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 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, 2020 and 2019 (computed by applying the U.S. Federal corporate tax rate of 21 percent to the loss before taxes) is as follows:

 

    2020     2019  
Tax benefit at U.S. statutory rate   $ (1,021,163 )    $ 143,216  
State taxes, net of federal benefit     (260,154 )      35,189  
Change in fair value of convertible bridge notes and derivatives     792,877       222,129  
Other permanent differences     60,941       37,509  
Change in valuation allowance     427,499       (438,042 )
    $ —     $ —  

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, 2020 and 2019 consisted of the following:

 

    2020     2019  
Net operating loss carry-forward   $ 2,657,931     $ 2,229,303  
Accrued expenses     80,676       87,888  
Stock based compensation     50,944       44,861  
Deferred revenue     -       —  
Depreciation expense     -       —  
Net deferred tax assets     2,789,552       2,362,052  
Valuation allowance     (2,789,552 )      (2,362,052 )
Total net deferred tax asset   $ —     $ —