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  
Components of the income tax provisions

 

 

2020

 

 

2019

 

Current provision:

 

 

 

 

 

 

Federal

 

$

-

 

 

$

-

 

State

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Deferred benefit:

 

 

 

 

 

 

 

 

Federal

 

 

-

 

 

 

-

 

State

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Change in valuation allowance

 

 

-

 

 

 

-

 

Total Provision

 

$

-

 

 

$

-

 

 

Schedule of different tax rate

 

 

2020

 

 

2019

 

Provision at statutory rate

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

 

6.98

%

 

 

6.98

%

Nondeductible and other items

 

 

(0.04

)%

 

 

(0.07

)%

Change in valuation allowance

 

 

(27.94

)%

 

 

(27.91

)%

Total

 

 

(0.0

)%

 

 

(0.0

)%

Schedule of deferred taxes

 

 

2020

 

 

2019

 

Deferred tax assets:

 

 

 

 

 

 

Allowance for doubtful debt

 

$

7,598

 

 

$

7,598

 

Stock options issued for services

 

 

1,731,729

 

 

 

1,632,377

 

Net operating loss carryforward

 

 

5,405,023

 

 

 

4,766,552

 

Other

 

 

84,081

 

 

 

19,516

 

Total deferred tax assets

 

 

7,228,431

 

 

 

6,426,043

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Royalty obligation

 

 

(573,541

)

 

 

(708,046

 

Other

 

 

-

 

 

 

(42,915

)

Total deferred tax liabilities

 

 

(573,541

)

 

 

(750,961

)

Deferred tax asset

 

 

6,654,890

 

 

 

5,675,082

 

Valuation allowance

 

 

(6,654,890

)

 

 

(5,675,082

)