Annual report pursuant to Section 13 and 15(d)

8. INCOME TAXES (Tables)

v3.19.2
8. INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets
    YEAR ENDED MARCH 31,  
    2019     2018  
Deferred tax assets:                
Capitalized research and development   $ 3,442,000     $ 3,442,000  
Net operating loss carryforwards     17,221,000       16,257,000  
Stock compensation     944,000       575,000  
Total deferred tax assets     21,607,000       20,274,000  
                 
Total deferred tax liabilities            
                 
Net deferred tax assets     21,607,000       20,274,000  
Valuation allowance for deferred tax assets     (21,607,000 )     (20,274,000 )
                 
Net deferred tax assets   $     $  
Provision for income taxes
    2019     2018  
             
Income taxes (benefit) at federal statutory rate of 21.00%   $ (1,306,000 )   $ (1,753,000 )
State income tax, net of federal benefit     (434,000 )     (349,000 )
Tax effect on non-deductible expenses and credits     41,000       74,000  
True up items     (41,000 )     0  
Expiration of state net operating loss carryforwards     407,000       0  
Change in valuation allowance1     1,333,000       (5,546,000 )
Change in tax rate     0       7,574,000  
    $     $