91르적 Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

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

For the Years Ended

April 30,

2018

2017

Current:

Federal

—

State

—

Deferred:

Federal

—

State

—

Total Income tax expense (benefit)

—

Significant components of the Company's deferred income tax assets and liabilities are as follows:


	April 30,
	2018			2017
Deferred tax assets:
Net operating loss	$	7,163,547		$	8,626,748
Allowance for doubtful accounts (recovery)		105,122			(20,029
Intangible assets		(6,573	)		201,942
Deferred rent		20,574			16,911
Stock-based compensation		687,067			820,257
Contributions carryforward		60			93
Total deferred tax assets		7,969,797			9,645,922

Deferred tax liabilities:
Property and equipment		(132,042	)		(174,260	)
Total deferred tax liabilities		(132,042	)		(174,260	)

Deferred tax assets, net		7,837,755			9,471,662


Valuation allowance:
Beginning of year		(9,471,662	)		(9,068,774	)
Decrease (increase) during period		1,633,907			(402,888	)
Ending balance		(7,837,755	)		(9,471,662	)

Net deferred tax asset	$	—		$	—

A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:


	April 30,
	2018			2017
Statutory U.S. federal income tax rate		34.0	%		34.0	%
State income taxes, net of federal tax benefit		3.0			3.0
Other		(0.9	)		(0.5	)
Effect of change in federal tax rates