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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Taxes |
Note - 19 Income Taxes |
19. | Income Taxes
Income (loss) before provision for income taxes consisted of the following:
|  | Year ended |
|  | December 31, |
Income (Loss) before Income Tax Provision |  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  |  | (11,164 | ) |  |  | (6,080 | ) |  |  | 6,896 |
Canada |  |  | (3,561 | ) |  |  | (2,345 | ) |  |  | (2,333 | )
|  |  | 14,725 | ) |  |  | (8,425 | ) |  |  | 4,563 |
There was no federal or state income tax provision (benefit) in the years presented above. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the Company’s deferred taxes are as follows:
|  | As at |
|  | December 31, |
Deferred Tax Assets |  | 2020 |  |  | 2019 |
Deffered tax assets |  |  | 11,184 |  |  |  | 9,650 |
Net operating losses - non-current |  |  | 35,366 |  |  |  | 30,883 |
Total deferred tax assets |  |  | 46,550 |  |  |  | 40,533 |
Valuation allowance |  |  | (46,550 | ) |  |  | (40,533 | )
Net deferred taxes |  |  | - |  |  |  | - |
ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $6,017 during 2020 and $20,870 during 2019. Net operating losses and tax credit carryforwards as of December 31, 2020 are as follows:
|  |  |  |  | Expiration |
Income Tax Loss Carryforwards |  | Amount |  |  | Years |
Net operating losses, federal (Post December 31, 2017) |  |  | 14,486 |  |  | No expirations |
Net operating losses, federal (Pre January 1, 2018) |  |  | 79,699 |  |  | 2029 - 2035 |
Net operating losses, state |  |  | 100,602 |  |  | Varies by state |
Net operating losses, Canada |  |  | 38,906 |  |  | 2026 - 2040 |
The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:
|  | Year ended |
|  | December 31, |
Income Tax Rate Reconciliation |  | 2020 |  |  | 2019 |  |  | 2018 |
Statutory rate |  |  | 26.5 | % |  |  | 26.5 | % |  |  | 26.5 | %
State tax |  |  | 18.2 | % |  |  | 11.4 | % |  |  | 7.4 | %
Permanent differences |  |  | -2.0 | % |  |  | 0.5 | % |  |  | -3.6 | %
True-ups and other |  |  | 0.8 | % |  |  | -6.3 | % |  |  | 9.2 | %
Canada statutory rate addition |  |  | -4.2 | % |  |  | -4.0 | % |  |  | -8.3 | %
Change in valuation allowance |  |  | -39.3 | % |  |  | -28.1 | % |  |  | -31.2 | %
Total |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
The Company follows a comprehensive model for recognizing, measuring, presenting, and disclosing uncertain tax positions taken or expected to be taken on a tax return. Tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company currently has no uncertain tax positions and is therefore not reflecting any adjustments for such in its deferred tax assets. The Company’s policy is to account for income tax related interest and penalties in income tax expense in the accompanying statements of operations. There have been no income tax related interest or penalties assessed or recorded. Other comprehensive loss was not subject to income tax effects and is therefore shown net of taxes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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