Annual report pursuant to Section 13 and 15(d)

Taxes (Tables)

v3.22.1
Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Taxes  
Schedule of Income tax provisions breakdown

 

 

2021

 

 

2020

 

Federal

 

 

 

 

 

 

Current

 

$ -

 

 

$ -

 

Deferred

 

 

(1,906,000 )

 

 

(1,833,000 )

State and local

 

 

 

 

 

 

 

 

Current

 

 

23,000

 

 

 

10,000

 

Deferred

 

 

(390,000 )

 

 

(251,000 )

Change in valuation allowance

 

 

2,296,000

 

 

 

2,084,000

 

Income tax provision

 

$ 23,000

 

 

$ 10,000

 

Schedule of expected tax expense (benefit)

 

 

For the

Year Ended

December 31,

2021

 

 

For the

Year Ended

December 31,

2020

 

U.S. federal statutory rate

 

 

21.0 %

 

 

21.0 %

State taxes

 

 

4.3 %

 

 

4.3 %

Other permanent and prior period adjustments

 

 

33.5 %

 

 

10.6 %

Valuation allowance

 

 

(63.6 )%

 

 

(36.1 )%

Income tax provision

 

 

(0.6 )%

 

 

(0.2 )%
Schedule of deferred tax assets and liabilities

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$ 9,312,000

 

 

$ 7,189,000

 

Stock based compensation

 

 

1,762,000

 

 

 

1,518,000

 

Other

 

 

143,000

 

 

 

212,000

 

Total deferred tax assets

 

 

11,217,000

 

 

 

8,919,000

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment

 

 

(41,000 )

 

 

(48,000 )

Other

 

 

(76,000 )

 

 

(67,000 )

Total deferred tax liabilities

 

 

(117,000 )

 

 

(1115,000 )

 

 

 

 

 

 

 

 

 

Valuation Allowance

 

 

(11,100,000 )

 

 

(8,804,000 )

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$ -

 

 

$ -