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

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
9 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The income tax provision consists of the following for the nine months ended December 31, 2018 and the year ended March 31, 2018:

 

      December 31, 2018       March 31, 2018  
Federal                
Current   $ -     $ -  
Deferred     -       -  
                 
State                
Current     -       -  
Deferred     -       -  
                 
Income tax provision   $ -     $ -  

Schedule of Deferred Tax Assets and Liabilities

Components of deferred tax assets as of December 31, 2018 and March 31, 2018 are as follows:

 

    December 31, 2018     March 31, 2018  
Net deferred tax assets – non-current:                
                 
NOL carry-forwards   $ 378,000     $ 162,000  
Share-based compensation     120,000       -  
Less valuation allowance     (498,000 )     (162,000 )
                 
Deferred tax assets, net of valuation allowance   $ -     $ -  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income tax provision is as follows:

 

   

For the nine

months ended

December 31, 2018

   

For the year
ended

March 31, 2018

 
             
Federal statutory income tax rate     21.0 %     30.0 %
                 
Change in valuation allowance     (21.0 )     (30.0 )
                 
Effective income tax rate     0.0 %     0.0 %