Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The income tax provision differs from the amount using the statutory federal income tax rate of 21% for 2019 and 2018 for the following reasons:
December 31,
2019
December 31,
2018
Amount % Amount %
Tax benefit at the U.S. federal statutory rate $ (2,887,894)   (21.00) % $ (1,956,137)   (21.00) %
Tax rate change —    —    —    —  %
Permanent differences 24,939    0.18  % 119,266    1.28  %
Return to provision (24,608)   (0.18) % (94,219)   (1.01) %
Valuation allowance 2,887,563    21.00  % 1,931,090    20.73  %
Effective income tax rate $ —    —  % $ —    —  %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consist of the following:
December 31,
2019
December 31,
2018
Assets related to:
Accounts payable and accrued liabilities $ 588,037    $ 1,224,599   
Net operating losses and start-up costs 9,891,122    6,240,595   
Total deferred tax assets 10,479,159    7,465,194   
Valuation allowance for deferred tax assets (10,297,430)   (7,409,867)  
Net deferred tax 181,729    55,327   
Liabilities related to:
Accounts receivable and prepaid expenses (20,226)   (27,976)  
Depreciation and amortization (161,503)   (27,351)  
Net deferred tax liabilities (181,729)   (55,327)  
Net deferred tax assets $ —    $ —