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INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2021

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:

SCHEDULE OF NET DEFERRED TAX 

		April 30,				April 30,
		2021				2020
Deferred tax assets:
Loss carryforwards		$	788,400			$	301,000
Accrued payroll			333,700				-
Related party accruals			194,400				79,000
Start-up costs			109,600				61,000
Other			17,900				-
Valuation allowance			(1,444,000	)			(441,000	)
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 statutory income tax rate to pretax loss due to the following for the years ended April 30, 2021 and 2020:

SCHEDULE OF INCOME TAX PROVISION 

		April 30,				April 30,
		2021				2020
Income tax benefit based on book loss at US statutory rate		$	(3,832,300	)		$	(1,273,000	)
Share-based compensation and shares for services			188,100				786,000
Debt discount amortization			79,100				15,000
Related party accruals			127,800				79,000
Start-up costs			-				61,000
Interest expense			2,630,000				41,000
Meals and entertainment			-				1,000
Loss on extinguishment of debt			636,400				-
Accrued payroll			215,400				-
Gain on change in fair value of derivatives			(407,300)				-
Other			1,500				-
Valuation allowance			361,300				290,000
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:

SCHEDULE OF NET DEFERRED TAX 

		April 30,				April 30,
		2021				2020
Deferred tax assets:
Loss carryforwards		$	178,000			$	384,000
Accrued expenses			-				63,000
Start-up costs			13,000				-
Research and development costs			113,000				23,000
Valuation allowance			(304,000	)			(470,000	)
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% due to the following for the years ended April 30, 2021 and 2020:

SCHEDULE OF INCOME TAX PROVISION 

		April 30,				April 30,
		2021				2020
Income tax provision (benefit) based on book income (loss) at Israeli statutory rate		$	80,000			$	(728,000	)
Debt discount amortization			-				430,000
Related party accruals			-				44,000
Travel expenses			-				38,000
Research and development costs			113,000				23,000
Other non-deductible items			-				9,000
Start-up costs			13,000				-
Valuation allowance			-				184,000
Loss carryforward			(206,000	)			-
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=121826272&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=121826272&loc=d3e32537-109319

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