Annual report pursuant to Section 13 and 15(d)

6. Income Taxes

v3.20.4
6. Income Taxes
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 6 – Income Taxes

 

The Company is subject to United States federal income taxes at an approximate rate of 21%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

 

   

Year Ended
December 31,

2020

   

Year Ended
December 31,

2019

 
Income tax benefit computed at the statutory rate   $ 1,986,000       814,000  
Non-deductible expenses     (227,000 )     (83,000 )
Change in valuation allowance     (1,759,000 )     (731,000 )
Provision for income taxes   $        

  

Significant components of the Company’s deferred tax assets after applying enacted corporate income tax rates are as follows:

 

   

As of
December 31,

2020

   

As of
December 31,

2019

 
Deferred income tax assets                
Net operating losses   $ 2,707,000     $ 948,000  
Valuation allowance     (2,707,000 )     (948,000 )
Net deferred income tax assets   $     $  

 

The Company has an operating loss carry forward of approximately $12,892,000.