Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of Income tax provisions breakdown

		2020				2019
Federal
Current		$	-			$	-
Deferred			(1,833,000	)			(1,278,000	)
State and local
Current			10,000				14,000
Deferred			(251,000	)			(196,000	)
Change in valuation allowance			2,084,000				1,474,000
Income tax provision		$	10,000			$	14,000

Schedule of expected tax expense (benefit)

		For the Year Ended December 31, 2020				For the Year Ended December 31, 2019
U.S. federal statutory rate			21.0%				21.0%
State taxes			4.3%				4.3%
Other permanent and prior period adjustments			10.6%				(1.4)%
Valuation allowance			(36.1)%				(24.2)%
Income tax provision			(0.2)%				(0.3)%

Schedule of deferred tax assets and liabilities

		2020				2019
Deferred tax assets:
Net operating loss carryforwards		$	7,189,000			$	5,456,000
Stock based compensation			1,518,000				1,285,000
Other			212,000				81,000
Total deferred tax assets			8,919,000				6,822,000
Deferred tax liabilities:
Property and equipment			(48,000	)			(57,000	)
Other			(67,000	)			(44,000	)
Total deferred tax liabilities			(115,000	)			(101,000	)

Valuation Allowance			(8,804,000	)			(6,721,000	)

Net deferred tax asset		$	-			$	-