| Schedule of loss before income taxes |
| Schedule of loss
before income taxes | |
| | | |
| | |
| | |
March 31, 2026 | | |
March 31, 2025 | |
| Domestic | |
$ | (6,347,160 | ) | |
$ | (12,416,477 | ) |
| Foreign | |
| (804,309 | ) | |
| (971,612 | ) |
|
| Schedule of deferred tax assets |
| Schedule of deferred tax assets | |
| | |
| |
| | |
YEAR ENDED MARCH 31, | |
| | |
2026 | | |
2025 | |
| Deferred tax assets: | |
| | |
| |
| Net operating loss carryforwards(1) | |
$ | 29,682,000 | | |
$ | 30,022,000 | |
| Capitalized research and development costs | |
| 1,087,000 | | |
| 519,000 | |
| Research and development tax credits | |
| 3,442,000 | | |
| 3,442,000 | |
| Stock compensation | |
| 2,438,000 | | |
| 415,000 | |
| Gross deferred tax assets | |
| 36,649,000 | | |
| 34,398,000 | |
| Total deferred tax liabilities | |
| – | | |
| – | |
| Net deferred tax assets | |
| 36,649,000 | | |
| 34,398,000 | |
| Valuation allowance for deferred tax assets | |
| (36,649,000 | ) | |
| (34,398,000 | ) |
| | |
| | | |
| | |
| Net deferred tax assets | |
$ | – | | |
$ | – | |
______________
| (1) |
Pursuant to Internal Revenue Code Section 382, use of our tax net operating loss carryforwards and research and development tax credit carryforwards may be limited. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to an ownership change. Subsequent ownership changes may further affect the limitation in future years. If and when the Company utilizes these tax attributes in a future period, it will perform an analysis to determine the effect, if any, of these loss limitation rules on the carryforward balances. |
|
| Schedule of provision for income taxes |
| Schedule of provision for income taxes | |
| | | |
| | |
| | |
Amount | | |
Rate | |
| Rate Federal statutory income tax benefit | |
$ | (1,502,000 | ) | |
| 21.0% | |
| State taxes, net of federal benefit | |
| (499,000 | ) | |
| 6.9% | |
| Federal return-to-provision adjustments | |
| 628,000 | | |
| (8.7% | ) |
| State return-to-provision adjustments | |
| 382,000 | | |
| (5.3% | ) |
| Expiration of net operating loss carryforwards | |
| 271,000 | | |
| (3.8% | ) |
| Non-deductible items | |
| 1,000 | | |
| (0.01% | ) |
| Change in valuation allowance | |
| 719,000 | | |
| (9.9% | ) |
| Effective income tax rate | |
$ | – | | |
| 0.0% | |
|