Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.2
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX EXPENSE

The components of income tax expense for the years ended March 31, 2024 and 2023 consist of the following:

 

    2024     2023  
Federal statutory rate     21.0 %     21.0 %
State taxes, net of federal benefit     -       -  
Permanent differences     0.9 %     4.6 %
Valuation allowance     (21.9 )%     (25.6 )%
Effective rate     0.0 %     0.0 %
SCHEDULE OF DEFERRED TAX ASSET

Significant components of the Company’s deferred tax assets as of March 31, 2024 and 2023 are summarized below.

 

    2024     2023  
Deferred tax assets:                
Net operating loss carryforwards   $ 17,600,000     $ 8,900,000  
Other     1,206,000       (279,000 )
Total deferred tax asset     18,806,000       8,621,000  
Valuation allowance     (18,806,000 )     (8,621,000 )
Total   $ -     $ -