Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rates Reconciliation

A reconciliation of the differences between the effective income tax rates and the statutory federal tax rates for the years ended December 31, 2019 and 2018 (computed by applying the U.S. Federal corporate tax rate of 21 percent to the loss before taxes) is as follows:

 

    2019     2018  
Tax benefit at U.S. statutory rate   $ 143,216     $ 72,924  
State taxes, net of federal benefit     35,189       15,088  
Change in fair value of convertible bridge notes and derivatives     222,129       339,559  
Other permanent differences     37,509       2,551  
Change in valuation allowance     (438,042 )     (490,122 )
    $     $  

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the years ended December 31, 2019 and 2018 consisted of the following:

 

    2019     2018  
Net operating loss carry-forward   $ 2,229,303     $ 1,830,186  
Accrued expenses     87,888       46,069  
Stock based compensation     44,861       44,861  
Deferred revenue           2,551  
Depreciation expense           343  
Net deferred tax assets     2,362,052       1,924,010  
Valuation allowance     (2,362,052 )     (1,924,010 )
Total net deferred tax asset   $     $