NOTE 13 - INCOME TAXES

At March 31, 2022, the Company had federal and state net operating loss carry-forwards, (NOL’s) of approximately $3,486,000, of which $1,979,000 are due to expire through fiscal year 2037. The remaining NOL’s will not expire. These NOLs may be used to offset future taxable income through their respective expiration dates and thereby reduce or eliminate our federal and state 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 NOL’s and 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.

Significant components of deferred tax assets are as follows as of March 31, 2022 and 2021:

The benefit from (provision) for income taxes for the years ended at March 31, 2022 and 2021 differs from that amount using the statutory federal income tax rate as follows: