v3.25.4
INCOME TAXES (Tables)
12 Months Ended
Jan. 31, 2024
INCOME TAXES  
Schedule of reconciliation of the federal statutory tax rate to the effective tax rate

 

 

Years Ended January 31,

 

 

 

2024

 

 

2023

 

Statutory federal income tax rate

 

 

21.00%

 

 

21.00%

State income taxes, net of federal tax benefit

 

 

-

 

 

 

-

 

Valuation allowance

 

(21.00

%)

 

(20.84

%)

Other, net

 

 

-

 

 

(0.04

%)

Effective tax rate

 

 

0.00%

 

 

0.12%
Schedule of income tax provision benefit

 

 

Years Ended January 31,

 

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

Federal

 

$-

 

 

$-

 

State

 

 

-

 

 

 

800

 

Total current

 

 

-

 

 

 

800

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

-

 

 

 

(6,181)

State

 

 

-

 

 

 

-

 

Total deferred

 

 

-

 

 

 

(6,181)

Total income tax provision

 

$-

 

 

$(5,381)
Schedule of deferred tax assets and liabilities

 

 

 Years Ended January 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets :

 

 

 

 

 

 

Allowance for credit loss

 

$7,063

 

 

$7,063

 

Impairment expense

 

 

2,194

 

 

 

-

 

Stock based-compensation

 

 

34,555

 

 

 

-

 

Operating lease liability

 

 

19,600

 

 

 

55,226

 

Net operating loss carryforward

 

 

1,041,256

 

 

 

865,309

 

Other, net

 

 

-

 

 

 

168

 

Total deferred tax assets

 

 

1,104,668

 

 

 

927,766

 

Valuation allowance

 

 

(1,078,716)

 

 

(868,172)

Net deferred tax assets

 

 

25,952

 

 

 

59,594

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Amortization and depreciation

 

 

(7,125)

 

 

(5,901)

Operating lease right-of-use assets

 

 

(18,827)

 

 

(53,693)

Total deferred tax liabilities

 

 

(25,952)

 

 

(59,594)

 

 

 

 

 

 

 

 

 

Net deferred tax assets (liabilities)

 

$-

 

 

$-