Annual report pursuant to Section 13 and 15(d)

6. Income Taxes (Tables)

v3.20.4
6. Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

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   $ –       –  
Schedule of Deferred Tax Assets

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   $ –     $ –