Transition report pursuant to Rule 13a-10 or 15d-10

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
9 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Statutory Income Tax Rate

A reconciliation of the statutory income tax rates and the Company’s effective tax rate is as follows:

 

    December 31, 2020     March 31, 2020  
Statutory federal income tax rate     21.0 %     21.0 %
State taxes, net of federal tax benefit     2.5 %     2.0 %
Non-deductible expenses     (0.5 )%     (0.2 )%
Tax credit     (2.8 )%     7.1 %
Change in fair value of warrant liability     (8.9 )%     %
True-up     (1.1 )%     (7.6 )%
Change in valuation allowance     (10.3 )%     (22.6 )%
Income taxes provision     (0.1 )%     (0.3 )%
Schedule of Income Tax Expense

Income tax expense for the nine months ended December 31, 2020 and year ended March 31, 2020 consisted of the following:

 

    December 31, 2020     March 31, 2020  
Current                
Federal   $     $  
State     1,000       4,000  
Total current provision     1,000       4,000  
Deferred                
Federal     (1,634,000 )     (346,000 )
State     (384,000 )     (55,000 )
Total deferred benefit     (2,018,000 )     (401,000 )
Change in valuation allowance     2,017,000       401,000  
Total provision for income taxes   $     $ 4,000  

Schedule of Deferred Tax Assets

The components of deferred tax assets and liabilities are as follows:

 

    December 31, 2020     March 31, 2020  
Deferred tax assets:                
Net operating loss   $ 28,914,000     $ 8,127,000  
Research and development credits     5,464,000       2,012,000  
Accrued expenses     292,000       348,000  
Patent     422,000        
Impairment loss     361,000        
Stock compensation     2,654,000        
Other     84,000       56,000  
Total deferred income tax assets     38,191,000       10,543,000  
                 
Deferred tax liabilities:                
Fixed assets     44,000       (9,000 )
Intangible assets     (18,000 )     (22,000 )
Total deferred income tax liabilities     26,000       (31,000 )
                 
Net deferred income tax assets     38,217,000       10,512,000  
Valuation allowance     (38,217,000 )     (10,512,000 )
Net deferred tax asset   $     $