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Income Taxes
6 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

 

As of September 30, 2020, we had net operating loss carryforwards of approximately $33 million which will expire beginning at the end of 2036. A valuation allowance has been provided for the deferred tax asset as it is uncertain whether the Company will have future taxable income.

 

The Company’s effective tax rates were 0% and 0% for the six months ended September 30, 2020 and 2019, respectively. During the six months ended September 30, 2020 and 2019, the effective tax rate differed from the U.S. federal statutory rate primarily due to the change in the valuation allowance.

 

The Company has never had an Internal Revenue Service audit; therefore, the tax periods ended December 31, 2016, December 31, 2017, and March 31, 2018, 2019, and 2020 are subject to audit.