Annual report pursuant to Section 13 and 15(d)

FEDERAL INCOME TAX (Tables)

v3.22.2
FEDERAL INCOME TAX (Tables)
12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX EXPENSE

The components of income tax expense for the years ended March 31, 2022 and 2021 consist of the following:

 

    2022     2021  
Federal Tax statutory rate     21.00 %     21.00 %
Permanent differences     18.40 %     3.46 %
Valuation allowance     (39.40 )%     (24.46 )%
Effective rate     0.00 %     0.00 %
SCHEDULE OF DEFERRED TAX ASSET

Significant components of the Company’s deferred tax assets as of March 31, 2021 and 2020 are summarized below.

SCHEDULE OF DEFERRED TAX ASSET

    2022     2021  
Deferred tax assets:                
Net operating loss carryforwards   $ 6,022,000     $ 3,429,000  
                 
Other     (350,000 )     -  
Total deferred tax asset     5,672,000       3,429,000  
Valuation allowance     (5,672,000 )     (3,429,000 )
Total   $ -     $ -