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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income tax provision

		Year Ended March 31,
		2020				2019
Current portion:
Federal		$	—			$	—
State			1,600				1,589
			1,600				1,589
Deferred portion:
Federal			(1,180,434)				(582,782)
State			(391,865)				(193,502)
			(1,572,299)				(776,284)
Change in valuation allowance			1,572,299				776,284
Provision for income taxes		$	1,600			$	1,589

Income tax reconciliation

		Year Ended March 31,
		2020				2019
Federal statutory rate			21	%			21	%
State tax rate, net of federal benefit			7	%			7	%
Permanent differences			—	%			—	%
Research and development tax credits			3	%			2	%
Section 179 assets			—	%			1	%
Change in valuation allowance			(31)	%			(31)	%
Effective income tax rate			—	%			—	%

Summary of deferred tax assets

				March 31,
		2020					2019
Net operating loss carryforwards		$	1,965,118				$	758,799
Stock-based compensation expense			364,989					148,903
Property and equipment			6,842					2,172
Reserves, accruals & other			(7,181		)			-
Research and development tax credits			237,716					85,310
Total deferred tax assets			2,567,484					995,184
Less: valuation allowance			(2,567,484		)			(995,184	)
Deferred tax assets, net		$	-				$	-

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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