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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31, 2020 and 2019 consists of the following:

		2020				2019
Federal
Current		$	-			$	-
Deferred			-				-
State and Local			-				-
Current			-				-
Deferred			(1,845,823	)			(1,816,474	)
Total		$	(1,845,823	)		$	(1,816,474	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2020 and 2019 is as follows:

		2020				2019
Federal statutory rate			21.0	%			21.0	%
State taxes, net of federal tax benefit			7.8				9.8
Permanent differences			(5.3	)			(2.6	)
Other			–				1.1
Change in valuation allowance and deferred rate change, net			(15.5	)			(19.6	)
Effective tax rate			8.0	%			9.7	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax asset as of December 31, 2020 and 2019 are as follows:

		December 31,
		2020				2019
Net operating loss carryforwards		$	60,446,000			$	58,243,000
Other Deferred tax assets, net			5,182,000				254,000
Subtotal			65,628,000				58,497,000
Valuation allowance			(63,782,177	)			(56,677,676	)
Total deferred tax asset		$	1,845,823			$	1,819,324

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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
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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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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
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