v3.26.1
INCOME TAX EXPENSE
 12 Months Ended
Apr. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX EXPENSE

NOTE 7－ INCOME TAX EXPENSE

 

The Company and its subsidiaries are subject to 21% federal corporate income tax rate in US and 6.5% New York state corporate income tax rate.

 

The income tax provision for the years ended April 30, 2026 and 2025, consists of the following:

        
   Years ended April 30, 
   2026   2025 
         
Federal          
Current  $5,382   $310,699 
Deferred   (12,887)   – 
           
State          
Current   54,091    42,859 
Deferred   (3,151)   – 
           
Income tax provision  $43,885   $353,558 


As of April 30, 2026 and 2025, the Company’s net deferred tax assets are as follows:

        
   As of April 30, 
   2026   2025 
         
Deferred tax assets:          
Net operating loss  $–   $102,611 
Bad debt expense   16,038    – 
Total deferred tax assets   16,038    102,611 
           
Less: valuation allowance   –    (102,611)
Deferred tax assets, net  $16,038   $– 

 

The valuation allowance for deferred tax assets as of April 30, 2026 and 2025 was $0 and $102,611, respectively. 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.

The valuation allowance as of April 30, 2025 was attributed to VitaNova Life Sciences Corporation which incurred a loss position.

 

A reconciliation of the consolidated federal and state statutory income tax rate to the Company’s effective tax rate as a percentage of income before income taxes for the years ended April 30, 2026 and 2025, consists of the following:

                       
  Years ended April 30, 
    2026   2025 
Statutory federal income tax rate   $ 1,382    21.0%   $ 252,904     21.0% 
State statutory income tax rate, net of effect of state income tax deductible to federal income tax     38,866    590.6%     –     – 
Deferred tax asset     –    –     (112,611 )   (9.3%)
Change in valuation allowance     –    –     112,611     9.3% 
Permanent difference     3,637    55.3%     –     – 
Adjustment to current year taxes     –    –     100,654     8.3% 
Effective income tax rate   $ 43,885    666.9%   $ 353,558     29.3%