Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.20.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

Income tax expense for the years ended December 31, 2019 and 2018 is summarized as follows.

 

    December 31, 2019     December 31, 2018  
Deferred:                
Federal   $ (2,034,701 )   $ (2,720,081 )
State     (693,481 )     (904,569 )
Change in valuation allowance     2,728,182       3,624,650  
Income tax expense (benefit)   $ -     $ -  

Schedule of Reconciliation of the Provision for Income Taxes at the U.S. Federal Income Tax Rate

The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations:

 

    December 31, 2019     December 31, 2018  
Book income (loss)     21.00 %     21.00 %
State taxes     6.98 %     6.98 %
Change in the fair value of warrant derivative     34.17 %     -14.51 %
Other permanent items     2.57 %     -0.36 %
Valuation allowance     (64.72 )%     -13.11 %
Tax expense at actual rate     -       -  

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows:

 

    December 31, 2019     December 31, 2018  
Deferred tax assets:                
Net operating loss carryforward   $ 9,044,119     $ 6,357,768  
Other     267,766       225,935  
Total gross deferred tax assets     9,311,885       6,583,703  
Less: valuation allowance     (9,311,885 )     (6,583,703 )
Net deferred tax assets   $ -     $ -