Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.10.0.1
Income Tax (Tables)
12 Months Ended
Apr. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

 

    Year Ended April 30,  
    2018     2017  
Current            
Federal   $ -     $   -  
State and local     2,800       -  
Total current     2,800       -  
                 
Deferred                
Federal   $ (438,145 )   $ -  
State and local     -       -  
Total deferred     (438,145 )     -  
                 
Total income tax expense (benefit)     (435,345 )     -  

Schedule of Effective Tax Rate

The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows:

 

    Year ended April 30,  
    2018     2017  
Federal income tax rate     29.7 %     34.0 %
State income tax (net of federal effect)     0.8       -  
Impairment of goodwill     (14.7 )     -  
Non-deductible expenses     -       (7.0 )
Net operating loss decrease under IRC Section 382     (75.1 )     -  
Impact of tax law change     (14.5 )     -  
Change in valuation allowance     76.9       (27.0 )
Effective tax rate     3.1 %     - %

Schedule of Net Deferred Tax Asset

Deferred tax assets:

 

    April 30,
2018
    April 30,
2017
 
Net operating loss carryover   $ 1,905,000     $ 1,159,000  
Stock-based compensation     1,580,000       -  
Alternative minimum tax credit carryover     438,000       -  
Capitalized R & D costs     163,145       -  
Subtotal     4,086,145       1,159,000  
Less: valuation allowance     (3,648,000 )     (1,159,000 )
Net deferred tax asset   $ 438,145     $ -