INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAXES

The income tax provision (benefit) for federal, foreign, and state income taxes in the consolidated statements of operations consisted of the following components for 2023 and 2022:

	2023			2022
Income tax (benefit) provision:
Current:
Federal	$	108,756		$	62,699
State		-			-
Other		(5,231	)
Macau		34,390			-
Total current Federal and State tax	$	137,915		$	62,699
Deferred:
Federal	$	686,357		$	(59,434	)
State		206,202			54,039
Total Deferred Federal and State		892,559			(5,395	)
Total income tax provision	$	1,030,474		$	57,304

SCHEDULE OF INCOME LOSS BEFORE INCOME TAX

The United States and foreign components of income (loss) before income taxes are as follows:

	2023			2022
United States	$	(3,526,258	)	$	(260,911	)
Foreign		(81,730	)		548,686
	$	(3,607,988	)	$	287,775

SCHEDULE OF TAX PROVISION

The actual tax provision differs from the “expected” tax for the years ended March 31, 2023 and 2022 (computed by applying the U.S. Federal Corporate tax rate of 21 percent to income before taxes) as follows:

	2023			2022
Expected tax (benefit) provision	$	(757,640	)	$	60,324
State income taxes, net of Federal income tax provision		(174,179	)		13,816
Permanent differences		13,445			10,290
Permanent difference in ERC income		(98,814	)		-
Tax rate differential on foreign earnings		21,109			(83,954	)
Change in valuation allowance		2,026,133			55,375
Other		420			1,453
Tax provision	$	1,030,474		$	57,304

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and (liabilities) are as follows:

	2023			2022
NOL Federal Carryforward	$	867,443		$	238,955
State NOL Carryforward		341,237			181,943
Inventory differences to Inventory valuation		623,021			415,404
Stock option compensation expense		183,732			117,159
Right of use liabilty		118,227			-
Business interest limitation		138,335			62,801
Allowance for doubtful accounts		42,871			31,619
Reserve for estimated returns		89,070			79,109
Accrued vacation		13,786			10,143
		2,417,722			1,137,133
Less: valuation allowance		(2,104,157	)		(78,024	)
Net deferred tax asset		313,565			1,059,109
Depreciable and amortizable assets		(133,630	)		(117,595	)
Right of use asset		(111,216	)
Prepaid expenses		(68,719	)		(48,955	)
Net deferred tax liability		(313,565	)		(166,550	)
	$	-		$	892,559