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 Income Before Income Tax, Domestic and Foreign

United States and foreign components of income before income taxes were as follows:

 

   

For the Years

Ended December 31,

 
    2020     2019  
United States   $ (6,287,903 )   $ (14,210,716 )
Foreign     -       -  
Income before income taxes   $ (6,287,903 )   $ (14,210,716 )
Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below:

 

   

For the Years

Ended December 31,

 
    2020     2019  
Deferred tax assets:                
Stock-based compensation   $ 1,025,745     $ 987,747  
Operating lease liabilities     32,653       158,430  
Net operating loss carryforwards     3,567,490       2,324,863  
Less: valuation allowance     (3,787,252 )     (2,424,196 )
Net deferred tax assets   $ 838,636     $ 1,046,844  
                 
Deferred tax liabilities:                
Right of use assets     (32,137 )     (153,741 )
Goodwill and intangible assets     (724,395 )     (811,000 )
Property and equipment   $ (82,103 )   $ (82,103 )
Net deferred tax liabilities   $ (838,636 )   $ (1,046,844 )
Net deferred taxes   $ -     $ -  
Schedule of Components of Income Tax Expense (Benefit)

The income tax provision (benefit) consists of the following:

 

   

For the Years

Ended December 31,

 
    2020     2019  
Current:                
Federal   $ -     $ -  
Foreign     -       -  
State and local     19,197       (22,373 )
Total current   $ 19,197     $ (22,373 )
                 
Deferred:                
Federal   $ (1,166,562 )   $ (896,468 )
Foreign     -       -  
State and local     (196,494 )     (333,141 )
Less: valuation allowance     1,363,056       1,229,609  
Total deferred   $ -     $ -  
Income tax provision (benefit)   $ 19,197     $ (22,373 )
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

   

For the Years

Ended December 31,

 
    2020     2019  
Tax at federal statutory rate     21.0 %     21.0 %
Effect of U.S. tax law change     0.0 %     0.0 %
U.S. income subject to valuation allowance     -20.9 %     -14.6 %
State and local income taxes     -0.3 %     0.2 %
Foreign income not subject to U.S. federal tax     0.0 %     0.0 %
Foreign tax     0.0 %     0.0 %
Nondeductible expenses     -0.1 %     -6.5 %
Other     0.0 %     0.0 %
Effective income tax rate     -0.3 %     0.1 %