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

NOTE J - INCOME TAXES

 

At April 30, 2026, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $70,602,605 that may be used to offset future taxable income and expiring through the tax year 2037, subject to certain limitation pursuant to Internal Revenue Code Section 382. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that, the benefits will not be realized.

 

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

       
   Years Ended April 30, 
   2026   2025 
Federal statutory income tax rate   (21.0)%   (21.0)%
State income taxes, net of federal benefit   (7.1)   (7.1)
Permanent differences   6.7    6.7 
Change in valuation allowance   21.4    21.4 
Provision for income taxes   0.0%   0.0%

 

The benefit for income taxes differed from the amount computed using the US federal income tax rate of 21% for April 30, 2026, and 2025 were as follows

 

       
   April 30, 
   2026   2025 
Income tax (benefit)  $(610,674)  $(452,550)
Non-deductible   191,406   57,065 
Change in valuation allowance   419,268    395,485 
Income tax (benefit) per financial statements  $-   $- 

 

 

Components of deferred tax assets as of April 30, 2026, and estimated 2025 are as follows:

SCHEDULE OF DEFERRED TAX ASSETS

       
   April 30, 
   2026   2025 
Noncurrent:        
Net operating loss carry forward  $14,427,432   $14,008,164 
Valuation allowance   (14,427,432)   (14,008,164)
Net deferred tax asset  $-   $-