The domestic and foreign components of income (loss) before (benefit) provision for income taxes were as follows (in thousands):

	12/31/2020			12/31/2019
Domestic	$	(2,901,276	)	$	(2,515,360	)
Foreign		4,099,597			(600,790	)
	$	1,198,321		$	(3,116,150	)

The components of the (benefit) provision for income taxes are as follows (in thousands):

	12/31/2020			12/31/2019
Current tax provision
Federal	$	-		$	-
State		-			-
Foreign		555,965			182,815
Total current tax provision	$	555,965		$	182,815

Deferred tax provision
Domestic	$	-		$	-
State		-			-
Foreign		(178,430	)		-
Total deferred tax provision	$	(178,430	)	$	-

Total current provision	$	377,535		$	182,815

The reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended December 31, 2020 and 2019 is as follows:

	12/31/2020			12/31/2019
US
Income (loss) before income taxes	$	1,198,321		$	(3,116,150	)
Taxes under statutory US tax rates	$	251,647		$	(654,391	)
Increase (decrease) in taxes resulting from:
Increase in valuation allowance	$	216,518		$	1,521,175
Foreign tax rate differential	$	(55,540	)	$	9,028
Permanent differences	$	(218,216	)	$	94,520
US tax on foreign income	$	604,419		$	-
Prior period adjustments	$	(97,829	)	$	(713,466	)
State taxes	$	(323,464	)	$	(74,051	)
Income tax expense	$	377,535		$	182,815

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities consist of the following:

	12/31/2020			12/31/2019
Net operating loss carryforward	$	1,494,424		$	1,270,650
Capital loss carryforward		801,744			801,744
Nonqualified stock options		170,297			184,545
Accrued expenses		7,389			7,389
Lease liability		247,797			-
Gain on extinguishment of debt		179,958			-
Depreciation		4,226			2,418
Mark to market adjustment in securities		357,829			348,422
Total deferred tax assets		3,263,664			2,615,168

Intangibles		(10,729	)		(10,729	)
Right of use asset		(253,818	)
Goodwill		(14,473	)		(14,473	)
Total deferred tax liabilities		(279,020	)		(25,202	)
Valuation allowance		(2,806,214	)		(2,589,966	)
Net deferred tax assets (liabilities)	$	178,430		$	-

At December 31, 2020, the Company had U.S. net operating loss ("NOL") carryforwards of approximately 4,112,907 that may be offset against future taxable income, subject to limitation under IRC Section 382. Of the $4.1 million Federal NOL carryforwards, $2.5 million are pre-2018 and begin to expire in 2031. The remaining balance of $1.6 million, are limited to utilization of 80% of taxable income but do not have an expiration. At December 31, 2020, the Company had fully utilized all non-US NOL carryforwards. A tax benefit has been reported in the December 31, 2020 for the release of the non-US valuation allowance, based on a more likely than not criterion and in consideration of all available positive and negative evidence.

The Company applied the “more-likely-than-not” recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no unrecognized tax benefits as of December 31, 2020 and December 31, 2019, respectively.