Under the provisions of GAAP, a deferred tax asset or liability (net of valuation allowance) is provided in the financial statements by applying the provisions of applicable laws to measure the deferred tax consequences of temporary differences that will result in taxable or deductible amounts in the future years as a result of events recognized in the financial statements in the current or preceding years..

Income tax provision consisted of the following:
     
(in thousands)
     
 
 
For the Years Ended March 31,
 
 
 
2016
   
2015
 
Current:
           
  Federal
 
$
-
   
$
-
 
  Foreign
   
-
     
-
 
  State
   
1
     
1
 
 
   
1
     
1
 
Deferred:
               
  Federal
   
-
     
-
 
  Foreign
   
-
     
-
 
  State
   
-
     
-
 
 
   
-
     
-
 
 
               
Income tax provision
 
$
1
   
$
1