Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Schedule of provision for income tax

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Income tax benefit attributable to:

 

 

 

 

 

 

Net loss

 

$

(29,982,222

)

 

$

(1,249,032

)

Permanent differences

 

 

1,830,697

 

 

 

313,778

 

Valuation allowance

 

 

28,151,525

 

 

 

935,254

 

Net provision for income tax 

 

$

-

 

 

$

-

 

Schedule of deferred tax asset

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Deferred tax asset attributable to:

 

 

 

 

 

 

Net operating loss carry forward

 

$

2,163,000

 

 

$

1,832,000

 

Valuation allowance

 

 

(2,163,000

)

 

 

(1,832,000

)

Net deferred tax asset

 

$

-

 

 

$

-

 

 

The cumulative tax effect at the expected state tax rate of 5% of significant items comprising our net deferred tax amount is as follows on December 31, 2020 and 2019:

  

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Deferred tax asset attributable to:

 

 

 

 

 

 

Net operating loss carry forward

 

$

667,000

 

 

$

482,000

 

Valuation allowance

 

 

(667,000

)

 

 

(482,000

)

Net deferred tax asset

 

$

-

 

 

$

-