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8. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets

Significant components of our net deferred tax assets at March 31, 2020 and 2019 are shown below:

		YEAR ENDED MARCH 31,
		2020				2019
Deferred tax assets:
Capitalized research and development		$	3,442,000			$	3,442,000
Net operating loss carryforwards			18,384,000				17,221,000
Stock compensation			1,181,000				944,000
Total deferred tax assets			23,007,000				21,607,000
Total deferred tax liabilities			–				–
Net deferred tax assets			23,007,000				21,607,000
Valuation allowance for deferred tax assets			(23,007,000	)			(21,607,000	)
Net deferred tax assets		$	–			$	–

Provision for income taxes

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate for the years ended March 31, 2020 and 2019 due to the following:

		2020				2019
Income taxes (benefit) at federal statutory rate of 21.00%		$	(1,340,000	)		$	(1,306,000	)
State income tax, net of federal benefit			(446,000	)			(434,000	)
Tax effect on non-deductible expenses and credits			122,000				41,000
True up items			42,000				(41,000
Expiration of net operating loss carryforwards			222,000				407,000
Change in valuation allowance1			1,400,000				1,333,000
		$	–			$	–

 ______________

(1) Pursuant to Internal Revenue Code Sections 382, use of our tax net operating loss carryforwards may be limited.

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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

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-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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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