Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
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:

 

 SCHEDULE OF PROVISION OF INCOME TAXES

    Years Ended December 31,  
    2021     2020  
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 )%
Effective income tax rate     0.0 %     0.0 %
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

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

 

 SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

   

Years Ended December 31,

  
    2021     2020  
Net operating loss carry-forwards   $

20,950,000

     $ 13,350,000  
Share based compensation     (422,000 )     (457,000 )
Non-cash interest and financing expenses     (358,000 )     (177,000 )
Other temporary differences     (388,000 )     (569,000 )
Less: Valuation allowance     (19,782,000 )     (12,147,000 )
Deferred tax assets, net   $ -     $ -