INCOME TAXES (Details Narrative) - USD ($) |
12 Months Ended | |
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Dec. 31, 2020 |
Dec. 31, 2019 |
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INCOME TAXES | ||
Federal income tax rate | 21.00% | 21.00% |
Federal net operating losses carryforward expiry period | 2033 | |
Federal net operating losses carryforward | $ 9,300,000 | |
Cumulative change in ownership | 50.00% | |
Federal net operating losses carryforward description | The company has Federal net operating losses ("NOLs") of approximately $9.3 million which begin to expire in the years beginning in 2033 and $10 million that do not expire. | |
Federal and state tax credits carryforward description | The company also has federal credits that begin to expire 2031 and state tax credits that may be carried forward indefinitely. | |
Deferred tax assets valuation allowance | $ 6,654,890 | $ 5,675,082 |
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- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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