v3.25.2
Income Taxes
 12 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 – Income Taxes

The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:

 

 

 

April 30,

 

 

April 30,

 

 

 

2025

 

 

2024

 

Deferred tax assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

11,774,383

 

 

$

11,378,409

 

Start-up costs

 

 

942,837

 

 

 

833,918

 

Stock option and warrant payments

 

 

746,681

 

 

 

694,206

 

Accumulated depreciation

 

 

729,230

 

 

 

(3,339

)

Research and development credits

 

 

816,075

 

 

 

255,600

 

Research and development warrants

 

 

21,488

 

 

 

21,488

 

Total deferred tax assets, net

 

 

15,030,694

 

 

 

13,180,282

 

Valuation Allowance

 

 

(15,030,694

)

 

 

(13,180,282

)

Net Deferred Tax Assets

 

$

—

 

 

$

—

 

For the years ended April 30, 2025 and April 30, 2024, the Company’s cumulative net operating loss for federal income tax purposes was approximately $56 million and $52 million, respectively. The net operating loss, subject to limitations, may be available in future tax years to offset taxable income. The net operating loss carry-forward will begin to expire in year 2028.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and therefore, a full valuation allowance has been recorded at April 30, 2025 and April 30, 2024, respectively.