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INCOME TAXES
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES

Note 11 – INCOME TAXES

 

The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely- than not that some or all of the deferred tax assets will not be realized.

 

In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to allow for the realization of deferred tax assets. Based upon the historical and anticipated future income, management has determined that the deferred tax assets do not meet the more-likely-than-not threshold for realizability. Accordingly, there is a full valuation allowance provided against the Company’s deferred tax assets as of March 31, 2026, and 2025.

 

A reconciliation of the provision for income taxes determined at the U.S. statutory rate at 21% to the Company’s effective income tax rate is as follows:

 

   

Year Ended

March 31, 2026

   Rate %    

Year Ended

March 31, 2025

   Rate %
Pre-tax income (loss)   (1,749,509)           (1,142,115)      
Computed “expected” tax expense (benefit)   (367,397)   (21) %     (239,844)   (21) %
Change in valuation allowance $ 367,397   21 %   $ 239,844   21 %
Actual tax expense (benefit)   -   0.00 %     -   0.00 %

 

The Company had deferred tax assets as follows:

 

    March 31, 2026       March 31, 2025  
Non-current deferred tax assets:              
Net operating loss carry forward $ (5,868,019 )   $ (4,118,510 )
Total deferred tax assets   (1,232,284 )     (864,887 )
Valuation allowance $ 1,232,284     $ 864,887  
Net deferred tax assets $ -     $ -  

 

 

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As of March 31, 2026, the Company has approximately $5,868,019 of net operating loss carryforwards available to reduce future taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.