General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    December 31, 2019     December 31, 2018  
Net operating loss carry-forwards   $ 7,591,000     $ 5,300,000  
Share based compensation     (635,000 )     (524,000 )
Non-cash interest and financing expenses     (472,000 )     (694,000 )
Other temporary differences     (63,000 )     (378,000 )
Less: Valuation allowance     (6,421,000 )     (3,704,000 )
Deferred tax assets, net   $ -     $ -  
Schedule of Provision of Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes were as follows:

 

    December 31, 2019     December 31, 2018  
Statutory federal income tax rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (6.9 )%     (6.0 )%
Non-deductible items     (1.0 )%     (0.1 )%
Change in valuation allowance     28.9 %     27.9 %
      0.0 %     0.0 %