INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of loss before income tax |
| |
| | | |
| | |
| | |
March
31, |
| | |
2023
| |
2022
|
| | |
| | | |
| | |
| Loss before income taxes arising in UK | |
$ | (13,314,440 | ) | |
$ | (11,716,916 | ) |
| Loss before income taxes arising in U.S. | |
| (829,295 | ) | |
| (2,520,145 | ) |
| Total loss
before income tax benefit | |
$ | (14,143,735 | ) | |
$ | (14,237,061 | ) |
|
| Reconciliation of effective tax rate |
| |
| | | |
| | | |
| | | |
| | |
| | |
March 31, |
| | |
| 2023 | | |
| | | |
| 2022 | | |
| | |
| Loss before income
taxes | |
$ | (14,143,735 | ) | |
| | | |
$ | (14,237,061 | ) | |
| | |
| Expected tax benefit | |
| (3,145,943 | ) | |
| (22 | %) | |
| (2,989,783 | ) | |
| (21 | %) |
| Foreign tax differential | |
| 235,938 | | |
| 2 | % | |
| 234,338 | | |
| 2 | % |
| Enhanced research and development | |
| (369,946 | ) | |
| (3 | %) | |
| (463,591 | ) | |
| (3 | %) |
| Prior year true-up of NOL’s | |
| (46,393 | ) | |
| 0 | % | |
| 2,401,930 | | |
| 17 | % |
| Other | |
| 338,278 | | |
| 2 | % | |
| 74,579 | | |
| 1 | % |
| Change in valuation allowance | |
| 2,988,066 | | |
| 21 | % | |
| 742,527 | | |
| 5 | % |
| R&D credit received | |
| — | | |
| — | | |
| 350,256 | | |
| 2 | % |
| Actual income tax benefit | |
$ | — | | |
| — | | |
$ | 350,256 | | |
| 2 | % |
|
| Schedule of deferred income tax assets |
| |
| | | |
| | |
| | |
March
31, |
| | |
2023 | |
2022 |
| | |
| | | |
| | |
| Net operating tax loss
carried forward | |
$ | 9,259,000 | | |
$ | 6,671,000 | |
| Research and development enhancement | |
| 361,000 | | |
| 335,000 | |
| Other items | |
| 38,000 | | |
| (335,000 | ) |
| Valuation allowance | |
| (9,658,000 | ) | |
| (6,671,000 | ) |
| Net deferred
tax assets | |
$ | — | | |
$ | — | |
|