Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.2
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes

The Company recorded a provision for income taxes of approximately $0 and $3,000 for the years ended March 31, 2020 and March 31, 2019, respectively. 

 

    2020     2019  
 Current taxes:                
 Federal   $     $  
 State           3,000  
            3,000  
 Deferred taxes:                
 Federal            
 State            
             
 Total   $     $ 3,000  

Schedule of reconciliation between actual tax expense and income taxes

The following is a reconciliation between actual tax expense (benefit) and income taxes computed by applying the U.S. federal income tax rate of 21% to income from continuing operations before income taxes for the years ended March 31, 2020 and 2019:

 

    2020     2019  
 Tax expense (benefit), computed at expected tax rates   $ (809,941 )   $ 3,495,692  
 Nondeductible expenses     3,298       77,473  
 State taxes net of FIT benefit           2,370  
 Return to accrual true-up           1,490,624  
 Change in valuation allowance     806,643       (5,063,159 )
 Total   $     $ 3,000  

Schedule of deferred tax assets and deferred liabilities

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred liabilities are presented below: 

 

    At March 31,  
    2020     2019  
 Deferred tax assets:                
 Net operating tax loss carryforwards   $ 10,432,878     $ 9,396,605  
 Depreciation, depletion and amortization     611,157       643,497  
 Income from subsidiary     (201,005 )      
 Share-based compensation     302,916       302,916  
 Bad debt reserve     43,692       39,977  
 Other           1  
 Total deferred tax assets (liabilities)     11,189,638       10,382,996  
                 
 Less: valuation allowance     (11,189,638 )     (10,382,996 )
 Total   $     $