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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Summary of Income Tax Provision (Benefit) | Income tax provision (benefit) for the years ended December 31, 2019 and 2018 is summarized below:
|  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Total current |  |  | - |  |  |  | - |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (937,500 | ) |  |  | (922,100 | )
State |  |  | (1,488,500 | ) |  |  | (144,700 | )
Total deferred |  |  | (2,426,000 | ) |  |  | (1,066,800 | )
Change in valuation allowance |  | $ | 2,426,000 |  |  | $ | 1,066,800 |
Summary of Statutory Federal Income Tax Rate Before Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before provision for income taxes. The sources and tax effect of the differences are as follows:
|  | 2019 |  |  | 2018 |
Income tax provision at the federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 6.9 | % |  |  | 3.3 | %
Permanent Difference |  |  | (2.5 | %) |  |  | (2.5 | %)
Effect of rate change |  |  | - | % |  |  | - | %
Effect of change in valuation allowance |  |  | (21.8 | %) |  |  | (21.8 | )%
|  |  | - | % |  |  | - | %
Schedule of Components of Net Deferred Income Tax Assets | Components of the net deferred income tax assets at December 31, 2019 and 2018 were as follows:
|  | 2019 |  |  | 2018 |
Net operating loss carryover |  | $ | 10,395,000 |  |  | $ | 7,969,000 |
Valuation allowance |  |  | (10,395,000 | ) |  |  | (7,969,000 | )
|  | $ | - |  |  | $ | - |
Summary of Net Operating Loss Carry Forward Offset Future Taxable Income Expire | As of December 31, 2019, we have a net operating loss carry forward of approximately $37,259,800. The loss will be available to offset future taxable income. If not used, this carry forward will expire as follows:
2030 |  | $ | 1,000 |
2031 |  | $ | 63,800 |
2032 |  | $ | 345,900 |
2033 |  | $ | 1,840,300 |
2034 |  | $ | 2,324,100 |
2035 |  | $ | 2,987,300 |
2036 |  | $ | 5,061,700 |
2037 |  | $ | 8,464,700 |
2038 |  | $ | 7,315,400 |
2039 |  | $ | 4,391,100 |
2040 |  | $ | 4,464,500 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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