Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    As of March 31,  
    2021     2020  
Deferred tax assets:            
Accrued vacation   $ -     $ 2,489  
Accrued payroll     147,307       -  
Stock-based compensation     544,158       544,158  
Net operating loss     3,678,886       2,410,744  
Total deferred income tax assets     4,370,351       2,957,391  
                 
Deferred income tax liabilities:                
Fixed assets     (712 )     (532 )
Development technology     (20,017 )     (20,017 )
Total deferred income tax liabilities     (20,729 )     (20,549 )
                 
Net deferred income tax assets     4,349,622       2,936,842  
Valuation allowance     (4,349,622 )     (2,936,842 )
Deferred tax asset, net of allowance   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    For the year ended
March 31,		  
    2021     2020  
Statutory federal income tax rate     21.0 %     21.0 %
State taxes, net of federal tax benefit     1.1 %     4.9 %
Stock-based compensation     (7.3 )%     (1.2 )%
Loss on extinguishment of debt     (7.3 )%     - %
Loss on exchange of notes payable for common stock and warrants     (0.8 )%     - %
Change in fair value of warrant liability     (1.2 )%     - %
Deferred tax true-up     (2.0 )%     (0.3 )%
Change in valuation allowance     (3.5 )%     (24.5 )%
Income taxes provision (benefit)     - %     - %