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INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2022

SCHEDULE OF NET DEFERRED TAX ASSETS

SCHEDULE OF NET DEFERRED TAX ASSETS  

		2022				2021
		April 30,
		2022				2021
Deferred tax assets:
Loss carryforwards		$	2,166,000			$	788,400
Stock options			8,259,000				—
Accrued payroll			—				333,700
Related party accruals			799,000				194,400
Inventory reserve			100,000				—
Interest deferral			191,000				—
Start-up costs			84,000				109,600
Other			57,000				17,900
Valuation allowance			(11,656,000	)			(1,444,000	)
Net deferred tax assets		$	—			$	—

SCHEDULE OF INCOME TAX PROVISION

SCHEDULE OF INCOME TAX PROVISION 

		2022				2021
		April 30,
		2022				2021
Income tax benefit based on book loss at US statutory rate		$	(10,259,000	)		$	(3,832,300	)
Share-based compensation and shares for services			—				188,100
Debt discount amortization			1,841,000				79,100
Related party accruals			150,000				127,800
Start-up costs			6,815,000				—
Interest expense			5,000				2,630,000
Depreciation			21,000				—
Inventory reserve			55,000				—
Interest deferral			13,000				—
Acquisition costs			1,268,000				—
Accrued legal			76,000				—
Loss on extinguishment of debt			—				636,400
Accrued payroll			—				215,400
Gain on change in fair value of derivatives			(1,298,000	)			(407,300	)
Other			(29,000	)			1,500
Valuation allowance			1,342,000				361,300
Total income tax provision		$	—			$	—

ISRAEL

SCHEDULE OF NET DEFERRED TAX ASSETS

Net deferred tax assets from operations in Israel, using an effective tax rate of 23%, consisted of the following:

SCHEDULE OF NET DEFERRED TAX ASSETS 

		2022				2021
		April 30,
		2022				2021
Deferred tax assets:
Loss carryforwards		$	234,000			$	178,000
Start-up costs			—				13,000
Research and development costs			(113,000	)			113,000
Valuation allowance			(121,000	)			(304,000	)
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, 2022 and 2021:

SCHEDULE OF INCOME TAX PROVISION

		2022				2021
		April 30,
		2022				2021
Income tax provision (benefit) based on book income (loss) at Israeli statutory rate		$	(56,000	)		$	80,000
Research and development costs			—				113,000
Start-up costs			—				13,000
Valuation allowance			56,000				—
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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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