PetMed Express (PETS) 10-Q 2 Aug 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document Information [Line Items]
Entity Central Index Key	0001040130
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-28827
Entity Registrant Name	PETMED EXPRESS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0680967
Entity Address, Address Line One	420 South Congress Avenue
Entity Address, City or Town	Delray Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33445
City Area Code	561
Local Phone Number	526-4444
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,013,848

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 105,414	$ 111,080
Accounts receivable, less allowance for doubtful accounts of $36 and $39, respectively	1,782	1,913
Inventories - finished goods	22,575	32,455
Prepaid expenses and other current assets	4,415	4,866
Prepaid income taxes	0	681
Total current assets	134,186	150,995
Noncurrent assets:
Property and equipment, net	24,693	24,464
Minority interest investment in Vetster	5,000	0
Intangible assets	860	860
Total noncurrent assets	30,553	25,324
Total assets	164,739	176,319
Current liabilities:
Accounts payable	17,031	27,500
Accrued expenses and other current liabilities	6,027	5,697
Income taxes payable	839	0
Total current liabilities	23,897	33,197
Deferred tax liabilities	642	936
Total liabilities	24,539	34,133
Commitments and contingincies
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; 20,989 and 20,979 shares issued and outstanding, respectively	21	21
Additional paid-in capital	13,196	11,660
Retained earnings	126,974	130,496
Total shareholders' equity	140,200	142,186
Total liabilities and shareholders' equity	$ 164,739	$ 176,319

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 36	$ 39
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	5,000	5,000
Preferred Stock, Shares Issued (in shares)	3	3
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	3	3
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 4	$ 4
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	40,000	40,000
Common Stock, Shares, Issued (in shares)	20,989	20,979
Common Stock, Shares, Outstanding, Ending Balance (in shares)	20,989	20,979

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Sales	$ 70,187	$ 79,312
Cost of sales	50,244	57,532
Gross profit	19,943	21,780
Operating expenses:
General and administrative	9,351	8,041
Advertising	6,349	7,673
Depreciation	753	647
Total operating expenses	16,453	16,361
Income from operations	3,490	5,419
Other income:
Interest income, net	117	85
Other, net	198	284
Total other income	315	369
Income before provision for income taxes	3,805	5,788
Provision for income taxes	1,030	1,360
Net income	$ 2,775	$ 4,428
Net income per common share:
Basic (in dollars per share)	$ 0.14	$ 0.22
Diluted (in dollars per share)	$ 0.14	$ 0.22
Weighted average number of common shares outstanding:
Basic (in shares)	20,208	20,109
Diluted (in shares)	20,291	20,200
Cash dividends declared per common share (in dollars per share)	$ 0.30	$ 0.30

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 2,775	$ 4,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	753	647
Share based compensation	1,536	718
Deferred income taxes	(294)	(167)
Bad debt expense	45	29
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	86	396
Inventories - finished goods	9,880	5,246
Prepaid income taxes	681	959
Prepaid expenses and other current assets	451	442
Accounts payable	(10,469)	(14,834)
Accrued expenses and other current liabilities	97	1,145
Income taxes payable	839	569
Net cash provided by (used in) operating activities	6,380	(422)
Cash flows from investing activities:
Purchase of minority interest investment in Vetster	5,000	0
Purchases of property and equipment	(982)	(477)
Net cash used in investing activities	(5,982)	(477)
Cash flows from financing activities:
Dividends paid	(6,064)	(6,033)
Net cash used in financing activities	(6,064)	(6,033)
Net decrease in cash and cash equivalents	(5,666)	(6,932)
Cash and cash equivalents, at beginning of period	111,080	118,718
Cash and cash equivalents, at end of period	105,414	111,786
Supplemental disclosure of cash flow information:
Dividends payable in accrued expenses	$ 791	$ 245

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1: Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds® (the “Company”), is a leading nationwide pet pharmacy and Your Trusted Pet Health ExpertTM. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs, cats, and horses, directly to the consumer. The Company offers consumers an attractive alternative for obtaining pet medications in terms of convenience, price, speed of delivery and valued customer service. The Company markets its products through advertising and promotional campaigns, which aim to increase the recognition of the “PetMeds®” brand name, increase traffic on its website at www.petmeds.com 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 of America for complete financial statements. In the opinion of management, the accompanying 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, 2022, the Statements of Income for the three months ended June 30, 2022 and 2021, and Cash Flows for the three months ended June 30, 2022 and 2021. The results of operations for the three months ended June 30, 2022 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2023. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2022. The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. Use of Estimates The preparation of Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ 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. Recent Accounting Pronouncements The Company does not believe that any 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.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies mainly to retail customers. 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 estimated based on historical patterns, however this is not considered a key judgment. There are no amounts excluded from the variable consideration. Revenue is recognized when control transfers to the customer at the point in time in 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. 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. The Company disaggregates revenue in the following two categories: (1) reorder revenue vs new order revenue, and (2) internet revenue vs. contact center revenue. The following table illustrates revenue by various classifications: Three Months Ended June 30, Revenue (In thousands) 2022 % 2021 % $ Variance % Variance Reorder Sales $ 63,339 90.2 % $ 70,937 89.4 % $ (7,598 ) -10.7 % New Order Sales 6,848 9.8 % 8,375 10.6 % (1,527 ) -18.2 % Total Net Sales $ 70,187 100.0 % $ 79,312 100.0 % $ (9,125 ) -11.5 % Internet Sales $ 60,295 85.9 % $ 66,447 83.8 % $ (6,152 ) -9.3 % Contact Center Sales 9,892 14.1 % 12,865 16.2 % (2,973 ) -23.1 % Total Net Sales $ 70,187 100.0 % $ 79,312 100.0 % $ (9,125 ) -11.5 % 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 three months ended June 30, 2022 reflect this change in the new customer definition. The reorder and new order sales for the three months ended June 30, 2021 do not reflect this new customer definition. Had the Company changed the definition of a new customer in the prior year, reorder sales for the three months ended June 30, 2021 would have been $68.7 million instead of $70.9 million reported above, and new order sales would have been $10.6 million instead of $8.4 million reported above. Virtually all of 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. The Company had no material contract asset or liability balances as of June 30, 2022 or March 31, 2022.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3: Net Income Per Share In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 260 (“ Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Three Months Ended June 30, 2022 2021 Net income (numerator): Net income $ 2,775 $ 4,428 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,208 20,109 Common shares issuable upon vesting of restricted stock 73 81 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,291 20,200 Net income per common share: Basic $ 0.14 $ 0.22 Diluted $ 0.14 $ 0.22 For the three months ended June 30, 2022 and 2021, 251,192 and 22,248 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 income per common share.

Note 4 - Accounting for Stock-b

Note 4 - Accounting for Stock-based Compensation	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 4: Accounting for Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payment one three-year The Company issued 10,125 shares of restricted stock during the quarter ended June 30, 2022 and 1,380 shares during the quarter ended June 30, 2021. For the quarters ended June 30, 2022 and 2021, the Company recognized $1.5 million and $718,000, respectively, of compensation expense related to the 2016 Employee Plan and 2015 Director Plan. At June 30, 2022 and 2021 there was $12.3 million and $1.9 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next one three

Note 5 - Fair Value

Note 5 - Fair Value	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5: Fair Value The Company carries cash and cash equivalents at fair value in the 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 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 June 30, 2022, the Company had invested the majority of its $105.4 million cash and cash equivalents balance in money market funds which are classified within level 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6: Commitments and Contingencies 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 initiates litigation to protect 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.

Note 7 - Changes in Shareholder

Note 7 - Changes in Shareholders' Equity	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7: Changes in Shareholders Equity: Changes in shareholders’ equity for the three months ended June 30, 2022 is summarized below (in thousands): Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2022: $ 11,660 $ 130,496 Share based compensation 1,536 - Dividends declared - (6,297 ) Net income - 2,775 Ending balance at June 30, 2022: $ 13,196 $ 126,974 Changes in shareholders’ equity for the three months ended June 30, 2021 is summarized below (in thousands): Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489 There were no

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8: Income Taxes For the quarters ended June 30, 2022 and 2021, the Company recorded an income tax provision of approximately $1.0 million and $1.4 million, respectively. The decrease to the income tax provision for the quarter ended June 30, 2022 is related to a decrease in operating income during the quarter. The effective tax rate for the quarter ended June 30, 2022 was approximately 27.1%, compared to approximately 23.5% for the quarter ended June 30, 2021. The increase in the effective tax rate for the quarter ended June 30, 2022 is due to an increase in the number of states that the Company has income tax nexus with, due to many of its employees working remotely in various states. The increase to the effective tax rate is also related to an increase in stock compensation during the quarter, which is expected to reverse during the fiscal year 2023 as the related compensation shares vest. The effective tax rate should average out to approximately 24.5% in fiscal year 2023.

Note 9 - Related Party Transact

Note 9 - Related Party Transaction	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9: Related Party Transaction The Company’s Board of Directors Chairman, Gian Fulgoni serves on the board of directors of Prophet, a brand and marketing consulting company, which the Company engaged with in March 2021 for $292,000. The Company expensed $32,000 in fiscal 2021 and $260,000 in the quarter ended June 30, 2021. There was no related expense in the quarter ended June 30, 2022. This transaction was approved by the Company’s Board of Directors with terms that are comparable to those with an unrelated

Note 10 - Minority Interest Inv

Note 10 - Minority Interest Investment in Vetster	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	Note 10: Minority Interest Investment in Vetster On April 19, 2022, the Company engaged in a three-year

Note 11 - Subsequent Events

Note 11 - Subsequent Events	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11: Subsequent Events On July 14, 2022, the Board of Directors of Company appointed Christine 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 forth the terms and conditions of Ms. Chambers’ employment as Chief Financial Officer of the Company. Ms. Chambers will receive an annual base salary of $375,000 and will also receive a one-time sign-on bonus in the amount of $50,000, subject to pro-rata repayment if Ms. Chambers terminates employment with the Company within the first twelve months of employment. Ms. Chambers will receive 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. The shares for each grant will be released from restriction equally over a three The current Chief Financial Officer of the Company, Bruce Rosenbloom, will continue as the Company’s Chief Financial Officer until the Effective Date. The Company has presented a proposal to Mr. Rosenbloom regarding the continuation of his employment with the Company for services following the Effective Date until December 31, 2022. The Company and Mr. Rosenbloom are in the process of finalizing a transition and separation agreement with the Company. On July 28, 2022, the Board of Directors declared a quarterly dividend of $0.30 per share. The Board established an August 12, 2022 record date and an August 19, 2022 payment date. Based on the outstanding share balance as of August 2, 2022 the Company estimates the dividend payable to be approximately $6.3 million. On July 28, 2022, the Board of Directors approved and issued 39,215 restricted shares to certain employees of the Company, pursuant to the 2016 Employee Plan. The Board also approved the issuance of 37,500 restricted shares to the independent directors, pursuant to the 2015 Director Plan. On August 1, 2022, the Board of Directors issued 13,000 restricted shares and 3,000 performance restricted shares to Christine Chambers, the Company’s new CFO, pursuant to the 2016 Employee Plan according to the terms of the offer letter. On August 1, 2022 the Board of Directors also approved and issued 7,000 shares to an employee of the Company, pursuant to the 2016 Employee Plan.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis Of Presentation and Consolidation [Policy Text Block]	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 of America for complete financial statements. In the opinion of management, the accompanying 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, 2022, the Statements of Income for the three months ended June 30, 2022 and 2021, and Cash Flows for the three months ended June 30, 2022 and 2021. The results of operations for the three months ended June 30, 2022 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2023. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2022. The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates  The preparation of Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements  The Company does not believe that any 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.

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Revenue (In thousands) 2022 % 2021 % $ Variance % Variance Reorder Sales $ 63,339 90.2 % $ 70,937 89.4 % $ (7,598 ) -10.7 % New Order Sales 6,848 9.8 % 8,375 10.6 % (1,527 ) -18.2 % Total Net Sales $ 70,187 100.0 % $ 79,312 100.0 % $ (9,125 ) -11.5 % Internet Sales $ 60,295 85.9 % $ 66,447 83.8 % $ (6,152 ) -9.3 % Contact Center Sales 9,892 14.1 % 12,865 16.2 % (2,973 ) -23.1 % Total Net Sales $ 70,187 100.0 % $ 79,312 100.0 % $ (9,125 ) -11.5 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2022 2021 Net income (numerator): Net income $ 2,775 $ 4,428 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,208 20,109 Common shares issuable upon vesting of restricted stock 73 81 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,291 20,200 Net income per common share: Basic $ 0.14 $ 0.22 Diluted $ 0.14 $ 0.22

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2022: $ 11,660 $ 130,496 Share based compensation 1,536 - Dividends declared - (6,297 ) Net income - 2,775 Ending balance at June 30, 2022: $ 13,196 $ 126,974 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 70,187	$ 79,312
Reorder Customer [Member]
Revenues	63,339	68,700
Reorder Customer [Member] | Previously Reported [Member]
Revenues		70,937
New Order Customer [Member]
Revenues	$ 6,848	10,600
New Order Customer [Member] | Previously Reported [Member]
Revenues		$ 8,375

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 70,187	$ 79,312
Revenues, percentage	100%	100%
Revenues, variance	$ (9,125)
Revenues, variance, percentage	(11.50%)
Internet [Member]
Revenues	$ 60,295	$ 66,447
Revenues, percentage	85.90%	83.80%
Revenues, variance	$ (6,152)
Revenues, variance, percentage	(9.30%)
Contact Center [Member]
Revenues	$ 9,892	$ 12,865
Revenues, percentage	14.10%	16.20%
Revenues, variance	$ (2,973)
Revenues, variance, percentage	(23.10%)
Reorder Customer [Member]
Revenues	$ 63,339	$ 68,700
Revenues, percentage	90.20%	89.40%
Revenues, variance	$ (7,598)
Revenues, variance, percentage	(10.70%)
Reorder Customer [Member] | Previously Reported [Member]
Revenues		$ 70,937
New Order Customer [Member]
Revenues	$ 6,848	$ 10,600
Revenues, percentage	9.80%	10.60%
Revenues, variance	$ (1,527)
Revenues, variance, percentage	(18.20%)
New Order Customer [Member] | Previously Reported [Member]
Revenues		$ 8,375

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	251,192	22,248

Note 3 - Net Income Per Share -

Note 3 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net income (numerator):
Net income	$ 2,775	$ 4,428
Shares (denominator):
Basic (in shares)	20,208	20,109
Common shares issuable upon vesting of restricted stock (in shares)	73	81
Common shares issuable upon conversion of preferred shares (in shares)	10	10
Shares used in diluted computation (in shares)	20,291	20,200
Basic (in dollars per share)	$ 0.14	$ 0.22
Diluted (in dollars per share)	$ 0.14	$ 0.22

Note 4 - Accounting for Stock_2

Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	10,125	1,380
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	901,358
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	210,755
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Minimum [Member]
Restriction Period (Year)	1 year
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Maximum [Member]
Restriction Period (Year)	3 years
Employee and Director Plans [Member]
Share-Based Payment Arrangement, Expense	$ 1,500,000	$ 718,000
Employee and Director Plans [Member] | Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 12,300,000	$ 1,900,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	780,167	160,638
Employee and Director Plans [Member] | Restricted Stock [Member] | Minimum [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year
Employee and Director Plans [Member] | Restricted Stock [Member] | Maximum [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Cash and Cash Equivalents, at Carrying Value, Total	$ 105,414	$ 111,080

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Repurchased and Retired During Period, Shares (in shares)	0	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 28.7

Note 7 - Changes in Sharehold_4

Note 7 - Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Balance	$ 142,186
Net income	2,775	$ 4,428
Balance	140,200
Additional Paid-in Capital [Member]
Balance	11,660	7,111
Share based compensation	1,536	718
Dividends declared	0	0
Net income	0	0
Balance	13,196	7,829
Retained Earnings [Member]
Balance	130,496	134,141
Share based compensation	0	0
Dividends declared	(6,297)	(6,080)
Net income	2,775	4,428
Balance	$ 126,974	$ 132,489

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2023
Income Tax Expense (Benefit), Total	$ 1,030	$ 1,360
Effective Income Tax Rate Reconciliation, Percent, Total	27.10%	23.50%
Forecast [Member]
Effective Income Tax Rate Reconciliation, Percent, Total			24.50%

Note 9 - Related Party Transa_2

Note 9 - Related Party Transaction (Details Textual) - Prophet [Member] - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021
Related Party Transaction, Amounts of Transaction	$ 292,000
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 260,000	$ 32,000

Note 10 - Minority Interest I_2

Note 10 - Minority Interest Investment in Vetster (Details Textual) - Partnership Agreement with Vetster [Member] $ in Millions	Apr. 19, 2022 USD ($)
Term of Agreement (Year)	3 years
Noncontrolling Interest, Ownership Percentage Purchased	5%
Investments, Total	$ 5

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - USD ($)				3 Months Ended
	Aug. 01, 2022	Jul. 28, 2022	Jul. 14, 2022	Jun. 30, 2022	Jun. 30, 2021	Aug. 02, 2022
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.30	$ 0.30
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				10,125	1,380
Subsequent Event [Member] | Quarterly Dividend [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.30
Dividends Payable						$ 6,300,000
Chief Financial Officer [Member] | Subsequent Event [Member]
Annual Salary			$ 375,000
One-time Sign-on Bonus			$ 50,000
Chief Financial Officer [Member] | Subsequent Event [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Grant Released From Restriction Period (Year)			3 years
Chief Financial Officer [Member] | Subsequent Event [Member] | Restricted Stock [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			13,000
Chief Financial Officer [Member] | Subsequent Event [Member] | Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	13,000
Chief Financial Officer [Member] | Subsequent Event [Member] | Performance Restricted Stock [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			3,000
Chief Financial Officer [Member] | Subsequent Event [Member] | Performance Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	3,000
Employees [Member] | Subsequent Event [Member] | Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	7,000	39,215
Independent Directors [Member] | Subsequent Event [Member] | Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		37,500