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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes:

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income taxes are as follows:

		December 31,
		2020				2019
Deferred tax assets:
Net operating loss carryforwards		$	1,953,623				1,773,162
Start-up cost			109,218				129,091
Goodwill			279,200				309,039
Stock based compensation			538,113				538,113
Other			16,636				1,079
Deferred tax assets			2,896,789				2,750,484
Less valuation allowance			(2,896,789	)			(2,750,484	)
Net deferred tax assets after valuation allowance		$	—				—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate (benefit) follows:

Rate Reconciliation

		December 31,
		2020				2019
Rate Reconciliation
Federal income tax at statutory rate			(112,069	)			(108,133	)
State Tax			(18,795	)			(18,134	)
Change in Valuation Allowance			146,306				89,146
Permanent Differences			292				14,217
Other			(15,734	)			22,904
			—				—

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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

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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

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