Annual report pursuant to Section 13 and 15(d)

8. INCOME TAXES (Tables)

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8. INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2017
Income Taxes Tables  
Schedule of deferred tax assets
    YEAR ENDED MARCH 31,  
    2017     2016  
             
Deferred tax assets:                
Capitalized research and development   $ 3,442,000     $ 3,442,000  
Net operating loss carryforwards     22,060,000       20,126,000  
Stock compensation     318,000        
Total deferred tax assets     25,820,000       23,568,000  
                 
Total deferred tax liabilities            
                 
Net deferred tax assets     25,820,000       23,568,000  
Valuation allowance for deferred tax assets     (25,820,000 )     (23,568,000 )
                 
Net deferred tax assets   $     $  
Provision for income taxes

    2017     2016  
             
Income taxes (benefit) at federal statutory rate of 34%   $ (2,484,000 )   $ (1,686,000 )
State income tax, net of federal benefit     (438,000 )     (298,000 )
Tax effect on non-deductible expenses and credits     382,000       69,000  
Change in valuation allowance1     2,540,000       1,915,000  
    $     $  

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(1) Pursuant to Internal Revenue Code Sections 382, use of our tax net operating loss carryforwards may be limited.