Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.2
INCOME TAXES (Tables)
12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
The following is a geographical breakdown of the Company’s loss before the provision for income taxes:

The following is a geographical breakdown of the Company’s loss before the provision for income taxes:

 

    April 30, 2022     April 30, 2021  
Pre-tax loss:                
Federal   $ (12,362,059 )   $ (5,046,567 )
Foreign     -       -  
Total pre-tax income (loss)   $ (12,362,059 )   $ (5,046,567 )
Significant components of the Company’s deferred tax assets are as follows:

Significant components of the Company’s deferred tax assets are as follows:

 

    April 30, 2022     April 30, 2021  
Deferred income tax asset:                
Net operating loss carryover   $ 8,376,539     $ 3,360,381  
Stock compensation     1,722,003       994,264  
Total deferred tax asset     10,098,542       4,354,645  
Fixed assets     (21,611 )     -  
Valuation allowance     (10,076,931 )     (4,354,645 )
Deferred income tax asset, net of allowance   $ -     $ -  
A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate for the years ended April 30, 2022 and 2021, is as follows:

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate for the years ended April 30, 2022 and 2021, is as follows:

 

    2022     2021  
Tax benefit at U.S. Federal statutory tax rate     21.0 %     21.0 %
State income tax, net of federal benefit     12.3 %     18.6 %
Increase (decrease) in tax rate resulting from:                
Change in valuation allowance     -46.3 %     -34.5 %
Stock compensation     13.0 %     -2.9 %
Other     0.0 %     -2.2 %
Effective tax rate     0.0 %     0.0 %