Schedule of Income Tax Expense (Benefit) |
The components of income tax expense are as follows:
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For the Years Ended April 30, |
|
2021 |
|
2020 |
Current: |
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|
Federal |
$ |
— |
|
|
$ |
— |
|
State |
32,644 |
|
|
51,820 |
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|
32,644 |
|
|
51,820 |
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Deferred: |
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|
|
Federal |
— |
|
|
— |
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State |
— |
|
|
— |
|
|
— |
|
|
— |
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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:
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April 30, |
|
2021 |
|
2020 |
Deferred tax assets: |
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|
|
Net operating loss carryforward |
$ |
15,737,351 |
|
|
$ |
11,044,236 |
|
Allowance for doubtful accounts |
1,009,273 |
|
|
629,272 |
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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 |
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|
|
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Deferred tax liabilities: |
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|
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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) |
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|
|
|
|
Deferred tax assets, net |
$ |
14,776,048 |
|
|
$ |
12,399,948 |
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|
|
|
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Valuation allowance: |
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|
|
Beginning of year |
(12,399,948) |
|
|
(10,051,034) |
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Increase during period |
(2,376,100) |
|
|
(2,348,914) |
|
Ending balance |
(14,776,048) |
|
|
(12,399,948) |
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|
|
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Net deferred tax asset |
$ |
— |
|
|
$ |
— |
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|