Annual report pursuant to Section 13 and 15(d)

10. INCOME TAXES (Tables)

v3.20.2
10. INCOME TAXES (Tables)
12 Months Ended
Apr. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets

The components of the Company’s deferred tax assets and liabilities are as follows:

  

    April 30,  
    2020     2019  
Deferred tax assets:                
Net operating loss carryforwards   $ 12,904,396       11,849,290  
Stock compensation     2,494,586       2,233,230  
Other     129,976       105,251  
Total deferred tax assets     15,528,958       14,187,771  
Net deferred tax assets                
Valuation allowance     (15,528,958 )     (14,187,771 )
    $     $  
Tax provision schedule

The provision for income taxes differs from the provision computed by applying the Federal statutory rate to net loss before income taxes as follows:

 

    Years Ended April 30,  
    2020     2019  
Federal benefit at statutory rate   $ (803,646 )     (854,118 )
State income taxes, net of Federal taxes     (327,199 )     (274,538 )
Permanent differences     248,908       170,032  
Provision related to change in valuation allowance     1,341,187       952,170  
Net valuation allowance for state tax deductions     (402,882 )      
Other, net     (56,368 )     6,454  
    $     $