Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.2
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets
               
    YEAR ENDED MARCH 31,  
    2022     2021  
Deferred tax assets:                
Capitalized research and development   $ 3,442,000     $ 3,442,000  
Net operating loss carryforwards1     22,039,000       19,921,000  
Stock compensation     1,609,000       1,399,000  
Total deferred tax assets     27,090,000       24,762,000  
                 
Total deferred tax liabilities            
                 
Net deferred tax assets     27,090,000       24,762,000  
Valuation allowance for deferred tax assets     (27,090,000 )     (24,762,000 )
                 
Net deferred tax assets   $     $  
Provision for income taxes
               
    2022     2021  
             
Income taxes (benefit) at federal statutory rate of 21.00%   $ (2,188,000 )   $ (1,657,000 )
Tax effect on non-deductible expenses and credits     1,000       1,000  
True up items     (5,000 )     25,000  
Expiration of net operating loss carryforwards (1)     593,000       427,000  
Change in valuation allowance     1,599,000       1,204,000  
Income Tax Expense (Benefit)    $     $  

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