• Filing Date: 2019-02-19
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 9 - Income Taxes
9 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE 
9
 - INCOME TAXES
 
At  
December 31, 2018, 
the Company had federal net operating loss carry-forwards ("NOL")'s of approximately 
$2,317,000.
 
These NOLs 
may 
be used to offset future taxable income and thereby reduce or eliminate our federal income taxes otherwise payable. A valuation allowance is provided when it is more likely than 
not
 that some portion or all of the deferred tax assets will 
not
 be realized. Ultimate utilization of such NOLs and research and development credits is dependent upon the Company's ability to generate taxable income in future periods and 
may 
be significantly curtailed if a significant change in
 
ownership occurs.
  
During the 
nine
months ended 
December 31, 2018, 
the Company did
not
utilize the net operating losses, however, expects to utilize the entire 
$2,317,000
 before expiration.
 
The effective rates were approximately 
98%
 and
184%
 for the 
nine
months ended
December 31, 2018
and
2017,
 respectively.