Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019:

 

    2020     2019  
             
U.S. federal statutory income tax rate     21.00 %     21.00 %
State and local income taxes, net of federal benefit     7.0 %     -  
Non-Deductible Expenses     (4.2 )%     -  
Change in valuation allowance     (23.9 )%     (21.00 )%
                 
Effective tax rate     - %     - %

Schedule of Provision for Income Taxes

The components of the provision for income taxes are as follows:

 

    2020  
Current:        
Federal   $ -  
State     2,400  
    $ 2,400  
Deferred:        
Federal   $ -  
State     -  
    $ -  
Income Tax Provision        
    $ 2,400  

Schedule of Deferred Tax Assets

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

 

    2020     2019  
Deferred tax assets:                
Total deferred tax assets   $ 15,787,669     $ 23,556,924  
Total deferred tax liabilities     (1,310,586 )     -  
Less: valuation allowance     (14,477,083 )     (23,556,924 )
Net deferred tax asset   $ -     $ -