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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2020

Schedule of Net Deferred Tax

Net deferred tax assets from operations in the US, using an effective tax rate of 21%, consisted of the following.

		April 30,				April 30,
		2020				2019
Deferred tax assets (liabilities):
Loss carryforwards		$	301,000			$	9,500
Depreciation			-				(400	)
Related party accruals			79,000				-
Start-up costs			61,000				-
Valuation allowance			(441,000	)			(9,100	)
Net deferred tax assets		$	-			$	-

Schedule of Income Tax Provision

The income tax provision differs from the amount of income tax determined by applying the applicable US statutory income tax rate of 21% to pretax loss due to the following for the year ended April 30, 2020 and 2019.

		April 30,				April 30,
		2020				2019
Income tax benefit based on book loss at US statutory rate		$	(1,273,000	)		$	(5,900	)
Stock-based compensation			786,000				-
Debt discount amortization			15,000				-
Related party accruals			79,000				-
Start up costs			61,000				-
Interest expense			41,000				-
Meals and entertainment			1,000				-
Depreciation			-				400
Valuation allowance			290,000				5,500
Total income tax provision		$	-			$	-

ISRAEL

Schedule of Net Deferred Tax

Net deferred tax assets from operations in Israel , using an effective tax rate of 23%, consisted of the following. The net deferred tax assets as of April 30, 2019 represent the amounts from SBL contributed to the Company on May 1, 2019.

		April 30,				April 30,
		2020				2019
Deferred tax assets (liabilities):
Loss carryforwards		$	384,000			$	201,000
Accrued expenses			63,000				16,000
Research and development costs			23,000				-
Valuation allowance			(470,000	)			(216,000	)
Net deferred tax assets		$	-			$	-

Schedule of Income Tax Provision

The income tax provision differs from the amount of income tax determined by applying the applicable Israeli statutory income tax rate of 23% to pretax loss due to the following for the year ended April 30, 2020. As the net assets of SBL were contributed on May 1, 2019, there is no income tax provision related to the year ended April 30, 2019.

		April 30,
		2020
Income tax benefit based on book loss at Israeli statutory rate		$	(728,000	)
Debt discount amortization			430,000
Related party accruals			44,000
Travel			38,000
Research and development			23,000
Other non-deductible items			9,000
Valuation allowance			184,000
Total income tax provision		$	-

X

- 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=84230637&loc=d3e32639-109319

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X

- 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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