Note 9 - Income Tax

12 Months Ended

Apr. 30, 2023

Notes

Note 9 - Income Tax

NOTE 9 – INCOME TAX

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by the valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company’s deferred tax assets for the Company consisted of the following as of April 30, 2023 and 2022:

		2023		2022
Income/(Loss) Before Income Taxes	$	(2,627,563)	$	(718,325)
Taxable income(loss)		(2,462,057)		(242,327)
Valuation Allowance				1,069,501
Net Operating Losses		(7,554,918)		(5,092,861)
Tax Rate		21%		21%
Deferred Tax Assets		(1,586,533)		(1,069,501)
Valuation Allowance		1,586,533		1,069,501
Net Deferred Tax Assets	$	--	$	--

The Company had a net loss of for the years ended April 30, 2023 and 2022, respectively. As of April 30, 2023, the Company had a net operating loss carry forward of $7,554,918 which can be used to offset future taxable income.  

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended April 30, 2023 and 2022 as follows:

	2023	2022
U.S. federal statutory rate	21%	21%
Net operating loss	(21%)	(21%)
Effective tax rate	--%	--%

The Company’s tax years within the United States remain open for review back to 2016.

The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.