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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income tax provision

		Year Ended March 31,
		2021				2020
Current portion:
Federal		$	—			$	—
State			1,600				1,600
			1,600				1,600
Deferred portion:
Federal			(1,931,390	)			(1,180,434	)
State			(576,868	)			(391,865	)
			(2,508,258	)			(1,572,299	)
Change in valuation allowance			2,508,258				1,572,299
Provision for income taxes		$	1,600			$	1,600

Income tax reconciliation

		Year Ended March 31,
		2021				2020
Federal statutory rate			(21)	%			(21	)%
State tax rate, net of federal benefit			(7)	%			(7)	%
Permanent differences			—	%			—	%
Research and development tax credits			(6)	%			(3)	%
Section 179 assets			—	%			—	%
Change in valuation allowance			34	%			31	%
Effective income tax rate			—	%			—	%

Summary of deferred tax assets

		March 31,
		2021				2020
Net operating loss carryforwards		$	3,909,434			$	1,965,118
Stock-based compensation expense			554,892				364,989
Property and equipment			(18,039)				6,842
Reserves, accruals & other			(79,878)				(7,181)
Research and development tax credits			646,296				237,716
Total deferred tax assets			5,012,705				2,567,484
Less: valuation allowance			(5,012,705)				(2,567,484	)
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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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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