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INCOME TAXES
 12 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 11 – INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company has no tax position at April 30, 2025 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at April 30, 2025 and 2024. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.

 

The valuation allowance at April 30, 2025 and 2024 was $1,308,887 and $1,047,389, respectively. The net change in valuation allowance during the years ended April 30, 2025 and 2024 was $261,498. 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 income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of April 30, 2025 and 2024. All tax years since inception remains open for examination only by taxing authorities.

 

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2025 and 2024:

 

   For the Year Ended   For the Year Ended 
   April 30, 2025   April 30, 2024 
Income tax at federal statutory rate   21.00%   21.00%
Valuation allowance   (21.00%)   (21.00%)
Income tax expense   -    - 

 

The Company has a net operating loss carryforward for tax purposes totaling $6,232,797 at April 30, 2025, which may be carried forward indefinitely. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows:

 

   As of April 30, 2025   As of April 30, 2024 
Non-current deferred tax assets:          
Net operating loss carryforward  $

6,232,797

   $4,987,569 
Tax rate   21%   21%
Deferred tax asset   

1,308,887

    1,047,389 
Valuation allowance   (1,308,887)   (1,047,389)
Net deferred tax assets  $-   $- 

 

The Company is currently in the process of gathering the information necessary for filing tax returns for past years, due to the Company’s net losses every year since inception management does not believe that there is any income tax liability for past years.