Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020     December 31, 2019  
Net operating loss carry-forwards   $ 13,350,000     $ 7,591,000  
Share based compensation     (457,000 )     (635,000 )
Non-cash interest and financing expenses     (177,000 )     (472,000 )
Other temporary differences     (569,000 )     (63,000 )
Less: Valuation allowance     (12,147,000 )     (6,421,000 )
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, 2020     December 31, 2019  
Statutory federal income tax rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (6.9 )%     (6.9 )%
Non-deductible items     (1.0 )%     (1.0 )%
Change in valuation allowance     28.9 %     28.9 %
      0.0 %     0.0 %