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 Tax Reconcilation

The difference between the tax benefit derived by applying the Federal statutory income tax rate to net losses and the benefit recognized in the consolidated financial statements is as follows:

 

    December 31, 2020     December 31, 2019  
Benefit derived by applying the Federal statutory income rate to net losses before income taxes   $ (2,260,323 )   $ (1,819,586 )
State Tax Provision     (379,115 )     9,728  
Permanent differences and other     (101,870 )     (297,702 )
Expense attributable to change in valuation allowances     2,741,308       2,107,559  
    $ —     $ —  
Schedule of Deferred Tax

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial accounting purposes and the amounts used for income tax reporting. Significant components of the Company’s net deferred tax assets are as follows:

 

    December 31, 2020     December 31, 2019  
Deferred Tax Assets:                
Net Operating Losses   $ 4,346,179     $ 2,117,530  
Intangible Assets     65,759       24,937  
Nonqualified Stock Options     1,435,982       989,201  
Lease Liability     275,339       —  
Basis of Property and Equipment     108,918       119,179  
Other     28,686       —  
Deferred Tax Assets:   $ 6,260,863     $ 3,250,847  
                 
Deferred Tax (Liabilities):                
ROU Asset     (268,708 )   $ —  
Deferred Tax (Liabilities):     (268,708 )     —  
                 
Valuation allowance     5,992,155       3,250,847  
Net deferred tax asset/(liability)   $ —     $ —