Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020 are as follows:

 

    2021     2020  
Long term deferred taxes:                
Inventories   $ 93,570     $ 93,570  
Accrued expenses     91,792       156,699  
Other     15,169       15,169  
Non-cash, stock-based compensation, nonqualified     814,202       1,206,664  
Impairment loss on investment     104,609       104,609  
Operating loss carry forwards and tax credits     28,435,535       22,062,690  
Less: valuation allowance     (29,554,877 )     (23,639,401 )
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:

 

    2021     2020  
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 )%     (21 )%
Effective tax rate     - %     - %