Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2021
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,
2021 2020
Current:
Federal $ —  $ — 
State 32,644  51,820 
32,644  51,820 
Deferred:
Federal —  — 
State —  — 
—  — 
Total Income tax expense $ 32,644  $ 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,
2021 2020
Deferred tax assets:
Net operating loss carryforward $ 15,737,351  $ 11,044,236 
Allowance for doubtful accounts 1,009,273  629,272 
Deferred rent 252,479  606,594 
Stock-based compensation —  439,454 
Contributions carryforward 11,013  11,275 
Intangibles —  86,897 
Interest expense limitation carryforward 86,485  — 
Total deferred tax assets 17,096,601  12,817,728 
Deferred tax liabilities:
Property and equipment (356,473) (417,780)
Intangibles (186,063) — 
Stock-based compensation (1,778,017) — 
Total deferred tax liabilities (2,320,553) (417,780)
Deferred tax assets, net $ 14,776,048  $ 12,399,948 
Valuation allowance:
Beginning of year (12,399,948) (10,051,034)
Increase during period (2,376,100) (2,348,914)
Ending balance (14,776,048) (12,399,948)
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,
2021 2020
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 4.4  % 5.3  %
     Federal and State Minimum Taxes (0.2) % (0.9) %
     Permanent Differences (0.2) % (0.3) %
     Change in Tax Rates - States (2.8) % 17.3  %
     Change in Valuation Allowance (22.8) % (41.9) %
     Other 0.3  % (1.4) %
Effective Income Tax Rate (0.3) % (0.9) %