Schedule of deferred tax assets |
The Company has the following net deferred tax
assets:
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
25,687,000 |
|
|
$ |
27,948,000 |
|
Research and development tax credit carryforwards |
|
|
1,850,000 |
|
|
|
1,850,000 |
|
Stock-based compensation |
|
|
3,120,000 |
|
|
|
3,803,000 |
|
Allowances and accruals |
|
|
659,000 |
|
|
|
1,099,000 |
|
Other deferred tax assets |
|
|
398,000 |
|
|
|
731,000 |
|
State income taxes |
|
|
– |
|
|
|
1,000 |
|
Basis difference in assets |
|
|
– |
|
|
|
6,000 |
|
Lease liability |
|
|
78,000 |
|
|
|
226,000 |
|
Gross deferred tax assets |
|
$ |
31,792,000 |
|
|
$ |
35,664,000 |
|
|
|
|
|
|
|
|
|
|
Less valuation allowance |
|
|
(31,528,000 |
) |
|
|
(35,297,000 |
) |
|
|
|
|
|
|
|
|
|
Total deferred tax assets |
|
$ |
264,000 |
|
|
$ |
367,000 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Fixed assets |
|
|
(3,000 |
) |
|
|
(5,000 |
) |
Prepaid expenses |
|
|
(186,000 |
) |
|
|
(143,000 |
) |
Right of Use asset |
|
|
(75,000 |
) |
|
|
(219,000 |
) |
Gross deferred tax liabilities |
|
|
(264,000 |
) |
|
|
(367,000 |
) |
Net deferred tax assets |
|
$ |
– |
|
|
$ |
– |
|
|
Income tax provision domestic and foreign |
The income tax provision (benefit) is based on
the following loss before income taxes, which are from domestic sources and foreign loss before income taxes:
|
|
Year Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
Domestic |
|
$ |
2,052,000 |
|
|
$ |
1,425,000 |
|
Foreign |
|
|
1,467,000 |
|
|
|
227,000 |
|
|
|
$ |
3,519,000 |
|
|
$ |
1,652,000 |
|
|
Schedule of income tax expense |
The Company’s income tax expense/(benefits)
consist of the following:
|
|
Year Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
Current: |
|
|
|
|
|
|
State |
|
$ |
1,000 |
|
|
$ |
3,000 |
|
Foreign |
|
|
941,000 |
|
|
|
118,000 |
|
|
|
|
942,000 |
|
|
|
121,000 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
|
|
– |
|
|
|
– |
|
State |
|
|
– |
|
|
|
– |
|
Foreign |
|
|
– |
|
|
|
– |
|
|
|
$ |
942,000 |
|
|
$ |
121,000 |
|
|