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 Deferred Tax Assets and Deferred Tax Liabilities

Significant items making up the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are as follows:

 

    2019     2018  
Long term deferred taxes:                
Inventories   $ 93,570     $ 74,733  
Accrued expenses     127,186       75,992  
Other     15,169       6,252  
Non-cash, stock-based compensation, nonqualified     1,073,125       767,885  
Impairment loss on investment     104,609       104,609  
Operating loss carry forwards and tax credits     17,872,050       16,112,934  
Less: valuation allowance     (19,285,709 )     (17,142,405 )
Total net deferred tax assets   $ -     $ -  

Schedule of U.S. Federal Statutory Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. Federal statutory tax rate to the Company’s effective tax rate:

 

    2019     2018  
Statutory U.S. Federal tax rate     21 %     21 %
Permanent differences     (0 )%     (0 )%
State tax expense     0 %     0 %
Refundable AMT and R&D tax credit     0 %     0 %
Valuation allowance     (22.9 )%     (21 )%
Effective tax rate     (1.9 )%     0 %