7. Income Taxes (Tables)

12 Months Ended

Apr. 30, 2021

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes on our income (loss) from continuing operations for the fiscal years ended April 30, 2021, 2020 and 2019 is comprised of the following (in thousands):

	2021			2020			2019
Federal income taxes at statutory rate	$	2,355		$	(2,197	)	$	(1,120	)
State income taxes, net of valuation allowance		–			–			(48	)
Expiration and adjustments of deferred tax assets		451			2,588			2,507
Change in federal valuation allowance		2,450			(1,664	)		(2,480	)
Stock-based compensation		(240	)		1,138			1,309
Research and development credits		(4,958	)		–			–
Other, net		(58	)		135			(452	)
Income tax expense (benefit)	$	–		$	–		$	(284	)

Deferred income taxes

Significant components of our deferred tax assets and deferred tax liabilities at April 30, 2021 and 2020 are as follows (in thousands):

	2021			2020
Net operating losses	$	109,663		$	114,105
Research and development credits		7,566			–
Stock-based compensation		2,776			2,573
Deferred revenue		1,086			810
Lease liabilities		6,260			6,324
Debt issuance costs		470			–
Accrued liabilities and other		942			1,197
Accrued compensation		2,263			–
Total deferred tax assets		131,026			125,009
Less valuation allowance		(111,388	)		(118,137	)
Total deferred tax assets, net of valuation allowance		19,638			6,872
Deferred tax liabilities:
Fixed assets		(1,404	)		(1,216	)
ROU assets		(5,508	)		(5,656	)
Beneficial conversion feature		(12,726	)		–
Total deferred tax liabilities		(19,638	)		(6,872	)
Net deferred tax assets	$	–		$	–

Schedule of unrecognized tax positions

Unrecognized tax positions at April 30, 2021 and 2020 are as follows (in thousands):

	2021		2020
Unrecognized tax positions, beginning of year	$	–	$	–
Gross increase – prior period tax positions		1,600		–
Unrecognized tax positions, end of year	$	1,600	$	–