the net operating losses carried forward would have a utilization limitation. Any limitation could result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce the Company's gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the Section 382 analysis determined the net operating losses and disallowed interest expense in total, would be limited and reduced to approximately $14.5 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 3,754	$ (1,136)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation
Business Combinations	Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ( "Business Combinations" ). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred.
Use of Estimates	Use of Estimates
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Deferred Revenue	Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of June 30, 2024 for these memberships was
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit.
Intangible Assets	Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“ Goodwill and Other Intangible Assets three
Leases	Leases The Company accounts for leases in accordance with ASC Topic 842 ( "Leases") . The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet, but rather are expensed as incurred. The Company’s lease agreements do not contain any residual value guarantees.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements The unaudited condensed consolidated financial statements for the three months ended June 30, 2023 (the "Affected Period") has been restated to account for material misstatements related to sales tax obligations as further described below

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Revenue	As shown in the following table, under the PetPlus program, the Company recognized $1.5 million of previously deferred annual membership fees in the three months ended June 30, 2024, and had $2.1 million of deferred revenue as of the quarter ended June 30, 2024. (amounts in millions) Deferred revenue, March 31, 2024 $ 2.6 Deferred revenue acquired with PetCareRx — Deferred memberships fees and others received 1.1 Deferred membership fee revenue and others recognized (1.5) Deferred revenue, June 30, 2024 2.1
Schedule of Disaggregation of Revenue	The following table illustrates sales in those categories: Three Months Ended June 30, Increase (Decrease) Revenue (in thousands) 2024 % 2023 % $ % Reorder sales $ 60,025 88.3 % $ 68,038 87.0 % $ (8,013) (11.8) % New order sales 5,603 8.2 % 7,820 10.0 % (2,217) (28.4) % Membership fees 2,324 3.4 % 2,386 3.0 % (62) (2.6) % Total net sales $ 67,952 100.0 % $ 78,244 100.0 % $ (10,292) (13.2) %

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Acquired Identifiable Assets, Liabilities Assumed and Goodwill	The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): Cash and cash equivalents $ 220 Accounts receivable, net 125 Other receivables 506 Inventory 3,116 Other current assets 835 Property and equipment 1,065 Deferred tax assets, net 270 Goodwill 26,657 Intangible assets, net 12,300 Right of use assets 2,220 Other assets 80 Total assets 47,394 Accounts payable 5,713 Accrued liabilities 131 Deferred revenue 2,993 Other current liabilities 258 Lease liabilities 2,220 Total liabilities 11,315 Total purchase consideration $ 36,079
Schedule of Pro-Forma Information	The supplemental pro forma financial information for the prior period three months ended June 30, 2023 is as follows (in thousands): Three Months Ended June 30, 2023 (unaudited) Revenue $ 78,244 Net loss (1,136)

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in thousands, except for share and per share amounts): Three Months Ended June 30, 2024 2023 (as restated) Net income (loss) (numerator): Net income (loss) $ 3,754 $ (1,136) Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,513,281 20,332,526 Common shares issuable upon vesting of restricted stock 418,099 — Common shares issuable upon conversion of preferred shares 10,125 — Shares used in diluted computation 20,941,505 20,332,526 Net income (loss) per common share: Basic $ 0.18 $ (0.06) Diluted $ 0.18 $ (0.06)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows: 2015 Director Plan 2016 Employee Plan 2022 Employee Plan Total Weighted-Average Grant Date Fair Value Non-vested restricted stock outstanding at March 31, 2024 23,707 605,343 74,076 703,126 $ 19.39 Granted and issued – – – – $ – Vested (1,166) (34,500) (46,742) (82,408) $ 20.93 Forfeited – (529,123) (23,334) (552,457) $ 18.71 Balance at June 30, 2024 22,541 41,720 4,000 68,261 $ 23.02
Schedule of RSU Activity	For the quarter ended June 30, 2024, RSU activity under the Plans was as follows: RSUs Weighted-Average Balance at March 31, 2024 85,080 $ 12.75 Granted 661,315 $ 4.22 Vested and issued (4,416) $ 13.95 Forfeited (45,717) $ 5.95 Balance at June 30, 2024 696,262 $ 5.09
Schedule of PSU Activity	PSU activity under the Plans was as follows: PSUs Weighted-Average Balance at March 31, 2024 12,000 $ 10.48 Granted – $ – Vested and issued – $ – Forfeited (10,000) $ 9.79 Performance adjustment – $ – Balance at June 30, 2024 2,000 $ 13.95

Intangible and Other Assets, _2

Intangible and Other Assets, Net (Tables)	3 Months Ended
	Jun. 30, 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) June 30, 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 (1,196) 5,504 5.75 years Developed Technology - PetCareRx 3 years 3,000 (1,250) 1,750 1.75 years $ 13,160 $ (2,446) $ 10,714 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance June 30, 2024 $ 18,460 $ (2,446) $ 16,014 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 years Developed Technology - PetCareRx 3 years 3,000 (1,000) $ 2,000 2 years $ 13,160 $ (1,957) $ 11,203 Other Assets Initial minority interest investment in Vetster N/A 5,300 – 5,300 N/A Balance March 31, 2024 $ 18,460 $ (1,957) $ 16,503

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 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 three months ended are as follows (in thousands): Lease cost Three months ended June 30, 2024 Operating lease cost - fixed $ 148 Operating lease costs - variable 14 Total lease cost $ 162 Supplemental cash flow information for the three months ended are as follows (in thousands): Three months ended June 30, 2024 Cash paid for the amounts included in the measurement of operating lease liabilities $ 145 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 unaudited Condensed Consolidated Balance Sheet as of June 30, 2024 were as follows (in thousands): June 30, 2024 2025 501 2026 488 2027 502 2028 42 Total lease payments 1,533 Less: Imputed Interest (212) Present value of lease liabilities $ 1,321

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (As Restated) (Tables)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in Shareholders' Equity	Changes in Shareholders’ Equity for the three months ended June 30, 2024 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2024: $ 21 $ 25,146 $ 71,555 Share based compensation (reversal) expense — (8,204) — Dividends forfeited — — 1,250 Net income — — 3,754 Ending balance at June 30, 2024: $ 21 $ 16,942 $ 76,559 Changes in Shareholders’ Equity for the three months ended June 30, 2023 is summarized below (in thousands): Common Stock Additional Retained Beginning balance at March 31, 2023 (as restated): $ 21 $ 18,277 $ 91,659 Share based compensation expense — 1,760 — Dividends declared — — (6,346) Net loss — — (1,136) Ending balance at June 30, 2023 (as restated): $ 21 $ 20,037 $ 84,177

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($) reporting_unit	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Deferred revenue | $	$ 2,146	$ 2,603
Number of reporting units | reporting_unit	1
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($) performanceObligation model	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Number of performance obligations | performanceObligation	1
Revenue recognition period membership | model	2
Deferred revenue	$ 2,146		$ 2,603
Membership fees earned	$ 67,952	$ 78,244
Minimum
Disaggregation of Revenue [Line Items]
Cash settlement period	2 days
Maximum
Disaggregation of Revenue [Line Items]
Cash settlement period	3 days
Membership Customers
Disaggregation of Revenue [Line Items]
Annual membership fees renewal period	1 year
Revenue recognition period	1 year
Deferred membership fee revenue and others recognized	$ 1,500
Deferred revenue	2,100
Membership Customers | Partner Program
Disaggregation of Revenue [Line Items]
Membership fees earned	900	600
Membership fees
Disaggregation of Revenue [Line Items]
Membership fees earned	$ 2,324	$ 2,386

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning balance	$ 2,603
Deferred revenue, ending balance	2,146
PetCareRx
Contract With Customer, Liability, Current [Roll Forward]
Deferred revenue acquired with PetCareRx	0
Membership Customers
Contract With Customer, Liability, Current [Roll Forward]
Deferred memberships fees and others received	1,100
Deferred membership fee revenue and others recognized	(1,500)
Deferred revenue, ending balance	$ 2,100

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 67,952	$ 78,244
Sales, percentage	100%	100%
Sales, variance	$ (10,292)
Sales, variance, percentage	(13.20%)
Reorder sales
Disaggregation of Revenue [Line Items]
Sales	$ 60,025	$ 68,038
Sales, percentage	88.30%	87%
Sales, variance	$ (8,013)
Sales, variance, percentage	(11.80%)
New order sales
Disaggregation of Revenue [Line Items]
Sales	$ 5,603	$ 7,820
Sales, percentage	8.20%	10%
Sales, variance	$ (2,217)
Sales, variance, percentage	(28.40%)
Membership fees
Disaggregation of Revenue [Line Items]
Sales	$ 2,324	$ 2,386
Sales, percentage	3.40%	3%
Sales, variance	$ (62)
Sales, variance, percentage	(2.60%)

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($)		12 Months Ended
	Apr. 03, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024
Business Acquisition [Line Items]
Goodwill		$ 26,658,000		$ 26,658,000
PetCareRx
Business Acquisition [Line Items]
Percentage of equity interests acquired	100%
Purchase price consideration	$ 36,100,000
Goodwill	26,657,000
Goodwill deductible for tax purposes	$ 0
Discount rate applied to intangible assets acquired	0.12
Acquisition related costs incurred	$ 1,700,000
Acquisition related costs		$ 1,200,000	$ 500,000

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired, Liabilities Assumed and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Apr. 03, 2023
Business Acquisition [Line Items]
Goodwill	$ 26,658	$ 26,658
PetCareRx
Business Acquisition [Line Items]
Cash and cash equivalents			$ 220
Accounts receivable, net			125
Other receivables			506
Inventory			3,116
Other current assets			835
Property and equipment			1,065
Deferred tax assets, net			270
Goodwill			26,657
Intangible assets, net			12,300
Right of use assets			2,220
Other assets			80
Total assets			47,394
Accounts payable			5,713
Accrued liabilities			131
Deferred revenue			2,993
Other current liabilities			258
Lease liabilities			2,220
Total liabilities			11,315
Total purchase consideration			$ 36,079

Acquisition - Pro-Forma Informa

Acquisition - Pro-Forma Information (Details) - PetCareRx $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Revenue	$ 78,244
Net loss	$ (1,136)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net income (loss) (numerator):
Net income (loss)	$ 3,754	$ (1,136)
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,513,281	20,332,526
Common shares issuable upon vesting of restricted stock (in shares)	418,099	0
Common shares issuable upon conversion of preferred shares (in shares)	10,125	0
Shares used in diluted computation (in shares)	20,941,505	20,332,526
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.18	$ (0.06)
Diluted (in dollars per share)	$ 0.18	$ (0.06)

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Shares Issuable Upon Vesting of Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	862,519
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	10,125

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

Aug. 31, 2025

Aug. 31, 2024

Jun. 30, 2024

May 16, 2024

Apr. 29, 2024

Apr. 30, 2024

Jun. 30, 2023

Aug. 31, 2022

Aug. 31, 2021

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

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

Share based compensation

$ (8,204)

$ 1,760

2016 Employee Plan and 2015 Director Plan

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

Share based compensation

$ (8,500)

$ 1,600

Restricted Stock

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

Forfeited (in shares)

552,457

Vested (in shares)

82,408

Non-vested restricted shares issued and outstanding (in shares)

68,261

68,261

703,126

Restricted Stock | Maximum

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

Vesting period

3 years

Restricted Stock | Minimum

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

Vesting period

1 year

Restricted Stock | 2016 Employee Plan

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

Shares issued under stock compensation plan

428,137

Forfeited (in shares)

529,123

Vested (in shares)

34,500

Non-vested restricted shares issued and outstanding (in shares)

41,720

41,720

605,343

Restricted Stock | 2016 Employee Plan | Chief Executive Officer

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

Issued shares (in shares)

90,000

Vested (in shares)

30,000

Restricted Stock | 2016 Employee Plan | Chief Financial Officer

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

Issued shares (in shares)

13,000

Vesting period

3 years

Restricted Stock | 2022 Employee Plan

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

Shares issued under stock compensation plan

59,074

Forfeited (in shares)

23,334

Vested (in shares)

46,742

Non-vested restricted shares issued and outstanding (in shares)

4,000

4,000

74,076

Restricted Stock | 2015 Director Plan

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

Shares issued under stock compensation plan

256,624

Forfeited (in shares)

0

Vested (in shares)

1,166

Non-vested restricted shares issued and outstanding (in shares)

22,541

22,541

23,707

Restricted Stock | The 2022 Employee Equity Compensation Restricted Stock Plan

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

Grant issued amount

$ 2,000

Vesting period

3 years

Restricted Stock | 2016 Employee Plan and 2015 Director Plan

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

Non-vested restricted shares issued and outstanding (in shares)

68,261

837,269

68,261

837,269

Restricted stock forfeited (in shares)

(552,457)

Restricted common shares issued (in shares)

86,025

PSUs

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

Issued shares (in shares)

0

Forfeited (in shares)

10,000

Total grant-date fair value

$ 0

$ 100

Compensation expense

$ (36)

5

PSUs | Share-Based Payment Arrangement, Tranche One

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

Vesting period

1 year

PSUs | Share-Based Payment Arrangement, Tranche Two

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

Vesting period

3 years

PSUs | Chief Executive Officer

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

Share based compensation

$ (8,700)

PSUs | 2016 Employee Plan | Chief Executive Officer

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

Forfeited (in shares)

510,000

PSUs | 2022 Employee Plan

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

Issued shares (in shares)

2,000

PSUs | 2022 Employee Plan | Chief Financial Officer

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

Issued shares (in shares)

8,000

PSUs | 2015 Director Plan

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

Shares issued under stock compensation plan

2,000

RSUs

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

Issued shares (in shares)

661,315

Forfeited (in shares)

45,717

Total grant-date fair value

$ 2,800

200

Compensation expense

$ 400

$ 5

RSUs | Maximum

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

Vesting period

3 years

RSUs | Minimum

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

Vesting period

1 year

RSUs | Share-Based Payment Arrangement, Tranche One

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

Vested (in shares)

14,970

RSUs | Share-Based Payment Arrangement, Tranche Two | Forecast

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

Vested (in shares)

22,455

RSUs | Share-Based Payment Arrangement, Tranche Three | Forecast

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

Vested (in shares)

37,425

RSUs | Chief Financial Officer

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

Issued shares (in shares)

74,850

Share based compensation

$ 200

RSUs | 2016 Employee Plan | Chief Executive Officer

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

Vested (in shares)

30,000

Reduction of stock based compensation

8,800

Share based compensation

$ 100

RSUs | 2022 Employee Plan

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

Issued shares (in shares)

664,889

RSUs | 2022 Employee Plan | Chief Financial Officer

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

Issued shares (in shares)

11,750

Vesting period

3 years

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

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

Initial grant percentage based on performance targets

33.33%

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

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

Initial grant percentage based on performance targets

33.33%

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

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

Initial grant percentage based on performance targets

33.33%

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

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

Issued shares (in shares)

3,750

RSUs | 2022 Employee Plan | Chief Financial Officer | Fiscal Year 2024

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

Issued shares (in shares)

8,000

RSUs | 2015 Director Plan

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

Issued shares (in shares)

31,373

Performance Restricted Stock | 2016 Employee Plan | Chief Executive Officer

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

Issued shares (in shares)

510,000

Forfeited (in shares)

510,000

Performance Restricted Stock | 2016 Employee Plan | Chief Financial Officer

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

Issued shares (in shares)

3,000

Stock-Based Compensation - Roll

Stock-Based Compensation - Rollforward of Restricted Stock Awards (Details) - Restricted Stock	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	703,126
Granted and issued (in shares)	0
Vested (in shares)	(82,408)
Forfeited (in shares)	(552,457)
Non-vested ending balance (in shares)	68,261
Weighted-Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) | $ / shares	$ 19.39
Granted and issued (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	20.93
Forfeited (in dollars per share) | $ / shares	18.71
Non-vested ending balance (in dollars per share) | $ / shares	$ 23.02
2015 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	23,707
Granted and issued (in shares)	0
Vested (in shares)	(1,166)
Forfeited (in shares)	0
Non-vested ending balance (in shares)	22,541
2016 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	605,343
Granted and issued (in shares)	0
Vested (in shares)	(34,500)
Forfeited (in shares)	(529,123)
Non-vested ending balance (in shares)	41,720
2022 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (in shares)	74,076
Granted and issued (in shares)	0
Vested (in shares)	(46,742)
Forfeited (in shares)	(23,334)
Non-vested ending balance (in shares)	4,000

Stock-Based Compensation - Ro_2

Stock-Based Compensation - Rollforward of RSU and PSU Activity (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
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)	696,262	85,080
Granted (in shares)	661,315
Vested and issued (in shares)	(4,416)
Forfeited (in shares)	(45,717)
Ending balance (in shares)	696,262
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)	$ 12.75
Granted (in dollars per share)	4.22
Vested and issued (in dollars per share)	13.95
Forfeited (in dollars per share)	5.95
Ending Balance (in dollars per share)	$ 5.09
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)	2,000	12,000
Granted (in shares)	0
Vested and issued (in shares)	0
Forfeited (in shares)	(10,000)
Performance adjustment (in shares)	0
Ending balance (in shares)	2,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$ 10.48
Granted (in dollars per share)	0
Vested and issued (in dollars per share)	0
Forfeited (in dollars per share)	9.79
Performance adjustment (in dollars per share)	0
Ending Balance (in dollars per share)	$ 13.95

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 45,992	$ 55,296

Intangible and Other Assets, _3

Intangible and Other Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Oct. 03, 2023
Gross Value
Intangibles	$ 13,160	$ 13,160
Accumulated Amortization	(2,446)	(1,957)
Net Carrying Value
Intangibles	10,714	11,203
Other Assets
Initial minority interest investment in Vetster			$ 5,300
Intangibles and Other Assets
Intangible and other assets, Gross Value	18,460	18,460
Accumulated Amortization		(1,957)
Intangible and Other Assets, Net Carrying Value	16,014	16,503
Partnership Agreement with Vetster
Other Assets
Initial minority interest investment in Vetster	5,300	5,300
Initial minority interest investment in Vetster	$ 5,300	$ 5,300
Customer Relationships -PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years	7 years
Gross Value
Finite-lived intangibles	$ 6,700	$ 6,700
Accumulated Amortization	(1,196)	(957)
Net Carrying Value
Finite-lived intangibles	$ 5,504	$ 5,743
Weighted Average Remaining Useful Life (Years)	5 years 9 months	6 years
Developed Technology - PetCareRx
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Gross Value
Finite-lived intangibles	$ 3,000	$ 3,000
Accumulated Amortization	(1,250)	(1,000)
Net Carrying Value
Finite-lived intangibles	$ 1,750	$ 2,000
Weighted Average Remaining Useful Life (Years)	1 year 9 months	2 years
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	2,600
Net Carrying Value
Indefinite-lived intangibles	$ 2,600	$ 2,600

Intangible and Other Assets, _4

Intangible and Other Assets, Net- Narrative (Details) - USD ($) $ in Millions			3 Months Ended
	Oct. 03, 2023	Apr. 19, 2022	Jun. 30, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 0.5	$ 0.5
Term of agreement		3 years
Payments to acquire equity method investments	$ 0.3	$ 5
Initial minority interest investment in Vetster	$ 5.3
Vetster Inc
Acquired Finite-Lived Intangible Assets [Line Items]
Equity method investment, ownership percentage	4.80%	5%

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	2 years 9 months 18 days
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 - Lease Costs and Activi

Leases - Lease Costs and Activity (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Leases [Abstract]
Operating lease cost - fixed	$ 148
Operating lease costs - variable	14
Total lease cost	162
Cash paid for the amounts included in the measurement of operating lease liabilities	145
Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition	$ 2,220

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2025	$ 501
2026	488
2027	502
2028	42
Total lease payments	1,533
Less: Imputed Interest	(212)
Present value of lease liabilities	$ 1,321

Changes in Shareholders' Equi_3

Changes in Shareholders' Equity (As Restated) - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 96,731
Net income (loss)	3,754	$ (1,136)
Ending balance	93,531
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	21	21
Ending balance	21	21
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	25,146	18,277
Share based compensation (reversal) expense	(8,204)	1,760
Ending balance	16,942	20,037
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	71,555	91,659
Dividends forfeited	1,250
Dividends declared		(6,346)
Net income (loss)	3,754	(1,136)
Ending balance	$ 76,559	$ 84,177

Changes in Shareholders' Equi_4

Changes in Shareholders' Equity (As Restated) - Narrative (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Shares repurchased and retired (in shares)	0	0

Income Taxes (As Restated) (Det

Income Taxes (As Restated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Apr. 03, 2023
Income Tax Contingency [Line Items]
Provision (benefit) for income taxes	$ (958)	$ 292
Share based compensation	$ 8,204	$ (1,760)
Effective income tax rate, percent	20.30%	20.40%
Effective tax rate used for purposes of the income tax provision	$ (1,800)
Chief Executive Officer | PSUs
Income Tax Contingency [Line Items]
Share based compensation	$ 8,700
PetCareRx
Income Tax Contingency [Line Items]
Net operating loss carryforward			$ 96,000
Disallowed interest expense			1,900
Total operating loss carryforward and disallowed interest expense			$ 14,500
PetCareRx
Income Tax Contingency [Line Items]
Percentage of equity interests acquired			100%