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INCOME TAXES (Tables)
 12 Months Ended
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  $—   $—