v3.20.2

Income taxes | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018
Income Tax Disclosure [Abstract] |  |
Income Taxes | 10. Income taxes The provision for income taxes differs from the result that would be obtained by applying the statutory tax rate of 21% (2018 - 21%) to income before income taxes. The difference results from the following items:
|  | December 31, 2019 |  | December 31, 2018
Computed expected benefit of income taxes |  | $ | (1,891,163 | ) |  | $ | (865,648 | )
Stock-based compensation |  |  | 1,286,201 |  |  |  | 332,082 |
Non-deductible interest expense |  |  | 25,722 |  |  |  | 25,658 |
Impact of change in tax rate |  |  | — |  |  |  | 5,163,267 |
Expiry of tax credits |  |  | 18,486 |  |  |  | — |
True up of prior year balances |  |  | 37,917 |  |  |  | — |
Increase (decrease) in valuation allowance |  |  | 522,837 |  |  |  | (4,655,359 | )
Income tax provision |  | $ | — |  |  | $ | — |
The components of the net deferred income tax asset, the statutory tax rate and the amount of the valuation allowance are as follows:
|  | December 31, 2019 |  | December 31, 2018
Net operating loss carried forward |  | $ | 44,625,741 |  |  | $ | 42,136,043 |
Tax rate |  |  | 21 | % |  |  | 21 | %
Deferred income tax assets |  |  | 9,371,406 |  |  |  | 8,848,569 |
Valuation allowance |  |  | (9,371,406 | ) |  |  | (8,848,569 | )
Net deferred income tax asset |  | $ | — |  |  | $ | — |
The potential benefit of the deferred income tax asset has not been recognized in these financial statements since it cannot be assured that it is more likely than not that such benefit will be utilized in future years. The Company believes that the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred income tax assets such that a full valuation allowance has been recorded. The operating losses amounting to $44,625,741 for utilization in the United States of America, the jurisdiction where they were incurred, will expire between 2020 and 2039 if they are not used. The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry-forwards:
Fiscal Year |  | Amount | Expiry Date
2000 | $ | 4,425,866 | 2020
2001 |  | 3,681,189 | 2021
2002 |  | 2,503,951 | 2022
2003 |  | 2,775,900 | 2023
2004 |  | 1,250,783 | 2024
2005 |  | 1,304,283 | 2025
2006 |  | 1,532,322 | 2026
2007 |  | 1,479,818 | 2027
2008 |  | 1,599,919 | 2028
2009 |  | 1,723,146 | 2029
2010 |  | 822,678 | 2030
2011 |  | 1,746,615 | 2031
2012 |  | 1,638,421 | 2032
2013 |  | 2,568,328 | 2033
2014 |  | 2,855,631 | 2034
2015 |  | 2,761,513 | 2035
2016 |  | 2,471,978 | 2036
2017 |  | 2,487,072 | 2037
2018 |  | 2,238,048 | 2038
2019 |  | 2,758,280 | 2039
Total | $ | 44,625,741 |
| 10. Income taxes The provision for income taxes differs from the result that would be obtained by applying the statutory tax rate of 21% (2017 - 34%) to income before income taxes. The difference results from the following items:
|  | December 31, 2018 |  | December 31, 2017
Computed expected benefit of income taxes | $ | (865,648) | $ | (966,289)
Stock-based compensation |  | 332,082 |  | 68,037
Non-deductible interest expense |  | 25,658 |  | 52,648
Impact of change in tax rate |  | 5,163,267 |  | -
Increase (decrease) in valuation allowance |  | (4,655,359) |  | 845,604
Income tax provision | $ | - | $ | -
The components of the net deferred income tax asset, the statutory tax rate and the amount of the valuation allowance are as follows:
|  | December 31, 2018 |  | December 31, 2017
Net operating loss carried forward | $ | 42,136,043 | $ | 39,717,436
Tax rate |  | 21% |  | 34%
Deferred income tax assets |  | 8,848,569 |  | 13,503,928
Valuation allowance |  | (8,848,569) |  | (13,503,928)
Net deferred income tax asset | $ | - | $ | -
The potential benefit of the deferred income tax asset has not been recognized in these financial statements since it cannot be assured that it is more likely than not that such benefit will be utilized in future years. The Company believes that the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred income tax assets such that a full valuation allowance has been recorded. The operating losses amounting to $42,136,043 for utilization in the United States of America, the jurisdiction where they were incurred, will expire between 2019 and 2038 if they are not used. The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry-forwards:
Fiscal Year |  | Amount | Expiry Date
1999 | $ | 88,022 | 2019
2000 |  | 4,425,866 | 2020
2001 |  | 3,681,189 | 2021
2002 |  | 2,503,951 | 2022
2003 |  | 2,775,900 | 2023
2004 |  | 1,250,783 | 2024
2005 |  | 1,304,283 | 2025
2006 |  | 1,532,322 | 2026
2007 |  | 1,479,818 | 2027
2008 |  | 1,599,919 | 2028
2009 |  | 1,723,146 | 2029
2010 |  | 822,678 | 2030
2011 |  | 1,746,615 | 2031
2012 |  | 1,638,421 | 2032
2013 |  | 2,568,328 | 2033
2014 |  | 2,855,631 | 2034
2015 |  | 2,761,513 | 2035
2016 |  | 2,471,978 | 2036
2017 |  | 2,487,072 | 2037
2018 |  | 2,418,608 | 2038
Total | $ | 42,136,043 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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