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Income Taxes | 3 Months Ended
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Jul. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 5 - Income Taxes At July 31, 2019 and 2018, income tax benefits consisted of the following:
|  | 2019 |  | 2018
Current Provision: |  |  |  |  |  |  |  |
Federal |  | $ | (67,515 | ) |  | $ | (30,755 | )
State |  |  | (64,300 | ) |  |  | (29,290 | )
|  |  | (131,816 | ) |  |  | (60,045 | )
Valuation Allowance |  |  | 131,816 |  |  |  | 60,045 |
|  |  | — |  |  |  | — |
|  |  | 2019 |  |  |  | 2018 |
Deferred Provision: |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
|  | $ | — |  |  | $ | — |
The deferred tax asset comprises of the recognition of net operating losses for tax purposes.
|  | July 31, 2019 |  | April 30, 2019
Deferred Tax Asset |  | $ | 530,263 |  |  | $ | 398,447 |
Valuation Allowance |  |  | (530,263 | ) |  |  | (398,447 | )
|  | $ | — |  |  | $ | — |
The valuation allowance at July 31, 2019, is $530,263. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to assess the application of a valuation allowance as of July 31, 2019, and December 31, 2018. Red Cat, Inc., has not filed corporate income tax returns for Federal or state purposes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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