• Filing Date: 2019-06-14
  • Form Type: 10-K
  • Description: Annual report
v3.19.2
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of loss before Income Tax, Domestic and Foreign

For the years ended March 31, 2019, 2018 and 2017 loss before income tax expense (benefit) arose in the UK and U.S. as follows:

 

    Year Ended March 31,
    2019   2018   2017
      $       $       $  
Loss before income taxes arising in UK     (2,726,862 )     (1,353,243 )     (1,251,870 )
Loss before income taxes arising in United States     (1,725,935 )     (467,206 )     (299,396 )
Total loss before income tax     (4,452,797 )     (1,820,449 )     (1,551,266 )

Reconciliation of effective tax rate

Reconciliation of our effective tax rate to loss to the statutory U.S federal tax rate is as follows:

 

    Year Ended March 31,
    2019   2018   2017
      $               $               $          
Loss before income taxes     (4,452,797 )             (1,820,449 )             (1,551,266 )        
Expected tax benefit     (935,000 )     (21 %)     (561,000 )     (31 %)     (527,000 )     (34 %)
Foreign tax differential     55,000       1 %     36,000       2 %     270,000       17 %
Enhanced research and development     (297,000 )     (7 %)     (215,000 )     (12 %)     (198,000 )     (13 %)
Other     1,000       0 %     35,000       2 %     —         —    
Change in valuation allowance     1,176,000       26 %     705,000       39 %     455,000       29 %
Actual income tax benefit     —         —         —         —         —         —    

Schedule of deferred income tax assets

The tax effects of the temporary differences that give rise to significant portions of deferred income tax assets are presented below:

 

    Year Ended March 31,
    2019   2018
      $       $  
Net operating tax loss carried forwards     2,641,000       1,627,000  
Research and development enhancement     867,000       602,000  
Other items     (103,000 )     —    
Valuation allowance     (3,405,000 )     (2,229,000 )
                 
Net deferred tax assets     —         —