v3.25.2
INCOME TAX
 12 Months Ended
Apr. 30, 2025
INCOME TAX  
INCOME TAX

NOTE 9 – INCOME TAX

 

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by the valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

The Company’s deferred tax assets for the Company consisted of the following as of April 30, 2025 and 2024:

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Income/(Loss) Before Income Taxes

 

$(936,950)

 

$(575,766)

Taxable income(loss)

 

 

936,950

 

 

 

575,766

Valuation Allowance

 

 

 

 

 

 

 

 

Net Operating Losses

 

 

(9,064,876)

 

 

(8,127,926

)

Tax Rate

 

 

21%

 

 

21%

 

 

 

 

 

 

 

 

 

Deferred Tax Assets

 

 

(1,903,624)

 

 

(1,706,854)

Valuation Allowance

 

 

1,903,624

 

 

 

1,706,854

 

Net Deferred Tax Assets

 

$-

 

 

$-

 

 

The Company had a net loss of for the years ended April 30, 2025 and 2024, respectively. As of April 30, 2025 the Company had a net operating loss carry forward of $9,064,876 which can be used to offset future taxable income. 

 

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended April 30, 2025 and 2024 as follows:

 

 

 

2025

 

 

2024

 

U.S. federal statutory rate

 

 

21%

 

 

21%

Net operating loss

 

(21)

%

 

(21)

%

Effective tax rate

 

-

%

 

-

%

 

The Company’s tax years within the United States remain open for review back to 2016.

 

The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.