Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
The components of income tax expense are as follows:
For the Years Ended April 30,
2020 2019
Current:
Federal $ —    $ —   
State 51,820    —   
51,820    —   
Deferred:
Federal —    —   
State —    —   
—    —   
Total Income tax expense $ 51,820    $ —   
Schedule of Deferred Income Tax Assets and Liabilities
Significant components of the Company's deferred income tax assets and liabilities are as follows:
April 30,
2020 2019
Deferred tax assets:
Net operating loss carryforward $ 11,044,236    $ 9,033,235   
Allowance for doubtful accounts 629,272    181,774   
Deferred rent 606,594    180,154   
Stock-based compensation 439,454    954,586   
Contributions carryforward 11,275    60   
Intangibles 86,897    —   
Total deferred tax assets 12,817,728    10,349,809   
Deferred tax liabilities:
Property and equipment (417,780)   (234,336)  
Intangibles —    (64,439)  
Total deferred tax liabilities (417,780)   (298,775)  
Deferred tax assets, net $ 12,399,948    $ 10,051,034   
Valuation allowance:
Beginning of year (10,051,034)   (7,837,755)  
Increase during period (2,348,914)   (2,213,279)  
Ending balance (12,399,948)   (10,051,034)  
Net deferred tax asset $ —    $ —   
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:
The Company's effective income tax expense differs from the statutory federal income tax rate of 21% as follows:
April 30,
2020 2019
Statutory Rate applied to net loss before income taxes 21.0  % 21.0  %
Increase (decrease) in income taxes resulting from:
     State income taxes, net of federal tax benefit 5.3  % 3.6  %
     Federal and State Minimum Taxes (0.9) % —  %
     Permanent Differences (0.3) % —  %
     Change in Tax Rates - States 17.3  % —  %
     Change in Valuation Allowance (41.9) % (23.8) %
     Other (1.4) % (0.8) %
Effective Income Tax Rate (0.9) % 0.0  %