Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2022
Income Taxes  
Schedule of components of income tax expense (benefit)

The income tax rate at March 31, 2022 and 2021, was 25.85% and 28.71%, respectively to the effective tax rate is as follows:

    

2022

    

2021

Net loss before recovery of income taxes

$

(10,407,994)

$

(13,620,457)

Expected income tax (recovery) expense

$

(2,690,193)

$

(3,895,404)

Tax rate changes and other adjustments

990,363

(1,271,063)

Share based compensation

99,348

235,167

Other non-deductible expenses

99,585

(90,775)

Goodwill impairment

1,107,039

1,952,900

Change in valuation allowance

393,858

3,069,175

Income tax (recovery) expense

$

$

Schedule of deferred tax assets and liabilities

The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following:

    

2022

    

2021

Equipment

$

63,563

$

60,099

Non-capital losses – Canada

2,923,625

3,379,719

Net operating losses – US

10,174,122

9,675,696

SR&ED pool

1,255,427

1,255,427

Other

1,395,599

1,367,705

Valuation Allowance

(15,812,336)

(15,418,478)

320,168

Intangibles and other

(320,168)

Net deferred tax asset

$

$

Summary of income tax examinations

The following describes the open tax years, by major tax jurisdiction, as of March 31, 2022:

United States – Federal 2018 – present

United States – State 2018 – present

Canada – Federal 2017 – present

Canada – Provincial 2017 – present