INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

INCOME TAXES

Schedule of reconciliation between the statutory federal income tax provision and the actual effective tax provision

The reconciliation between the statutory federal income tax provision and the actual effective tax provision is as follows:

	Years ended March 31,
	2022		2021
Federal tax (benefit) at statutory rate (21%) before loss carry-forward	$	(16,412)	$	56,352
Permanent and other differences		12,017		(33,029)
State income tax (benefit) – net of federal effect		15,646		3,353
Expiration of tax credits		—		129,999
Change in deferred tax asset valuation allowance		(11,251)		(156,675)
	$	—	$	—

Schedule of deferred tax assets

The individual components of the Company’s deferred tax assets are as follows:

	March 31,
	2022		2021
Deferred tax assets:
Accruals and allowances	$	68,553	$	76,376
Non deductible capitalized inventory and reorganization expenditures		54,895		11,027
Net operating loss carry forward		1,194,224		1,241,522
Foreign tax credit carry forward		—		—
Research and development tax credit carry forward		61,701		61,701
Allowance for unrealizable deferred tax assets		(1,379,373)		(1,390,626)
Net deferred tax asset	$	—	$	—