XML 38 R25.htm IDEA: XBRL DOCUMENT v3.22.2
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income tax provision

The income tax provision consisted of the following:

 
INCOME TAXES
   Year Ended March 31, 
   2022   2021 
Current portion:          
Federal  $—   $— 
State   1,600    1,600 
Current   1,600    1,600 
Deferred portion:          
Federal   (4,109,000)   (1,931,390)
State   (1,300,000)   (576,868)
Deferred   ( 5,409,000)   (2,508,258)
Change in valuation allowance   5,409,000    2,508,258 
Provision for income taxes  $1,600   $1,600 
Schedule of Income Tax Provisions

A reconciliation of income taxes provided at the federal statutory rate (21% for each of fiscal 2022 and 2021) to the actual income tax provision is as follows: 

 
INCOME TAXES (Details 2)
   Year Ended March 31, 
   2022   2021 
Federal statutory rate   (21)%   (21)%
State tax rate, net of federal benefit   (7)%   (7)%
Permanent differences   —%   —%
Research and development tax credits   (2)%   (6)%
Section 179 assets   —%   —%
Change in valuation allowance   30%   34%
Effective income tax rate   —%   —%
Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets and liabilities were: 
INCOME TAXES (Details 3)
   March 31, 
   2022   2021 
Net operating loss carryforwards  $7,731,000   $3,909,434 
Stock-based compensation expense   1,824,000    554,892 
Property and equipment   80,000    (18,039)
Reserves, accruals & other   (104,000)   (79,878)
Research and development tax credits   988,000    646,296 
Total deferred tax assets   10,519,000    5,012,705 
Section 179 assets   (97,000)   — 
Total deferred tax liabilities   (97,000)   — 
Less: valuation allowance   (10,422,000)   (5,012,705)
Deferred tax assets, net  $—   $—