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Income Tax Provision (Tables)

12 Months Ended

Jan. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The income tax provision consists of the following:

 Schedule of Components of Income Tax Expense

Income tax provision / (benefit) consists of the following:

		January 31, 2023				January 31, 2022
Federal
Current		$	112,892			$	-
Deferred			(183,565	)			32,224
State and Local
Current			165,266
Deferred			(85,489	)			264,248
Income tax provision		$	9,104			$	296,472

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consisted of the effects of temporary differences attributable to the following:

 Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Assets		Year Ended January 31, 2023				Year Ended January 31, 2022
Net operating loss carryovers		$	607,351			$	1,152,434
Share-based compensation			32,362				6,854
Acquisition costs			108,028				88,109
Capitalized start-up and organization costs			23,740				27,843
Right of use liability			819,916				798,015
Inventory			27,057				21,945
Interest limitation			-				16,224
Bad debt			49,030				-
Other			-				18,354
Total deferred tax assets			1,667,484				2,129,778
Deferred Tax Liabilities
Fixed assets			65,578				812,528
Intangibles			77,479				-
Right of use asset			806,868				868,749
Total deferred tax liabilities			949,925				1,681,277
Net deferred tax asset		$	717,559			$	448,501

Schedule of Effective Income Tax Rate Reconciliation

The expected tax provision (benefit) based on the statutory rate is reconciled with actual tax provision (benefit) as follows:

Schedule of Effective Income Tax Rate Reconciliation 

		Year Ended January 31, 2023				Year Ended January 31, 2022
US Federal statutory rate			21.00	%			21.00	%
State income tax, net of federal benefit			3.4				1.08
Adjustments to deferred tax assets			(24	)			627.47
Non-deductible expenses			-				16.00
Income tax provision (benefit)			0.4	%			665.55	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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