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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
The income tax provision (benefit) | The income tax provision (benefit) consisted of the following:
INCOME TAXES |
|  | Year Ended March 31, |
|  | 2021 |  |  | 2020 |
Current portion: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 1,600 |  |  |  | 1,600 |
Current |  |  | 1,600 |  |  |  | 1,600 |
Deferred portion: |  |  |  |  |  |  |  |
Federal |  |  | (1,931,390 | ) |  |  | (1,180,434 | )
State |  |  | (576,868 | ) |  |  | (391,865 | )
Deferred |  |  | (2,508,258 | ) |  |  | (1,572,299 | )
Change in valuation allowance |  |  | 2,508,258 |  |  |  | 1,572,299 |
Provision for income taxes |  | $ | 1,600 |  |  | $ | 1,600 |
A reconciliation of income taxes provided at the federal statutory | A reconciliation of income taxes provided at the federal statutory rate (21% for fiscal 2021 and 2020) to the actual income tax provision is as follows:
INCOME TAXES (Details 2) |
|  | 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 |  |  | — | % |  |  | — | %
Significant components of the Company’s deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities were:
INCOME TAXES (Details 3) |
|  | 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 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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=121826272&loc=d3e32537-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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