Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate
    Fiscal Years Ended March 31,  
    2020     2019  
             
Computed expected tax benefit     (21.00 )%     (21.00 )%
State income taxes, net of federal benefit     0.01 %     0.00 %
Tax effect of warrant modifications     0.84 %     0.00 %
Tax effect of research and development credits     (1.60 )%     (1.92 )%
Tax effect of stock compensation     2.39 %     0.00 %
Tax effect of other non-deductible items     0.00 %     0.74 %
 Expired net operating loss carryforwards     0.36 %     0.00 %
Change in valuation allowance (federal only)     19.02 %     22.19 %
                 
Income tax expense     0.02 %     0.01 %
Schedule of components of the deferred tax assets

    March 31,  
    2020     2019  
Deferred tax assets:            
Net operating loss carryovers   $ 30,607,500     $ 27,190,900  
Basis differences in property and equipment     9,100       (2,700 )
Research and development credit carryforwards     2,256,400       1,840,400  
Stock based compensation     3,919,900       3,516,600  
Operating lease Right of Use asset     95,400       -  
Accruals and reserves     66,500       207,100  
                 
Total deferred tax assets     36,954,800       32,752,300  
                 
Valuation allowance     (36,954,800 )     (32,752,300 )
                 
Net deferred tax assets   $ -     $ -  

Unrecognized tax benefits
    Fiscal Years Ended March 31,  
    2020     2019  
             
Unrecognized benefit - beginning of period   $ 668,700     $ 451,600  
Current period tax position increases     146,000       210,100  
Prior period tax position increases (decreases)     (100 )     7,000  
                 
Unrecognized benefit - end of period   $ 814,600     $ 668,700