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Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract] Ìý
Schedule of Income Tax Expense The components of income tax expense are as follows:
Years Ended April 30,
2022 2021
Current income tax expense:
Federal $ —Ìý $ —Ìý
State 27,400Ìý 32,644Ìý
Foreign 400,000Ìý —Ìý
Current income tax expense 427,400Ìý 32,644Ìý
Deferred income tax expense:
Federal —Ìý —Ìý
State —Ìý —Ìý
Foreign —Ìý —Ìý
Deferred income tax expense —Ìý —Ìý
Income tax expense $ 427,400Ìý $ 32,644Ìý
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,
2022 2021
Deferred tax assets:
Net operating loss carryforward $ 18,095,495Ìý $ 15,737,351Ìý
Allowance for doubtful accounts 897,965Ìý 1,009,273Ìý
Deferred rent 192,284Ìý 252,479Ìý
Stock-based compensation 870,245Ìý —Ìý
Contributions carryforward 11,089Ìý 11,013Ìý
Accrued compensation 43,176Ìý —Ìý
Warrant amortization 17,888Ìý —Ìý
Intangibles —Ìý —Ìý
Interest expense limitation carryforward 717,919Ìý 86,485Ìý
Total deferred tax assets 20,846,061Ìý 17,096,601Ìý
Deferred tax liabilities:
Property and equipment (1,000,092) (356,473)
Intangibles (463,074) (186,063)
Stock-based compensation —Ìý (1,778,017)
Total deferred tax liabilities (1,463,166) (2,320,553)
Deferred tax assets, net $ 19,382,895Ìý $ 14,776,048Ìý
Valuation allowance:
Beginning of year (14,776,048) (12,399,948)
Increase during period (4,606,847) (2,376,100)
Ending balance (19,382,895) (14,776,048)
Net deferred tax asset $ —Ìý $ —Ìý
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:The Company's effective income tax expense differs from the statutory federal income tax rate of 21% as follows:
April 30,
2022 2021
Statutory Rate applied to net loss before income taxes 21.0Ìý % 21.0Ìý %
Increase (decrease) in income taxes resulting from:
ÌýÌýÌýÌýÌýState income taxes, net of federal tax benefit 4.2Ìý % 4.4Ìý %
ÌýÌýÌýÌýÌýEffect on change in federal tax rates —Ìý % —Ìý %
ÌýÌýÌýÌýÌýFederal and State Minimum Taxes —Ìý % (0.2) %
ÌýÌýÌýÌýÌýPermanent Differences (1.9) % (0.2) %
ÌýÌýÌýÌýÌýForeign income tax (4.4) % —Ìý %
ÌýÌýÌýÌýÌýChange in Tax Rates - States 1.1Ìý % (2.8) %
ÌýÌýÌýÌýÌýChange in Tax Credits —Ìý % —Ìý %
ÌýÌýÌýÌýÌýChange in Valuation Allowance (50.3) % (22.8) %
ÌýÌýÌýÌýÌýOther 25.6Ìý % 0.3Ìý %
Effective Income Tax Rate (4.7) % (0.3) %