Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Differences Between Effective Tax Rate and Statutory Federal Rate

The table below summarizes the differences between the Companies’ effective tax rate and the statutory federal rate as follows for the years ended December 31, 2019 and 2018:

 

    2019     2018  
             
Computed “expected” tax expense (benefit)     (21.00 )%     (21.00 )%
Change in valuation allowance     21.00 %     21.00 %
                 
Effective tax rate     - %     - %

Schedule of Deferred Tax Assets

The Company has a deferred tax asset, which is summarized as follows at December 31:

 

    2019     2018  
Deferred tax assets:                
Total deferred tax assets   $ 23,556,924     $ 22,907,783  
Total deferred tax liabilities     -       -  
Less: valuation allowance     (23,556,924 )     (22,907,783 )
Net deferred tax asset   $ -     $ -