Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2021
Income Taxes  
Schedule of components of income tax expense (benefit)

The income tax rate at March 31, 2021 and 2020, was 28.71% and 24.39%, respectively to the effective tax rate is as follows:

 

 

 

 

 

 

 

 

 

    

2021

    

2020

Net loss before recovery of income taxes

 

$

(13,620,457)

 

$

(25,016,497)

Expected income tax (recovery) expense

 

$

(3,895,404)

 

$

(6,101,891)

Tax rate changes and other adjustments

 

 

(1,271,063)

 

 

32,616

Share based compensation

 

 

235,167

 

 

434,561

Other non-deductible expenses

 

 

(90,775)

 

 

50,131

Goodwill impairment

 

 

1,952,900

 

 

2,737,281

Change in valuation allowance

 

 

3,069,175

 

 

2,847,302

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:

 

 

 

 

 

 

 

 

 

    

 

2021

    

 

2020

Equipment

 

$

60,099

 

$

21,906

Non-capital losses – Canada

 

 

3,379,719

 

 

3,246,120

Net operating losses – US

 

 

9,675,696

 

 

7,266,374

SR&ED pool

 

 

1,255,427

 

 

1,038,983

Other

 

 

1,367,705

 

 

1,134,863

Valuation Allowance

 

 

(15,418,478)

 

 

(12,349,308)

 

 

 

320,168

 

 

358,938

Intangibles and other

 

 

(320,168)

 

 

(358,938)

Net deferred tax asset

 

$

 —

 

$

 —

 

Summary of income tax examinations

The following describes the open tax years, by major tax jurisdiction, as of March 31, 2021:

 

 

 

United States – Federal

2017 – present

United States – State

2017 – present

Canada – Federal

2016 – present

Canada – Provincial

2016 – present