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 effective income tax rate
    Fiscal Years Ended March 31,  
    2021     2020  
             
Computed expected tax benefit     (21.00 )%     (21.00 )%
State income taxes, net of federal benefit     0.01 %     0.01 %
Tax effect of warrant modifications     - %     0.84 %
Tax effect of research and development credits     (1.45 )%     (1.60 )%
Tax effect of stock compensation     4.71 %     2.39 %
Tax effect of other non-deductible items     0.00 %     0.00 %
Expired net operating loss carryforwards     1.99 %     0.36 %
Change in valuation allowance (federal only)     15.74 %     19.02 %
                 
Income tax expense     0.00 %     0.02 %
Schedule of components of the deferred tax assets

 

    March 31,  
    2021     2020  
Deferred tax assets:            
Net operating loss carryovers   $ 33,587,300     $ 30,607,500  
Basis differences in property and equipment     12,500       9,100  
Research and development credit carryforwards     2,589,000       2,256,400  
Stock based compensation     3,515,500       3,919,900  
Operating lease Right of Use asset     105,300       95,400  
Accruals and reserves     67,000       66,500  
                 
Total deferred tax assets     39,876,600       36,954,800  
                 
Valuation allowance     (39,876,600 )     (36,954,800 )
                 
Net deferred tax assets   $ -     $ -  

 

Unrecognized tax benefits
    Fiscal Years Ended March 31,  
    2021     2020  
             
Unrecognized benefit - beginning of period   $ 814,600     $ 668,700  
Current period tax position increases     117,300       146,000  
Prior period tax position increases (decreases)     -       (100 )
                 
Unrecognized benefit - end of period   $ 931,900     $ 814,600