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 TAXES  
Schedule of provision for income taxes

 

 

 

 

 

 

 

 

    

For the Years Ended December 31,

 

    

2020

    

2019

Deferred tax benefit:

 

 

  

 

 

  

Federal

 

$

(132,480)

 

$

(718,716)

State and local

 

 

(641,793)

 

 

(444,920)

 

 

 

(774,273)

 

 

(1,163,636)

Change in valuation allowance

 

 

774,273

 

 

1,163,636

Provision for income taxes

 

$

 —

 

$

 —

 

Schedule of provision for income taxes differs from the statutory federal income tax rates

 

 

 

 

 

 

 

    

For the Years Ended December 31,

 

 

    

2020

    

2019

 

 

 

 

 

 

 

Tax expense at the federal statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

3.5

%  

13.0

%

Permanent differences

 

(10.3)

%  

(5.8)

%

True-up

 

(4.4)

%  

 —

%

Change in valuation allowance

 

(9.8)

%  

(28.2)

%

Effective income tax rate

 

 0

%  

 0

%

 

Schedule of components of deferred tax assets relate to temporary differences and carryforwards

 

 

 

 

 

 

 

 

    

As of December 31,

 

    

2020

    

2019

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

2,702,003

 

$

1,884,942

Stock-based compensation expense

 

 

102,409

 

 

287,800

Other reserve

 

 

55,699

 

 

68,000

Intangibles

 

 

68,733

 

 

 —

Tax credits

 

 

90,952

 

 

 —

Deferred tax assets

 

 

3,019,796

 

 

2,240,742

 

 

 

 

 

 

 

Fixed assets

 

 

(4,781)

 

 

 —

Deferred tax liabilities

 

 

(4,781)

 

 

 —

 

 

 

 

 

 

 

Valuation allowance

 

 

(3,015,015)

 

 

(2,240,742)

Deferred tax assets, net

 

$

 —

 

$

 —