| 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 |
$ |
—Ìý |
|
|
$ |
—Ìý |
|
| State |
32,644Ìý |
|
|
51,820Ìý |
|
|
32,644Ìý |
|
|
51,820Ìý |
|
| Deferred: |
|
|
|
| Federal |
—Ìý |
|
|
—Ìý |
|
| State |
—Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Total Income tax expense |
$ |
32,644Ìý |
|
|
$ |
51,820Ìý |
|
|
| 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 |
$ |
15,737,351Ìý |
|
|
$ |
11,044,236Ìý |
|
| Allowance for doubtful accounts |
1,009,273Ìý |
|
|
629,272Ìý |
|
| Deferred rent |
252,479Ìý |
|
|
606,594Ìý |
|
| Stock-based compensation |
—Ìý |
|
|
439,454Ìý |
|
| Contributions carryforward |
11,013Ìý |
|
|
11,275Ìý |
|
| Intangibles |
—Ìý |
|
|
86,897Ìý |
|
| Interest expense limitation carryforward |
86,485Ìý |
|
|
—Ìý |
|
| Total deferred tax assets |
17,096,601Ìý |
|
|
12,817,728Ìý |
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
| Property and equipment |
(356,473) |
|
|
(417,780) |
|
| Intangibles |
(186,063) |
|
|
—Ìý |
|
| Stock-based compensation |
(1,778,017) |
|
|
—Ìý |
|
| Total deferred tax liabilities |
(2,320,553) |
|
|
(417,780) |
|
|
|
|
|
| Deferred tax assets, net |
$ |
14,776,048Ìý |
|
|
$ |
12,399,948Ìý |
|
|
|
|
|
| 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 |
$ |
—Ìý |
|
|
$ |
—Ìý |
|
|