XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.21.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | 14. Income Taxes The provision for income tax expense (benefit) is comprised of the following:
|  | 2020 |  |  | 2019 |
Current tax, federal |  | $ | 739,113 |  |  | $ | 391,476 |
Current tax, state |  |  | 334,361 |  |  |  | 177,096 |
Current tax, foreign |  |  | 124,414 |  |  |  | 51,285 |
Current tax, total |  |  | 1,197,888 |  |  |  | 619,857 |
Deferred income tax, federal |  |  | 158,308 |  |  |  | (293,796 | )
Deferred income tax, state |  |  | 71,616 |  |  |  | (132,908 | )
Deferred income tax, foreign |  |  | 179,629 |  |  |  | (175,717 | )
Deferred income tax, total |  |  | 409,553 |  |  |  | (602,421 | )
Total |  | $ | 1,607,441 |  |  | $ | 17,436 |
The following table reconciles the income tax expense at the U.S. Federal statutory rate to income tax expense at the Company’s effective tax rates.
|  | 2020 |  |  | 2019 |
Income before tax |  | $ | 5,190,975 |  |  | $ | 2,314,621 |
US statutory tax rates |  |  | 30.50 | % |  |  | 30.50 | %
Expected income tax |  |  | 1,583,247 |  |  |  | 705,960 |
Non-deductible items |  |  | (60,470 | ) |  |  | (41,419 | )
Change in estimates and other |  |  | 603,422 |  |  |  | 27,893 |
Change in enacted tax rate |  |  | - |  |  |  | (263,686 | )
Foreign tax rate difference |  |  | (120,372 | ) |  |  | (400,593 | )
Change in valuation allowance |  |  | (398,386 | ) |  |  | (10,719 | )
Total income taxes |  |  | 1,607,441 |  |  |  | 17,436 |
Current income tax expense |  |  | 1,197,888 |  |  |  | 619,857 |
Deferred tax expense (recovery) |  |  | 409,553 |  |  |  | (602,421 | )
Total income tax expense |  | $ | 1,607,441 |  |  | $ | 17,436 |
Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. Deferred tax assets (liabilities) at December 31, 2020 and 2019 are comprised of the following:
|  | 2020 |  |  | 2019 |
Canada |  |  |  |  |  |  |  |
Non capital loss carryforwards |  | $ | 1,638,357 |  |  | $ | 769,112 |
Intangible assets |  |  | 18,863 |  |  |  | 63,998 |
Property, equipment and leaseholds |  |  | 624,016 |  |  |  | (350 | )
Financial instruments |  |  | 26,690 |  |  |  | - |
|  |  | 2,307,926 |  |  |  | 832,760 |
Valuation allowance |  |  | (2,307,926 | ) |  |  | - |
Net deferred tax asset |  | $ | - |  |  | $ | 832,760 |
US |  |  |  |  |  |  |  |
|  |  | 2020 |  |  |  | 2019 |
Net operating loss carryforwards |  | $ | - |  |  | $ | 152,299 |
Intangible assets |  |  | - |  |  |  | (1,058,641 | )
Investments |  |  | (167,635 | ) |  |  | - |
Property, equipment and leaseholds |  |  | 135,277 |  |  |  | 264,952 |
Financial instruments |  |  | 98,210 |  |  |  | 185,866 |
|  |  | 65,852 |  |  |  | (455,524 | )
Deferred tax asset not recognized |  |  | - |  |  |  | 164,284 |
Net deferred tax asset (liability) |  | $ | 65,582 |  |  | $ | (291,240 | )
The Company has non-capital loss carryforwards of approximately $6,068,054 (2019 - $5,901,560) which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:
` |  | Loss |
2029 |  |  | 891,014 |
2030 |  |  | 1,081,844 |
2031 |  |  | 1,245,577 |
2037 |  |  | 2,238,533 |
2038 |  |  | 372,149 |
2039 |  |  | 72,443 |
2040 |  |  | 166,494 |
Total |  |  | 6,068,054 |
As at December 31, 2020, the Company has no net operating loss carryforwards available for US tax purposes. Accounting for Uncertainty for Income Tax As at December 31, 2020 and 2019, the Company’s consolidated balance sheets did not reflect a liability for uncertain tax positions, nor any accrued penalties or interest associated with income tax uncertainties. The Company has no income tax examinations in progress.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration