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 Deferred Tax Assets and Deferred Tax Liabilities

Significant items making up the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are as follows:

 

    2020     2019  
Long term deferred taxes:                
Inventories   $ 93,570     $ 93,570  
Accrued expenses     156,699       127,186  
Other     15,169       15,169  
Non-cash, stock-based compensation, nonqualified     1,206,664       1,073,125  
Impairment loss on investment     104,609       104,609  
Operating loss carry forwards and tax credits     22,062,690       17,872,050  
Less: valuation allowance     (23,639,401 )     (19,285,709 )
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:

 

    2020     2019  
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     (21 )%     (22.9 )%
Effective tax rate     - %     (1.9 )%