Red Cat Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Income Taxes: Components of Net Operating Loss and Valuation Allowance (Tables)

3 Months Ended

Mar. 31, 2015

Components of Net Operating Loss and Valuation allowance are as follows:

	3/31/2015	12/31/2014
Deferred tax assets:

Beginning NOL Carryover	$20,537,568	$13,177,333

Adjusted Taxable Income(loss)	(58,080)	(7,360,235)

Valuation allowance	0	0

Ending NOL Carryover	20,595,648	20,537,568

Tax Benefit Carryforward	7,002,520	6,982,773

Valuation allowance	(7,002,520)	(6,982,773)

Net deferred tax asset	$0	$0

Net Valuation Allowance	$(7,002,520)	$(6,982,773)